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 assessment freeze limits the assessed value of the property to the value at which the individual first qualified for the freeze or the 2020 assessment year, whichever is later.

The bill outlines the application process for this property tax relief, requiring forms prescribed by the Department of Revenue, which county treasurers will assist applicants in completing. The county treasurer will determine eligibility, and their decision will be final. If an application is approved by April 1st, the freeze will apply for the upcoming tax year; if received after that date, it will take effect 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, and they have the option to forgo the freeze by notifying the county treasurer.