The bill establishes a new Homeowner Tax Reduction Fund within the state treasury of South Dakota, which will be administered by the Department of Revenue. The primary purpose of this fund is to provide property tax rebates specifically for owner-occupied single-family dwellings. It is stipulated that any interest accrued on the funds will remain within the fund, and all expenditures must be budgeted through the general appropriation bill.

Additionally, the bill includes a provision that prohibits the transfer of any moneys from the Homeowner Tax Reduction Fund to the general fund, ensuring that the resources allocated for property tax rebates are preserved for their intended purpose. This legislation aims to support homeowners by alleviating some of the financial burdens associated with property taxes.