An Act to establish the Re-Homestead South Dakota Program.
Be it enacted by the Legislature of the State of South Dakota:
Section 1. That a NEW SECTION be added:
10-6-35.28. Temporary reduction of assessment for sellers of land qualifying for owner-occupied single-family dwelling--Criteria--Land sold ineligible to be classified as agricultural property.
If the board of county commissioners adopts a resolution to opt into the provisions of this section, the assessed value of up to two hundred forty acres of contiguous or noncontiguous land that is owned by the seller of a parcel of land in the same county as the parcel shall be reduced by fifty percent for a period of five years after the parcel sold is classified as an owner-occupied single-family dwelling pursuant to 10-13-39 and satisfies all of the following criteria:
(1) The parcel is between five and twenty acres;
(2) The parcel is accessible by a public road that is not designated as a no maintenance road or minimum maintenance road;
(3) The parcel has water and electricity service on site; and
(4) If required by the county, the owner of the parcel agrees, in writing, to be bound by one or more agricultural use covenants as specified by the county.
If a parcel of land satisfies the criteria of this section and is classified as an owner-occupied single-family dwelling, the parcel may not be classified as agricultural property for five years.