| 1 | 1 | | 25.55.17 100th Legislative Session 1119 |
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| 4 | 4 | | 2025 South Dakota Legislature |
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| 5 | 5 | | House Bill 1119 |
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| 12 | 12 | | Introduced by: Representative Ladner |
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| 14 | 14 | | Underscores indicate new language. |
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| 15 | 15 | | Overstrikes indicate deleted language. |
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| 16 | 16 | | An Act to limit annual valuation increases on owner -occupied single-family 1 |
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| 17 | 17 | | dwellings and nonagricultural property. 2 |
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| 18 | 18 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA: 3 |
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| 19 | 19 | | Section 1. That chapter 10-6 be amended with a NEW SECTION: 4 |
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| 20 | 20 | | For purposes of the annual assessment required by § 10-6-105, the assessed value 5 |
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| 21 | 21 | | of an owner-occupied single-family dwelling or nonagricultural property may not increase 6 |
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| 22 | 22 | | more than three percent annually from the assessed value of the property in the prior 7 |
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| 23 | 23 | | year, unless otherwise provided in this section. 8 |
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| 24 | 24 | | When a change in ownership of an owner -occupied single-family dwelling or 9 |
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| 25 | 25 | | nonagricultural property occurs without the property being sold between a willing seller 10 |
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| 26 | 26 | | and a willing buyer in an arms-length transaction, the assessed value of the property for 11 |
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| 27 | 27 | | that assessment year may increase more than three percent over the assessed value of 12 |
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| 28 | 28 | | the property in the prior year, and the assessed value of the property must equal the fair 13 |
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| 29 | 29 | | market value of the property as determined with appropriate consideration of the cost 14 |
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| 30 | 30 | | approach, the market approach, and the income approach. 15 |
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| 31 | 31 | | When an owner-occupied single-family dwelling or nonagricultural property is sold 16 |
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| 32 | 32 | | between a willing seller and a willing buyer in an arms-length transaction, the property's 17 |
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| 33 | 33 | | assessed value in that year must equal the sales price of the property. 18 |
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| 34 | 34 | | The assessed value of any owner -occupied single-family dwelling and 19 |
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| 35 | 35 | | nonagricultural property may be further increased if there is a change in the use or 20 |
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| 36 | 36 | | classification of the property or to account for any addition or expansion to the property. 21 |
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| 37 | 37 | | Section 2. That § 10-6-105 be AMENDED: 22 |
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| 38 | 38 | | 10-6-105. All real property subject to taxation shall must be listed and assessed 23 |
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| 39 | 39 | | annually, but the value of such the property is to be determined according to its value on 24 |
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| 40 | 40 | | the first day of November preceding the assessment , while the value of any owner-25 25.55.17 2 1119 |
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| 41 | 41 | | Underscores indicate new language. |
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| 42 | 42 | | Overstrikes indicate deleted language. |
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| 43 | 43 | | occupied single-family dwelling and nonagricultural property is subject to the value 1 |
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| 44 | 44 | | limitations provided in section 1 of this Act. 2 |
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