The South Dakota Senate Taxation Committee voted 6-0 to advance legislation capping annual property tax assessment increases at three percent. Senate Bill 191, introduced by Sen. Amber Hulse, aims to limit assessment increases on owner-occupied single-family dwellings in line with property tax relief measures proposed by the Rhoden Administration. However, the South Dakota Farm Bureau opposed the measure, citing concerns about rural impacts and shifting the tax burden to agricultural land.
Republican Rep. Jack Kolbeck and a number of West River homeowners expressed concerns about increasing property taxes. On the other hand, Republican Sen. Tamara Grove raised issues about potential tax shifts to agricultural land. David Barker, an economist from the University of Chicago, testified in support of the bill.
Committee Chair Sen. Steve Kolbeck highlighted the bill as one of the most significant issues to be considered this legislative session. The bill is set to move to the Senate floor on Monday, where lawmakers will discuss an amendment to address concerns about agricultural tax shifts. The future of the bill remains uncertain as it moves through the legislative process, with differing viewpoints on the potential impacts of capping property tax assessment increases.
Note: The image is for illustrative purposes only and is not the original image associated with the presented article. Due to copyright reasons, we are unable to use the original images. However, you can still enjoy the accurate and up-to-date content and information provided.
