Bill > HB1253

This bill amends South Dakota law to adjust how owner-occupied single-family homes and nonagricultural properties are assessed for tax purposes by incorporating previous years' values. Specifically, it introduces the term "assessment sample period" to refer to the last eight years of assessments, including the current one, and defines "Olympic average" as the average of a set of values after removing the highest and lowest figures. The bill mandates that after determining the fair market value of these properties, the director of equalization will adjust the assessed value to an "intertemporal average value." For properties that haven't changed in use, classification, or had additions during the assessment sample period, this intertemporal average value will be the Olympic average of their fair market values over that period. If there have been changes in use, classification, or additions, the intertemporal average value will be the Olympic average of fair market values since that change or addition occurred, with a provision that minor additions (increasing assessed value by 40% or less) won't alter the averaging period. Importantly, this adjustment to taxable value will not lead to an increase in taxes on agricultural property.

Budget and Finance

https://sdlegislature.gov/#/Session/Bill/26727