Variations in Receipt of Benefit
No Variation in Receipt of Benefits
The benefit is a deferral of payment of property taxes until the home is sold. The taxes are a lien on the property and must be paid along with the interest (4% accrual each year) before the property can be transferred.
How is Benefit Disbursed
Eligible Property Type
Characteristics of Eligible Property
Only single family homes are eligible for property tax deferral. Single family homes include houses, condominium apartment, or manufactured homes.
Description of Eligibility Criteria
Any person making an application is entitled to a prohibition on the collection of real property taxes upon the person's single-family dwelling if (1) they have owned a single-family dwelling for at least 3 years, or has been a resident of South Dakota for at least 5 years; and (2) they have resided for at least 8 months of the previous calendar year in the single-family dwelling; and (3) are at least 70 of age; and (4)have a household income less than $16,000 (single) or $20,000 (married). Unremarried surviving spouses of heads of households meeting these conditions also are eligible.
Local Option in Adoption of Program
Local government is unable to exercise an option
Local Option Regarding Program Features
No local option regarding program features
State Funding for Local Tax Loss
Local government covers all of its tax loss