Governor Larry Rhoden has signed his bill that attempts to address the rising cost of property taxes on South Dakota homeowners.
Rhoden said Senate Bill 216 is “impactful and workable, and it will certainly slow down any future tax increases.”
SB 216 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;
- Sets a 3% cap on 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.
Rhoden said, “This bill was an important step forward, but we are not done bringing property tax relief to South Dakotans.” He said he’s working on a proposal for a real property tax cut and will share more details about that proposal “in the near future.”
Rhoden has signed 126 bills and VETOED one this legislative session.
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