This bill establishes a property tax relief program specifically for senior owners of owner-occupied single-family dwellings in South Dakota. To qualify for a property tax assessment freeze, individuals must be at least sixty-five years old, have owned their home for at least ten consecutive years, have been a resident of South Dakota for at least twenty-five years, and must not have any delinquent real property taxes. The bill defines "domicile" and "resident" for clarity and stipulates that the assessed value of the property will be frozen at the value from the year the individual first qualifies for the freeze or the 2020 assessment year, whichever is later.

The application process for this property tax relief will be managed by the county treasurer, who will assist applicants in completing the necessary forms and determining eligibility. The bill outlines that if an application is approved by April 1st, the applicant will receive the tax freeze for the upcoming tax year; if approved after that date, the freeze will apply for the following year. Additionally, individuals who receive the property tax relief can continue to do so in subsequent years as long as they own the property. The bill also allows individuals to forgo the property tax assessment freeze by notifying the county treasurer before April 1st.