SIOUX FALLS, S.D. – Governor Rhoden’s new property tax bill could pose a significant revenue impact to South Dakota’s two largest cities.
Senate Bill 216, already signed into law by Rhoden, limits the increase in property evaluations across the state. The city of Sioux Falls estimates it will lose around 25 million dollars over the next 10 years.
Rapid City is projected to miss out on close to ten million dollars over the next five years, according to City Finance Director Daniel Ainslie.
Rhoden has since proposed a plan for counties to make up for a loss of revenue with a sales tax up to half a percent.
