South Dakota mortgage payment calculator

South Dakota at a glance

Median home price

$343,800

Typical closing costs

2%–5% of price

Transfer tax

0.1% of sale price, customarily paid by seller

Closing custom

escrow

Homestead exemption

South Dakota has no broad ad-valorem homestead exemption that reduces assessed value for all owner-occupants (unlike FL or TX). Instead it offers three narrower, age/income-restricted relief programs administered by the Department of Revenue: (1) the 'Property Tax Homestead Exemption' — technically a tax-payment deferral, not an exemption — available to homeowners 70+ (or a surviving spouse) who have owned their home 3+ years or been an SD resident 5+ years, which delays payment of property tax (with interest) until the property is sold or transferred; (2) the Assessment Freeze for the Elderly & Disabled, which freezes the assessed value used for tax purposes (income limits ~$56,595 single / ~$66,885 multi-member household); and (3) an annual Sales/Property Tax Refund for seniors 65+ and disabled residents. None of these apply automatically — each requires an annual application with the county Director of Equalization, typically due around April 1.