The bill authorizes municipalities in South Dakota to create property tax rebate programs for owners of owner-occupied single-family dwellings. It allows the governing body of a municipality to establish such a program through an ordinance, specifying that only taxes levied by the municipality can be rebated.

Additionally, the bill mandates that if a municipality decides to implement a property tax rebate program, it must provide a rebate to any applicant who meets the criteria outlined in the ordinance. This legislation aims to provide financial relief to homeowners within the municipality by allowing them to receive rebates on their property taxes.