provide a tax credit to limit the taxes due on property over the previous year.

SB 101 proposes a tax credit designed to reduce property taxes for owners whose assessed property values have increased compared to the previous year. The bill directly affects property owners in South Dakota by providing financial relief when their property taxes rise. The key mechanism involves calculating the difference in property taxes between the current and prior year, then applying a credit to offset the increase. This policy change aims to limit the tax burden on individuals experiencing property value growth without altering the underlying tax rates.