Governor Rhoden, Lawmakers Reach Consensus on Property Tax Relief Bill

South Dakota Governor Larry Rhoden has announced a new property tax relief package aimed at capping increases on owner-occupied homes at three percent for the next five years. The proposal, developed by a task force of state lawmakers and administration members, will be introduced as an amended version of Senate Bill 216-A. In addition to capping tax increases, the legislation seeks to revise eligibility for property tax assessment freezes and exclude renovations adding up to 40 percent in new value from growth calculations. Rhoden, who emphasized the collaborative effort behind the proposal, acknowledged ongoing discussions regarding additional property tax measures in the legislature. The initiative comes amidst rising residential property values in areas such as the Black Hills and Sioux Falls, prompting lawmakers to seek effective solutions. Rhoden's administration is optimistic about the bill's potential to provide significant tax relief for homeowners in the state.