SD HB1253

Caps annual property tax assessment increases at 5% for owner-occupied single-family dwellings and nonagricultural properties, effective for the 2027 assessment year and thereafter

Requires full fair market value reassessment every fifth year, overriding the 5% annual cap

Exempts new construction, reconstruction, improvements, and additions from the 5% cap for their first assessment year

Excludes centrally assessed properties (chapters 10-28 to 10-38, covering utilities, railroads, pipelines, and similar properties) from the assessment cap

Authorizes the Department of Revenue to promulgate rules for implementing the new assessment adjustment procedures