The bill establishes a new section in South Dakota law to create the homeowner tax reduction fund, which will be managed by the Department of Revenue. The primary purpose of this fund is to provide property tax relief specifically for owner-occupied single-family dwellings. The bill stipulates that any interest earned on the funds will remain within the fund, and all expenditures from it must be included in the general appropriation bill.

Additionally, the bill includes a provision that prohibits the transfer of funds from the homeowner tax reduction fund to the general fund, ensuring that the resources allocated for property tax relief are preserved for that specific purpose. This legislative measure aims to support homeowners by alleviating some of the financial burdens associated with property taxes.