Senate committee shelves constitutional amendment that supporters say would have slowed property tax increases

By Todd Epp, South Dakota Broadcasters Association.

The South Dakota Senate Taxation Committee killed a resolution (SJR505) Wednesday (Feb. 7, 2024) that sought to put a constitutional amendment on the November ballot letting voters decide if the state should roll back assessments for all classes of property to their values back in 2020.

Sponsor Republican Senator Frye-Mueller from Rapid City says it would also have limited property tax increases to 1% per year. She says people who buy property would then pay the higher assessed value.

Wendy Semmler with the state Department of Revenue says if passed, the resolution would put a huge financial hole in local governments’ budgets.

The South Dakota Retailers Association and the South Dakota Chamber of Commerce and Industry also opposed the bill.