This bill introduces a property tax exemption for owner-occupied single-family dwellings in South Dakota, allowing the first one hundred thousand dollars of the property's full value to be exempt from 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 decisions that exceed established limits.

Furthermore, the bill specifies that property owners will not qualify for the tax credit if there has been a change in the property's use or classification, 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 proportionally across qualifying properties to ensure that the total taxes due do not exceed the specified percentage increase from the previous year.