The bill amends South Dakota's property assessment methodology for owner-occupied single-family dwellings and nonagricultural properties by introducing new definitions and procedures. It defines terms such as "Assessment sample period," which refers to the most recent eight assessment years, and "Olympic average," which is the average of a set of values after excluding the highest and lowest values. Additionally, it clarifies the role of the Department of Revenue and the county's director of equalization in the assessment process.

Furthermore, the bill mandates that after determining the fair market value of properties, the director must adjust the assessed value of owner-occupied single-family dwellings and nonagricultural properties to reflect their intertemporal average value. This average is calculated based on the Olympic average of fair market values during the assessment sample period, with specific provisions for properties that have changed use or classification. Importantly, the bill ensures that these adjustments do not lead to increased taxes on agricultural properties within any taxing district.

Statutes affected:
Introduced, 02/02/2026: 10-6-101