Sioux Falls Prepares for $25M Loss with Property Tax Reform

Sioux Falls prepares for $25M loss with property tax reform

SIOUX FALLS, S.D. (KELO) -- A new law could reduce property taxes for Sioux Falls residents, but there could be a price to pay. The city will lose, at minimum, an estimated $25 million over the next 10 years in property tax revenue under Senate Bill 216, which passed in this year's legislative session. SB216 caps the overall increase in residential property tax values at 3% for 2027 through 2031. The city will lose a potential minimum $25 millio…

PROPERTY TAX RELIEF FALLS SHORT

With the finish line of the 2025 legislative session in sight, state senators on Monday night rejected a plan to put roughly $80 million more into the state's property tax relief program.