South Dakota SB118 creates a homeowner tax reduction fund for property tax rebates on owner-occupied single-family homes.

South Dakota SB118 establishes a homeowner tax reduction fund to provide property tax rebates for owner-occupied single-family dwellings. The fund receives a deposit of either $100 million or three-tenths percent of taxes collected from specified chapters, whichever is greater. Interest earned on the fund remains within it, and expenditures must be budgeted through the general appropriation bill. The Department of Revenue administers the fund, and moneys cannot be transferred to the general fund. This Act takes effect July 1, 2027.

South Dakota SB118 creates a homeowner tax reduction fund for property tax rebates on owner-occupied single-family homes.

South Dakota SB118 establishes a homeowner tax reduction fund to provide property tax rebates for owner-occupied single-family dwellings. The fund receives a deposit of either $100 million or three-tenths percent of taxes collected from specified chapters, whichever is greater. Interest earned on the fund remains within it, and expenditures must be budgeted through the general appropriation bill. The Department of Revenue administers the fund, and moneys cannot be transferred to the general fund. This Act takes effect July 1, 2027.