Summer study on property taxes held first meeting Monday

PIERRE, S.D.(KELO)- A legislative study committee began work this morning on examining the methodolory of assessing property taxes in South Dakota.

But, that doesn’t mean you should expect to see a property tax rate cut.

Committee Co-Chair Senator Randy Diebert of Spearfish opened this morning’s hearing with some caution on that subject.

Property tax rates have also increased rapidly in the Sioux Falls area because of a high demand for housing.

That has created problems for homeowners living on a fixed income.

County officials are responsible for assessing property valuations for tax purposes…meaning there could be differences across the state.

Property taxes have been on the rise as property values increase.

Even with that, State Revenue Secretary Mike Houdyshell says the tax burden in the Rushmore State is comparatively low.

The Committee will meet several times before wrapping up the study in October.