March 15th Deadline for New Homeowners to Get Property Tax Reduction
March 15th Deadline for New Homeowners to Get Property Tax Reduction
Individuals living in a different home or new home from the previous year have until Tuesday, March 15, 2005 to file for the owner-occupied, single family dwelling certificate which makes them eligible for a property tax reduction.
"Everyone who has moved into a new or different home needs to make sure they've signed up for their property tax reduction," Governor Rounds said. "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 November 1, 2004 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 2005 valuation notices that taxpayers have received since March 1, 2005 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.
People qualifying for the owner-occupied status pay a lower tax rate for the school general fund levy than other property. The school general fund levy rate is currently $5.34 per $1,000 of assessed value. The school general fund levy rate for other property (everything except Ag and owner-occupied) is currently $11.45 per $1,000 of assessed value. For a house with an assessed value of $100,000, the difference between owner-occupied and non-owner occupied status is $611 per year.
Taxpayers who have purchased a home, built a new home prior to November 1, 2004, or have previously not applied for the application must apply to their County Director of Equalization by March 15, 2005. Applications that are postmarked by March 15, 2005 will qualify.
Homeowners needing forms or having questions regarding the owner-occupied certificate should contact the Director of Equalization in their county or the Property and Special Taxes Division of the South Dakota Department of Revenue and Regulation in Pierre at 605.773.3139.
http://www.state.sd.us/governor/