Under the program, for tax purposes, the homeowner's property is prevented from increasing in value. If the actual value of the home increases, the homeowner still pays property taxes on the former (lower) value.
To be eligible for the Assessment Freeze for the Elderly and Disabled Program, an individual must meet the following qualifications:
- Have an income of less than $22,573.68 for a single-member household (only one individual in the household) or less than $28,217.10 for a multiple-member household;
- Have owned or retained a life estate in a single-family dwelling, in fee or by contract to purchase, for at least one year and have been a resident of South Dakota for at least one year;
- Have resided for at least 200 days of the previous calendar year in the single-family dwelling; and
- Be 65 years of age or older OR disabled (as defined by the Social Security Act).
Unremarried widow/widowers of people who were previously qualified may still qualify in some circumstances. The valuation limit for the program is $154,950 or more of full and true value meaning that property valued above those limits is not eligible unless the applicant has previously qualified.
Deadline to apply for the program is April 1 and applications must be submitted to your County Treasurer. Applications are available from local County Treasurer's offices or by contacting the Property and Special Taxes Division in Pierre at 605-773-3139 or 1-800-829-9188 (ask for the Property and Special Taxes Division). Information is available on-line at http://www.state.sd.us/drr2/ propspectax/property/re lief.htm.