This bill introduces new provisions aimed at providing tax relief for owner-occupied single-family dwellings in South Dakota. Specifically, it exempts the first one hundred thousand dollars of the full value of such properties from property taxation. Additionally, it establishes a tax credit for property owners if their total property taxes exceed one hundred and three percent of the previous year's taxes, with certain exclusions for local tax decisions.

Furthermore, the bill stipulates that property owners will not qualify for this tax credit if there has been a change in the use or classification of the property, or if there have been any additions or expansions to the property in the previous year. The county auditor is tasked with applying the tax credit by proportionally reducing the taxes imposed on qualifying properties, ensuring that the total amount due does not exceed the specified percentage increase from the previous year.