Bill > SJR505

This joint resolution proposes an amendment to the South Dakota Constitution to be voted on by the public at the next general election, aiming to limit both the assessed value of real property and the amount of real property taxes. Specifically, it would allow the assessed value of real property to be adjusted annually by a factor not exceeding two percent, with 2027 serving as the base year for this valuation. Further adjustments to property value could occur due to changes in use, ownership, classification, or additions or damage to the property, with additions not exceeding the value of the addition itself. Crucially, the resolution would cap all ad valorem taxes (taxes based on property value) on any real property at one percent of its assessed value, with an exception for taxes and special assessments related to voter-approved debt incurred before July 1, 2028.

Government Affairs

https://sdlegislature.gov/#/Session/Bill/27027