South Dakota property owners will get a cap on how much their annual property tax assessments can rise—limited to 3 percent per year for owner-occupied homes and non-agricultural property. However, this cap resets to fair market value if the property is sold, changes use, or gets a major addition or expansion (over 40 percent increase in value). This change makes property tax bills more predictable for homeowners, though it could affect county tax revenues.
Taxation Tabled Passed, YEAS 13, NAYS 0.
Taxation Scheduled for hearing
First read in House and referred to House Taxation H.J. 15
Prime sponsor · Rep.
R
Taxation — Tabled