limit annual valuation increases on owner-occupied single-family dwellings and provide an exception for mill rate limitations on taxing districts.

SB 216 limits annual property tax valuation increases for owner-occupied single-family homes in South Dakota to 3% per year, starting from a base value determined by either the 2020 market value or the sale price if purchased between 2020 and 2026. The bill directly affects homeowners by preventing sudden tax hikes due to rising market values, while allowing reassessment at fair market value after a sale or ownership change. Exceptions permit higher valuation increases for property improvements (up to 40% of current value) or changes in property use or expansion. This policy aims to stabilize homeowners' tax burdens without altering the existing tax system's structure.