Removes the limit on the accumulation of unused index factor for property taxation in South Dakota.

South Dakota HB1032 amends the property tax calculation to remove the limit on the accumulation of unused index factor. The county auditor must now calculate the maximum revenue based on growth and the index factor, showing any accumulated unused index factor since 2024. Counties or municipalities can increase the total revenue up to the maximum amount calculated, utilizing any accumulated unused index factor from the prior three years, without exceeding the prior three-year index factor total or ten percent, whichever is less.

Removes the limit on the accumulation of unused index factor for property taxation in South Dakota.

South Dakota HB1032 amends the property tax calculation to remove the limit on the accumulation of unused index factor. The county auditor must now calculate the maximum revenue based on growth and the index factor, showing any accumulated unused index factor since 2024. Counties or municipalities can increase the total revenue up to the maximum amount calculated, utilizing any accumulated unused index factor from the prior three years, without exceeding the prior three-year index factor total or ten percent, whichever is less.