The South Dakota Property Tax Reform Initiative, also known as Initiative 1, was on the November 8, 1994 ballot in South Dakota as an initiated state statute, where it was defeated. The measure would have capped real property taxes at one percent of the property's assessed value and frozen property assessments at the January 1, 1995 level. After that date, tax assessments could only be raised or lowered when property changed ownership or new construction was completed.
| South Dakota Initiative 1 (1994)|
|Yes|| 152,0487|| 49.45%|
Election results via: South Dakota Political Almanac, South Dakota Constitutional Amendments, Initiatives and Referendums 1970-2010
Text of measure
The text of the measure can be read here.