South Dakota 2025 Regular Session

South Dakota House Bill HB1119

Introduced
1/29/25  

Caption

Limit annual valuation increases on owner-occupied single-family dwellings and nonagricultural property.

Impact

Should HB1119 be enacted, it will significantly impact how property taxes are assessed across the state. By capping annual increases in assessed values for owner-occupied and nonagricultural properties, the bill aims to create a more predictable financial environment for homeowners. This change could help protect residents from sudden spikes in property taxes that can accompany real estate market fluctuations. Additionally, it reflects broader national concerns about housing affordability and property tax burdens, which have garnered attention from policymakers nationwide.

Summary

House Bill 1119 proposes legislation focused on limiting the annual valuation increases for owner-occupied single-family dwellings and nonagricultural properties in South Dakota. According to the bill, the assessed value of such properties cannot increase by more than three percent from the previous year's assessed value. This limitation is designed to provide relief to homeowners from significant tax increases that can occur due to rapidly rising property values. However, exceptions are provided for specific situations, such as changes in ownership or property classification, which can result in higher assessments.

Contention

The bill may face contention from various stakeholders, particularly local governments that rely on property tax revenues to fund essential services. Critics argue that limiting property valuations could hinder local jurisdictions' abilities to generate sufficient revenue, potentially affecting public services such as education, infrastructure, and emergency services. Proponents, on the other hand, emphasize the need for taxpayer protection amid rising housing costs, asserting that the bill represents a necessary check against excessive valuation increases that can lead to financial undue burden on homeowners.

Companion Bills

No companion bills found.

Previously Filed As

SD SB167

Limit annual valuation increases on owner-occupied single-family dwellings.

SD HB1040

Limit annual valuation increases on owner-occupied single-family dwellings.

SD HB1141

Provide property tax relief for owner-occupied single-family dwellings.

SD HB1043

Make an exemption from certain property taxation for owner-occupied single-family dwellings.

SD HB1149

Revise the classification of owner-occupied single-family dwellings to include more than one attached or unattached garage.

SD SB131

Remove certain limitations on property tax levy increases.

SD HB1231

Place restrictions on the ownership of agricultural land.

SD SB185

Establish the Committee on Foreign Investment in the United States – South Dakota and revise provisions related to the foreign ownership or control of agricultural land.

SD SB183

Provide property tax relief to certain seniors.

SD SJR503

Proposing and submitting to the voters at the next general election an amendment to the Constitution of the State of South Dakota, limiting the amount of ad valorem tax on real property, and limiting the increase in the assessed value of real property.

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.