Homeowners in One State Have Days to Apply for $500

North Dakota residents have just a few days left to apply for a $500 property tax credit.

The deadline is soon approaching for eligible homeowners, as the credit is available to everyone who owns and resides in a home in North Dakota as their primary residence under the Primary Residence Credit.

"Getting the rebate is a terrific opportunity for North Dakota homeowners to reduce their tax liability and save money," Laura Adams, senior real estate analyst at AceableAgent, told Newsweek. "However, they must act quickly to apply before the deadline."

The tax program was approved last year for residents, no matter their age or income level.

There is one caveat: Those who do not live at their property because of medical reasons requiring them to live in a rehab or nursing home are still able to get the credit as long as they haven't rented their home.

Altogether, the Primary Residence Credit is costing the state $100 million in the 2023-2025 state budget.

The application is open until March 31, but afterward, homeowners will not be able to get the $500 tax aid. To apply, you can locate the online form on the Office of State Tax Commissioner site.

The state said it has received more than 120,000 applications, but plenty more could be eligible.

Michael Ryan, finance expert and founder of michaelryanmoney.com, said families with a $2,000 property tax bill could get 25 percent shaved entirely off.

"With home costs only going up, every little bit of savings helps," Ryan told Newsweek. "Applying is simple, and the credit is open to all homeowners statewide."

As home prices, required down payments and mortgage interest rates increase, homeownership has become increasingly out of reach for many potential buyers, Adams said, so other states could consider adopting similar programs to mitigate the impact.

Read more: How to Get a Mortgage: Step-by-Step Guide

The median home price sits around $412,000 nationally, according to Redfin data. That's a 6.5 percent increase year over year. And with fixed 30-year mortgage rates set at near 7 percent, many Americans find buying and owning their home unaffordable.

"New or additional government assistance for new homebuyers could help younger people and families afford homes," Adams said.

Florida-based EXP Realty agent Josh Steppling, however, cautions that North Dakota's property taxes pale in comparison to other states with far higher percentages.

"A similar credit could go a long way in states like New Jersey, Connecticut, or Illinois, where residents effectively pay over 2 percent of their property value in taxes and home values are rising faster than the U.S. average," Steppling told Newsweek.