to reduce the growth in the assessed value of owner-occupied property tax assessments.

HB 1241 aims to limit how much the assessed value of owner-occupied property can increase each year for tax purposes. The bill directly affects homeowners in South Dakota by capping annual assessment growth to a specific percentage, which reduces the taxable value of their properties. This mechanism is designed to provide more predictability in property tax bills by preventing rapid increases in assessed values. The legislation applies specifically to residential properties owned and occupied by the owners, excluding investment or rental properties.