How higher property assessments could affect your property tax bill

How higher property assessments could affect your property tax bill
Published: Feb. 27, 2022 at 5:06 PM CST
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SIOUX FALLS, S.D. (Dakota News Now) -Although it’s not a bill, opening the yearly home tax assessment can still be a little stressful. The equalization offices in Minnehaha and Lincoln county want to remind you that a jump in value, does not necessarily mean a jump in your tax bill.

If you live in Minnehaha County and are keeping an eye out for the postcard with your updated real estate assessment, it looks different. This year, it’s an envelope with the details inside.

Minnehaha county director of equalization Chris Lillah describes how each county office works across the state.

“We are just simply a diviser in this. They take the budgets and divide it by the values and determine what they need and that goes to everyone,” said Lillah.

In Lincoln County, home assessment increased on average between 19 and 21 percent. In Minnehaha county by 18.3 percent....but don’t panic, because that doesn’t mean your tax bill will increase by that percentage.

“I can say with some affirmity that if you went up 18.3 that taxes should be same or less next year. If you went up over 18.3, then there may be some slight increases. it is not a one-to-one,” said Lillah.

There are tax credits to be aware of that you could qualify for. If you live in your home, it’s best to check your assessment to make sure you’re listed as “owner-occupied” which can save you as much as 30 percent.

“If your value is in the owner-occupied line, then you know you’re owner-occupied. If your value is in the residential line, then you’re not owner-occupied.

If you qualify, there still is time to get in on the credit until March 15th.

Other credits are available for partial and full disability, disabled veterans, geothermal heating, and home on the historical register.

Senior citizens on limited income could also have their taxes frozen. Minnehaha county treasurer Kris Swanson understands applying online can be difficult, so she and others help them apply at her office.

“They want to pay their taxes. At the rate they’re increasing, they just need help,” said Swanson.

Homeowners age 65 or older, with a home value of $209,000 thousand or less could qualify if the single income is $30,422 or combined family income of just over $38,000.

“They can just come down to our office and I tell them, not to stand in line, the door by the first window. We have them knock on the door and they can just come back,” said Swanson.

The county is asking that you consider if the value listed is a reasonable amount you could sell your house for. If you don’t agree, you can contact them with any questions. Lincoln County is the only county in the state offering online appeals, located on the Lincoln county website.

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