HB1168

This bill creates a new property tax exemption for seniors who meet specific qualifications: they must be at least 65 years old (implied by "seniors"), have owned property in South Dakota for at least 20 years, have a household income of $60,000 or less, own a home worth $500,000 or less, and have no unpaid property taxes. The exemption eliminates all property taxes on their owner-occupied, single-family home, and the income and home value limits automatically adjust annually for inflation.