Limits annual valuation increases on owner-occupied single-family dwellings and nonagricultural property to three percent.

South Dakota HB1036 restricts the annual increase in assessed value for owner-occupied single-family dwellings and nonagricultural property to three percent. This limit applies unless the property's classification or use changes, or there is an addition or expansion to the property. The bill also mandates that properties be assessed at their fair market value when ownership changes.

Limits annual valuation increases on owner-occupied single-family dwellings and nonagricultural property to three percent.

South Dakota HB1036 restricts the annual increase in assessed value for owner-occupied single-family dwellings and nonagricultural property to three percent. This limit applies unless the property's classification or use changes, or there is an addition or expansion to the property. The bill also mandates that properties be assessed at their fair market value when ownership changes.