Bill > HB1036

This bill amends existing South Dakota law to limit annual valuation increases on owner-occupied single-family dwellings and nonagricultural property, which are types of real estate subject to taxation. Specifically, it adds a new section that restricts the assessed value of these properties from increasing by more than three percent each year. However, this limitation does not apply, and the property must be assessed at its fair market value, if there is a change in ownership, a change in the property's classification or use, or if an addition or expansion is made to the property, unless that addition or expansion results in a fair market value increase of forty percent or less. Renovating existing structures is not considered an addition or expansion for the purposes of this exception.

Budget and Finance

https://sdlegislature.gov/#/Session/Bill/26594