The bill aims to limit or reduce the growth in the assessed value of owner-occupied property tax assessments in South Dakota. This legislative change is intended to provide financial relief to homeowners by controlling the increase in property taxes associated with rising property values.

The new legal language inserted into the current law specifically addresses the limitations on the growth of assessed values for owner-occupied properties, ensuring that homeowners are not disproportionately affected by escalating property taxes. This measure reflects a commitment to maintaining affordable housing and supporting residents in managing their property tax obligations.