South Dakota property owners would see a cap on how much their owner-occupied single-family home's assessed value can increase each year—limited to 3 percent annually starting from a 2026 baseline—even if the home's market value rises faster. When a home is sold to a new owner, it gets reassessed at its current fair market value, resetting the cap for the new owner. This change protects existing homeowners from rapid tax increases due to rising property values while still allowing properties to be revalued at market price upon sale.
AI-generated summary
Taxation Deferred to the 41st legislative day Passed, YEAS 4, NAYS 2.
Taxation Do Pass Amended Failed, YEAS 3, NAYS 4.
Taxation Motion to amend
Taxation Scheduled for hearing
Taxation Scheduled for hearing
First read in Senate and referred to Senate Taxation S.J. 180
Prime sponsor · Sen
R
Dist. SD-030
Do Pass Amended
Deferred to the 41st legislative day
Do Pass Amended