This joint resolution proposes an amendment to the South Dakota Constitution that aims to limit the assessed value of real property and impose restrictions on real property taxes. It will be submitted to voters during the next general election for approval. The amendment seeks to ensure equitable taxation across all property types by allowing the Legislature to classify properties and determine which are subject to taxation. It mandates that taxes must be uniform within the same class and can only be levied for public purposes. Additionally, it allows for the assessed value of real property to be adjusted annually by a maximum of two percent, starting from the 2027 assessment year, with provisions for further adjustments based on changes in use, ownership, or property condition.

Furthermore, the resolution establishes a cap on ad valorem taxes, stating that the total amount of such taxes on any real property cannot exceed one percent of its assessed value. However, this limitation does not apply to taxes or special assessments related to voter-approved debts incurred before July 1, 2028. Overall, the resolution aims to create a more predictable and equitable taxation framework for real property in South Dakota.