Tax Limitation and Opt Out Information
To "opt out" means the taxing entity needs more monies from property taxes than they are allowed by the limitation. The limitation allows for taxes to increase over taxes payable in the preceding year by the CPI and growth. The CPI for taxes payable in 2012 has been set at 2.1%. Therefore, total increase allowed through the limitation would be 2.1% plus percent increase due to growth.
Example: If growth is 3.1%...then 2.1% (CPI) + 3.l% (growth) would allow a maximum increase of 5.2% to the previous year's taxes received.
For more information on Opt Out policies, see the following information:
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