This bill introduces a new chapter in South Dakota law aimed at providing property tax relief to senior owners of owner-occupied single-family dwellings. It establishes definitions for "domicile" and "resident," and outlines eligibility criteria for individuals seeking a property tax assessment freeze. To qualify, applicants must be at least 65 years old, have owned their home for at least ten consecutive years, have been a resident of South Dakota for at least 25 years, and must not have any delinquent real property taxes. The bill specifies that the assessed value of the property will be frozen at the value from the year the individual first qualifies for the freeze or the 2020 assessment year, whichever is later.

The application process for this property tax relief is detailed, requiring forms prescribed by the Department of Revenue, with assistance available from county treasurers. The county treasurer is responsible for determining eligibility and ensuring that the property qualifies for the freeze, with their decision being final. The bill also outlines the timeline for when applicants can expect to receive the property tax assessment freeze based on when their application is approved. Additionally, it allows individuals to notify the county treasurer of any changes in circumstances that may affect their eligibility for the property tax assessment freeze in future years.