North Dakota could become the first state to eventually end property taxes on people’s homes under a proposal from the state’s new governor that combines conservative fiscal policy with the state’s enormous oil wealth.

North Dakota Governor Kelly Armstrong has proposed a plan to phase out property taxes for primary residences, leveraging the state’s oil revenue.

North Dakota Gov. Kelly Armstrong unveiled a plan Tuesday that aims to eliminate property taxes for most homeowners within a decade. In his first State of the State address, the Republican also signaled support for education savings accounts and public charter schools,

Armstrong’s proposed budget for the 2025-27 biennium includes about $1 billion in investments in infrastructure, education and property tax relief, while cutting about $600 million from the budget proposed by Burgum in December. The result is a budget that comes in at $19.89 billion, around $400 million higher than Burgum’s.