SD SB199

Creates a property tax relief fund in the state treasury, administered by the Department of Revenue, to supplement property tax levies of political subdivisions and reduce property taxes on real property

Requires an initial transfer by August 1, 2026 of 25% of the annual increase in general fund revenues from FY2025 to FY2026; if no increase occurs, the transfer is zero

Establishes an ongoing annual transfer formula: the previous year's deposit amount plus 25% of any year-over-year general fund revenue increase

Interest earned on the fund remains in the fund, and all expenditures require a special appropriation by the Legislature