Governor Larry Rhoden announced his plan to address the property tax burden on owner-occupied property in South Dakota: SB 216A. He made the announcement at his weekly legislative press conference, and he was joined by the ten members of the property tax working group from both the South Dakota House and Senate.
“This bill is a strong solution to the property tax burden that so many South Dakota homeowners experience,” said Governor Larry Rhoden. “This was the first ‘Governor’s Bill’ to be introduced in 2 or 3 years, and I’m very proud to have it as a Governor’s Bill.”
SB 216A addresses the property tax burden on homeowners in the following ways:
- Limits the increase in owner-occupied assessments to 3% countywide for the next 5 tax years;
- Caps 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
- Increases 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.
“I want to thank all of the legislators who participated for the great discussions. Every single member of the working group is supportive of this proposal and is ready to move forward,” continued Governor Rhoden.