Proposal would give homeowners up to $500 off 2027 property taxes

County treasurers would apply a credit to eligible homeowners' property tax bills. The credit would cover single-family homes occupied by their owners. The credit would equal $500 or the home's total property tax for 2027, whichever is less. The credit would apply to property taxes payable in 2027.

The state treasurer would transfer $101 from the South Dakota housing infrastructure fund to the general fund. The transfer and spending would involve state funds used to support the homeowner tax credit. The Department of Revenue would receive $101 from the general fund and $101 from the budget reserve fund to replace revenue lost through the credit. Money not legally spent or committed to an authorized expense would return under the state's existing procedures.