Property Tax Deferral (Property Tax Homestead Exemption)

South Dakota

2008

No Variation in Receipt of Benefits

Deferral

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.

Other

Residential

Only single family homes are eligible for property tax deferral. Single family homes include houses, condominium apartment, or manufactured homes.

Age

Homeowner

Income Ceiling

Surviving Spouse

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 government is unable to exercise an option

No local option regarding program features

Local government covers all of its tax loss

SD103_RR08