Ahead of its final meeting next week, the South Dakota’s Property Tax Task Force remains focused on their goal of cutting owner-occupied property taxes by 50 percent.
Achieving the proposed tax reduction would require lawmakers to either cut spending or identify alternative funding sources to offset an estimated $480 million. Among the ideas being considered are a 5 percent reduction in state government spending, trimming certain sales tax exemptions, and introducing a dedicated sales tax to fund education.
State Senator Taffy Howard, a member of the task force, expressed cautious optimism about the group’s progress. and noted that while some sales tax exemptions serve a valid purpose, others may no longer be justified.
Although the task force is expected to finalize its recommendations next week, any formal legislation stemming from the proposal will not be introduced until the next legislative session.
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