This bill amends South Dakota law to limit the annual increase in assessed value for owner-occupied single-family dwellings to a maximum of three percent over the previous year's assessed value. The amendment specifies that this limitation applies to the assessed value of all properties classified as owner-occupied single-family dwellings, as defined in existing law. Additionally, the bill allows for further increases in assessed value based on new improvements made to these properties within the year.

The bill also includes a provision that mandates counties to adjust the total assessed value of all owner-occupied single-family dwellings in accordance with another section of the law. Furthermore, the act is set to take effect on July 1, 2027. Notably, the bill removes references to specific tax years (2027-2031) and clarifies the language regarding the assessed value adjustments.

Statutes affected:
Introduced, 02/04/2026: 10-6-158