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SD SB245
Bill
AI Summary
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Creates the homeowner property tax reduction fund in the state treasury, administered by the Department of Revenue, to provide property tax relief for owner-occupied single-family dwellings by reducing local general education levies
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Directs 0.3% of state sales tax, use tax, municipal gross receipts tax, and cannabis tax revenues collected on or after August 1, 2027 to be deposited into the fund
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Transfers $55,896,576 from the general revenue replacement fund to the new property tax reduction fund on July 1, 2026
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Prohibits fund moneys from being transferred to the general fund; interest earned remains in the fund
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Tax revenue diversion provisions take effect July 1, 2027
Legislative Description
Create the homeowner property tax reduction fund, and to transfer moneys to the homeowner property tax reduction fund.
Property Tax
Last Action
Delivered to the Governor on March 12, 2026 S.J. 541
3/12/2026