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