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.

By implementing this measure, the bill seeks to create a more stable and predictable tax environment for homeowners, potentially easing the financial burden of property taxes. The specific mechanisms for limiting the growth in assessed values are outlined in the new legal language introduced in the bill.