Bill > SB196

This bill proposes to amend existing South Dakota law regarding property tax assessment freezes, which is a program designed to prevent the assessed value of a person's home from increasing, thus stabilizing their property tax bill. The key change is an increase in the income limits for eligibility; specifically, the household income threshold for a single-member household will remain at less than $55,000, but for a multiple-member household, it will be raised from $65,000 to $85,000. The bill also clarifies that the freeze applies to an "individual's owner-occupied single-family dwelling" rather than a "person's" property. Additionally, the effective date for the annual adjustment of these income limits based on the consumer price index or social security payment increases is pushed back by one year, from January 1, 2026, to January 1, 2027. The consumer price index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services, and the Bureau of Labor Statistics is a division of the U.S. Department of Labor that collects and disseminates statistics on labor economics and related areas.

Budget and Finance

https://sdlegislature.gov/#/Session/Bill/26421