The bill amends South Dakota law regarding the exemption of proceeds from the sale or division of a homestead. It increases the exempt proceeds from the sale of a homestead from sixty thousand dollars to one hundred thousand dollars, allowing owners to retain this amount for one year after receiving the proceeds. Additionally, if a homestead is divided by court order, the bill clarifies that absence from the homestead and loss of title do not result in forfeiture of the homestead exemption. Instead, the homestead protection must attach to the judicial lien for a period of one year.

Furthermore, the bill maintains that the exemption for individuals aged seventy or older, or for unremarried surviving spouses of such individuals, is limited to one hundred seventy thousand dollars, provided the property continues to qualify as a homestead. This legislative change aims to enhance the financial security of homeowners during transitions involving the sale or division of their property.

Statutes affected:
Introduced, 01/22/2025: 43-45-3
Senate Judiciary Engrossed, 01/30/2025: 43-45-3