Property Tax Deferral (Property Tax Homestead Exemption)

State

South Dakota

Year

2009

Variations in Receipt of Benefit

No Variation in Receipt of Benefits

Benefit Type

Deferral

Benefit

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

Other

Eligible Property Type

Residential

Characteristics of Eligible Property

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

Eligibility Criteria

Age

Homeowner

Income Ceiling

Surviving Spouse

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

Record ID

SD103_RR09

Footnotes

The property taxes and interest that are not collected may not exceed the value of the property upon which the taxes are imposed. Qualification for this program makes one ineligible for the Property and Sales Tax Refund program.

Sources

S.D. Codified Laws § 43-31- 31 ~ § 43-31-41 (in effect for 2009)
South Dakota Department of Revenue, Property Tax Division
[http://www.state.sd.us/drr2/propspectax/property/relief.htm Accessed on 11/2/10]
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