SD HB1036

Caps annual assessed value increases at 3% for owner-occupied single-family dwellings and nonagricultural property in South Dakota

Resets property to full fair market value assessment upon change of ownership, change in classification or use, or major additions/expansions to the property

Exempts additions or expansions to existing structures from triggering reassessment if the improvement increases fair market value by 40% or less

Renovations of existing structures do not count as additions or expansions, preserving the 3% cap protection

Amends § 10-6-105 and adds a new section to chapter 10-6 of South Dakota law