When calculating property tax revenue increases from new development, South Dakota will now exclude improvements and additions made to buildings already on the land—only completely new construction will count toward triggering higher tax payments. This change applies to both state education finance formulas and local property tax assessment calculations, meaning homeowners and businesses that renovate or expand existing structures won't cause their properties to be classified as "new construction" for tax purposes.
Taxation Tabled Passed, YEAS 7, NAYS 0. S.J. 13
Taxation Scheduled for hearing
Taxation Motion to amend S.J. 8
Taxation Scheduled for hearing
Senate Referred to Senate Taxation S.J. 152
First Reading Senate S.J. 137
Prime sponsor · Rep
R
Dist. SD-034
Taxation — Tabled