South Dakota 2022 Regular Session

South Dakota House Bill HB1330

Introduced
2/2/22  

Caption

Limit the increase of assessed value of property for the purpose of taxation, and to limit the property tax due on property.

Impact

The implications of HB1330 are significant for property owners across South Dakota. By capping increases in assessed values, the bill seeks to alleviate the financial burden of rising property taxes, particularly in a fluctuating real estate market. The change is likely to benefit homeowners by providing a stabilizing effect on their annual property tax assessments, which can be especially advantageous for those on fixed incomes or facing economic challenges.

Summary

House Bill 1330 aims to limit the increase of assessed property values for taxation purposes in South Dakota. The legislation introduces rules whereby the assessed value of non-agricultural properties cannot increase more than 3% or an index factor, whichever is lesser, compared to the previous year's assessed value. Furthermore, it establishes that property taxes due on any property shall not exceed one percent of the property's assessed value. This bill reflects an effort to provide more predictable tax obligations for property owners.

Conclusion

In the context of legislative discussions, the bill's passage reflects a broader trend towards reassessing property taxation in response to economic pressures faced by residents. The balance between providing tax relief and maintaining adequate support for public services will therefore remain a crucial topic in ongoing discussions regarding HB1330.

Contention

However, there are points of contention surrounding HB1330. Opponents of the bill argue that limiting assessed property values may undermine local governments' ability to generate sufficient tax revenue, potentially impacting funding for essential services such as education, infrastructure, and public safety. Critics also raise concerns that the limitations could lead to inequities in the tax system, where some property owners benefit from lower taxes at the expense of public service funding.

Companion Bills

No companion bills found.

Previously Filed As

SD SB216

Reduce the growth in the assessed value of owner-occupied property, limit increases in certain property tax revenues, revise provisions regarding school district excess tax levies, and revise eligibility requirements for a property tax assessment freeze.

SD SJR40

Places limits on increases of the assessment of certain properties

SD SJR43

Places limits on increases of the assessment of certain properties

SD HB390

Relating to a limitation on increases in the appraised value of real property for ad valorem tax purposes.

SD HB335

Relating to a limitation on increases in the appraised value of real property for ad valorem tax purposes.

SD HB490

Relating to a limitation on increases in the appraised value of real property for ad valorem tax purposes.

SD HB1898

Relating to a limitation on increases in the appraised value of real property for ad valorem tax purposes.

SD H0469

Revised Limitation on Increases of Homestead Property Tax Assessments

SD HB88

Relating to a limitation on increases in the appraised value of real property for ad valorem tax purposes.

SD HB44

Relating to a limitation on increases in the appraised value of real property for ad valorem tax purposes.

Similar Bills

CA AB2013

Property taxation: new construction: damaged or destroyed property.

CA AB1500

Property taxation: application of base year value: disaster relief.

CA AB245

Property taxation: application of base year value: disaster relief.

DC B25-0486

Uniform Community Property Disposition at Death Act of 2023

CA SB964

Property tax: tax-defaulted property sales.

CA SB603

Property taxation: transfer of base year value: disaster relief.

CA SB1091

Property taxation: transfer of base year value: disaster relief.

HI HB1398

Relating To Property.