South Dakota Governor Larry Rhoden and his staff have been working with a small group of about 10 state legislators to address the tax burden on owner-occupied property in the state. He says says the goal is to balance the taxes paid, without shifting or increasing the cost to one group or another.
Rhoden calls Senate Bill 216A “a strong solution to the property tax burden that so many South Dakota homeowners experience.”
Rhoden says two other sections of the bill will increase the maximum income limits for the Assessment Freeze Program.
SB 216A addresses the property tax burden on homeowners by:
- Limiting the increase in owner-occupied assessments to 3% countywide for the next 5 tax years;
- Caping the amount taxing districts and school capital outlay budgets can increase as a result of new construction – local government budgets don’t need to grow just because a homeowner makes a small improvement to their property; and
- Increasing the maximum income limits for the assessment freeze program to $55,000 for single member homes and $65,000 for multi-member homes – the bill also increases the maximum eligible home value to $500,000.
Credit DRG Media Group
