Proposing an amendment to the South Dakota Constitution to limit real property taxes and assessed value.

This bill proposes an amendment to the South Dakota Constitution to limit the assessed value of real property and the amount of ad valorem taxes on real property to one percent of the assessed value. The amendment exempts taxes for paying interest or redemption charges on indebtedness approved by voters before July 1, 2028. The assessed value of real property can be adjusted annually by up to two percent and further adjusted for changes in use, ownership, or classification, or for additions, damage, or destruction to the property.

Proposing an amendment to the South Dakota Constitution to limit real property taxes and assessed value.

This bill proposes an amendment to the South Dakota Constitution to limit the assessed value of real property and the amount of ad valorem taxes on real property to one percent of the assessed value. The amendment exempts taxes for paying interest or redemption charges on indebtedness approved by voters before July 1, 2028. The assessed value of real property can be adjusted annually by up to two percent and further adjusted for changes in use, ownership, or classification, or for additions, damage, or destruction to the property.