Loading chat...
SD SB216
Bill
AI Summary
-
Caps annual assessed value increases on owner-occupied single-family homes at 3%, using assessment year 2026 or the most recent sale date as the base year
-
Resets the base value to fair market value when ownership changes, with arm's-length sales capped at the actual sales price
-
Allows assessed values to exceed the 3% cap for changes in property use, classification, or additions/expansions that increase valuation by more than 40%
-
Permits taxing districts to exceed statutory mill rate limits if their total property tax revenue stays within 2026 levels, adjusted annually by the lesser of 3% or the index factor plus growth from improvements, annexations, and classification changes
-
Cites Nordlinger v. Hahn (1992) as constitutional precedent for basing assessments on purchase price rather than current market value
Legislative Description
Limit annual valuation increases on owner-occupied single-family dwellings and provide an exception for mill rate limitations on taxing districts.
Property Tax
Last Action
Taxation Deferred to the 41st legislative day, Passed, YEAS 4, NAYS 2.
2/23/2026