PIERRE, S.D. –  On Mar 13th, Governor Larry Rhoden signed his bill to address the rising burden of property taxes on South Dakota homeowners, SB 216. He signed this bill at a signing ceremony in the Capitol Rotunda, and you can find a photo of the signing here.

“SB 216 is a win for South Dakota homeowners,” said Governor Larry Rhoden. “This bill 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.

“I am grateful for all the legislators who worked with me to get this bill passed. The discussions and negotiations that occurred along the way are a sign of good process,” continued Governor Larry Rhoden. “This bill was an important step forward, but we are not done bringing property tax relief to South Dakotans. I am working on a proposal for a real property tax cut and will share more details on that proposal in the near future.”

Governor Rhoden has signed 126 bills and VETOED one this legislative session.