"Everyone who has moved into a new or different home needs to make sure they've signed up for their property tax reduction," said Gov. Mike Rounds. "I want to make sure everyone who is eligible gets their property taxes reduced."
Any South Dakota homeowner who owned and occupied a home on Nov. 1, 2005 is eligible for the classification and their property tax reduction. Taxpayers who have received the reductions previously and still own and occupy the same home will continue to receive the property tax reduction without filing a new certificate.
The 2006 valuation notices that taxpayers have received since March 1 will indicate if the property is classified as owner-occupied. Homeowners are advised to check their notices to make sure their property is classified as owner-occupied for the lower tax rate.
Taxpayers who have purchased a home, built a new home prior to Nov. 1, 2005, or have previously not applied for the application must apply to their County Director of Equalization by March 15. Applications that are postmarked by March 15 will qualify.
Currently, with the property tax relief, property owners pay over $750 million in property taxes; that amount would likely be over $1 billion without the relief. The tax relief provided to owner-occupied and agricultural property owners was $120 million for taxes payable in 2005. Property owners saved an additional $130 million for taxes payable in 2005 because of the property tax caps on local governments.
Homeowners needing forms or having questions regarding the owner-occupied certificate should contact their county Director of Equalization or the Property and Special Taxes Division of the South Dakota Department of Revenue and Regulation in Pierre at 605-773-3139.