The calculator is pre-filled for a $289,600 home (the South Dakota median, ranked 33rd of 51) with 20% down at 7.40%. That comes to $1,984.77 a month: $1,604.11 principal and interest, $246.17 tax, $134.50 insurance. With 5% down and PMI it is $2,400.18.
Homestead exemptions and property tax relief
Apply to the county director of equalization for owner-occupied status, which applies the lower school general-fund levy to your primary residence.
First-time buyer programs
South Dakota Housing's First-Time Homebuyer program offers 3% or 5% down payment and closing cost assistance as a 0% second mortgage, generally due on sale or refinance.
Transfer and recording taxes
The seller pays a transfer fee of $0.50 per $500, about $290 on a $289,600 home.
Closing costs to plan for
Buyer costs are mainly title, lender and recording fees.
When property tax bills are due
South Dakota collects property tax a year in arrears. The bill for one year becomes due on January 1 of the next, and you can pay it in two halves: the first without penalty through April 30 and the second through October 31. Unpaid halves start drawing interest on May 1 and November 1. At closing, the seller usually credits you for the taxes that built up while they owned the home, because you will be the one paying the next bill.
Before you buy in South Dakota
To get the owner-occupied rate, file the Certification of Owner-Occupied Dwelling with the county director of equalization by March 15. A home you buy late in the year may be billed at the higher non-owner-occupied rate until the certificate is on file. After that the classification usually carries forward without a new application. Hail is the other big cost here: get insurance quotes early, and check the roof's age and the wind and hail deductible, which is often a percentage of the dwelling coverage instead of a flat dollar amount.
2026 loan limit in South Dakota
FHFA 2026 one-unit conforming limits: all 66 counties use the $832,750 baseline. A median-home loan of $231,680 is conforming.
South Dakota numbers used above
| Measure | South Dakota | U.S. |
|---|---|---|
| Median home value (ACS 2024) | $289,600 | $360,600 |
| Effective property tax rate | 1.02% (18th highest) | 0.89% |
| Average HO-3 premium (NAIC 2023) | $1,614 | $1,737 |
| Median household income | $76,881 | $81,604 |
| Median gross rent | $999 | $1,487 |
| Income needed at 28% (20% down) | $85,062 | – |
Frequently asked questions
How do I get the owner-occupied rate in South Dakota?
File the Certification of Owner-Occupied Dwelling (PT 3001) with the county director of equalization by March 15. Once it is approved, it usually stays in place until you sell or move.
When are South Dakota property taxes due?
Taxes are paid a year in arrears. The first half is due by April 30 and the second half by October 31, and interest starts the day after each deadline.
Who pays the South Dakota transfer fee?
The seller pays it: $0.50 per $500 of the price, about $290 on a $289,600 home.
What is the median-home payment in South Dakota?
About $1,984.77 a month on a $289,600 home with 20% down at 7.40%, including tax and insurance.
Sources
- SD DOR, property tax
- SD DOR, PT 3001 owner-occupied certification
- SDCL 43-4-21
- SD DOR, owner-occupied classification
- FHFA, 2026 conforming loan limits
- Census ACS 2024 1-year (B25077, B25103, B19013, B25064); NAIC homeowners report (2023); Freddie Mac PMMS.
See also: all states · house affordability · South Dakota paycheck