Proposing an amendment to the South Dakota Constitution to limit property taxes to a flat rate until property is sold.

This bill proposes an amendment to the South Dakota Constitution to reset and limit property taxes to a flat rate until the property is sold. The amendment sets the maximum amount of ad valorem taxes on real property based on the previous year's taxes or the applicable percent of the most recent sales price. The applicable percent is one percent for owners who reside in the state for at least half of the year and two percent for those who do not. The amendment aims to ensure equitable taxation and prevent properties from escaping taxation.

Proposing an amendment to the South Dakota Constitution to limit property taxes to a flat rate until property is sold.

This bill proposes an amendment to the South Dakota Constitution to reset and limit property taxes to a flat rate until the property is sold. The amendment sets the maximum amount of ad valorem taxes on real property based on the previous year's taxes or the applicable percent of the most recent sales price. The applicable percent is one percent for owners who reside in the state for at least half of the year and two percent for those who do not. The amendment aims to ensure equitable taxation and prevent properties from escaping taxation.