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SD SJR506
Joint Resolution
Status
1/29/2026
Primary Sponsor
John Carley
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AI Summary
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Proposes a constitutional amendment to Article XI, § 2 to cap real property taxes, to be submitted to voters at the next general election
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For taxes payable in 2028, limits property taxes to the lesser of the 2027 tax amount or the greater of the applicable percentage of the most recent sales price or the 2020 tax amount
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After 2028, caps annual property taxes at the previous year's amount unless ownership changes, at which point taxes reset to the applicable percentage of the sales price
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Sets the "applicable percent" at 1% of sales price for South Dakota residents (residing in-state at least half the preceding year) and 2% for non-residents
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Amends existing constitutional language to change property valuation from "shall never exceed" to "may never exceed" actual value, providing flexibility in assessment standards
Legislative Description
Proposing and submitting to the voters at the next general election an amendment to the Constitution of the State of South Dakota, resetting, then limiting property taxes to a flat rate, until adjusted when sold.
Property Tax
Last Action
Taxation Deferred to the 41st legislative day, Passed, YEAS 4, NAYS 1. S.J. 17
2/20/2026