Any person making an application under the provisions of this chapter is entitled to a prohibition on the collection of real property taxes upon the person's single-family dwelling if the person has: (1) Owned a single-family dwelling, in fee or by contract to purchase, for at least three years, or has been a resident of South Dakota for at least five years; (2) Resided for at least eight months of the previous calendar year in the single-family dwelling; (3) Established a base year; (4) A household income, as defined in § 10-6A-1 , of less than sixteen thousand dollars if the household is a single-member household; and (5) A household income, as defined in § 10-6A-1 , of less than twenty thousand dollars if the household is a multiple-member household. Beginning on January 1, 2024, the household income listed in subdivisions (4) and (5) of this section shall increase annually by the index factor. The index factor is the annual percentage change in the consumer price index for urban wage earners and clerical workers as computed by the Bureau of Labor Statistics of the United States Department of Labor for the year before the year immediately preceding the year of adjustment or the annual percentage change in federal social security payments for the preceding year, whichever is greater.
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