Limits annual valuation increases on owner-occupied single-family dwellings and provides exceptions for mill rate limitations on taxing districts.

South Dakota SB216 limits the annual valuation increase on owner-occupied single-family dwellings to three percent, starting from the base amount determined for assessment year 2026. The bill also allows taxing districts to exceed mill rate limitations if the revenue from real property taxation does not exceed the 2026 tax year revenue, increased annually by a specified index factor. The base amount for these properties can be the fair market value on November 1, 2020, or the sales price if sold between willing parties without coercion or advantage.

Limits annual valuation increases on owner-occupied single-family dwellings and provides exceptions for mill rate limitations on taxing districts.

South Dakota SB216 limits the annual valuation increase on owner-occupied single-family dwellings to three percent, starting from the base amount determined for assessment year 2026. The bill also allows taxing districts to exceed mill rate limitations if the revenue from real property taxation does not exceed the 2026 tax year revenue, increased annually by a specified index factor. The base amount for these properties can be the fair market value on November 1, 2020, or the sales price if sold between willing parties without coercion or advantage.