Adjusts the assessment methodology for owner-occupied single-family dwellings and nonagricultural property in South Dakota.

This bill amends the assessment methodology for owner-occupied single-family dwellings and nonagricultural property in South Dakota. It introduces a new method to calculate the intertemporal average value of the property, which is the arithmetic average of the fair market value during the assessment sample period. This change aims to ensure that the assessed value of these properties aligns with their fair market value, while preventing any increase in taxes on agricultural property. The Department of Revenue and county directors of equalization are tasked with implementing these adjustments.

Adjusts the assessment methodology for owner-occupied single-family dwellings and nonagricultural property in South Dakota.

This bill amends the assessment methodology for owner-occupied single-family dwellings and nonagricultural property in South Dakota. It introduces a new method to calculate the intertemporal average value of the property, which is the arithmetic average of the fair market value during the assessment sample period. This change aims to ensure that the assessed value of these properties aligns with their fair market value, while preventing any increase in taxes on agricultural property. The Department of Revenue and county directors of equalization are tasked with implementing these adjustments.