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Provide for the refinancing of certain mortgages on properties affected by declared disasters.

This bill creates a new program allowing South Dakota homeowners whose property values dropped due to declared disasters to apply for no-interest loans to refinance their mortgages. The South Dakota Housing Development Authority will administer these loans to qualified applicants whose homes, townhomes, condos, or duplexes were affected by disasters declared by the Legislature or Governor. This is a new program with no previous state law on this topic.

Provide an exemption from certain property taxation for owner-occupied single-family dwellings, and to limit the taxes due on property over the previous year.

This bill creates two new property tax breaks for homeowners: a $100,000 exemption on the value of owner-occupied single-family homes, and a tax credit that caps annual property tax increases at 3% (unless the property changed use, was expanded, or the local taxing district voted to exceed tax limits). These changes reduce property taxes for individual homeowners but do not affect existing commercial or investment property taxation.

Authorize a loan from the South Dakota housing infrastructure fund to a school district adjoining a federal military installation for the construction or expansion of a school building.

South Dakota is giving $15 million to the Ellsworth Development Authority to fund capital projects and infrastructure improvements in communities near Ellsworth Air Force Base, in response to the base's expected expansion and increased personnel. The money comes from the state's general fund and will support community needs created by the base growth. The bill declares an emergency so the funding takes effect immediately upon approval.

Increase the amount of exempt proceeds when a homestead is sold or divided by court order.

South Dakota homeowners who sell their house now get to protect more money from creditors—the exemption increases from $60,000 to $100,000 for one year after the sale. For homeowners age 70 or older (or their surviving spouses), the exemption is even higher at $170,000, and this protection also applies when a court divides a homestead between spouses.