reduce maximum values for certain property taxes levied on owner-occupied single-family dwellings, and to increase the rates for certain gross receipts taxes and use taxes.

SB 121 adjusts property tax limits for owner-occupied single-family homes in South Dakota while simultaneously raising rates on certain gross receipts and use taxes. The bill lowers the maximum property tax amount that can be levied on these specific residential properties, directly affecting homeowners who pay these taxes. At the same time, it increases the tax rates applied to gross receipts and use taxes, which impacts businesses and commercial transactions subject to those levies. These changes modify existing tax structures without altering the fundamental nature of the tax system.