Rapid City Journal examines both sides of Amendment D
This morning the Rapid City Journal discusses the two sides of Amendment D - Solution or more problems?
Read it all here.
Amendment D will protect homeowners from being taxed out of their homes amid rising property values, supporters say.
Amendment D is a dangerous fix that could do serious harm to school districts and shift the tax burden to first-time homebuyers and anybody who wants to buy farms or other real property in South Dakota, opponents say.
In a nutshell, this constitutional amendment would roll back everyone’s property-tax assessments — the county’s estimate of real-estate value — to 2003 levels and
then allow them to rise only 3 percent per year. The only time the assessed value would change is when a person constructs a new building, remodels an existing one or sells the real estate to someone else.
When a person sells, the actual sale price would become the new valuation.
Sen. Bill Napoli, the Rapid City Republican who has been spearheading the statewide
Amendment D campaign, said the amendment is a fair, simple way to stabilize property taxes. Each year, the Legislature tries — and fails — to fix the system.
“If Amendment D does not pass, the Legislature has got to fix this (property-tax system) one way or the other. And if they don’t, shame on them,” Napoli said.
Opponents say Amendment D will create serious inequities in the tax structure.
“Napoli would tell you it’s unequal but fair,” David Owen of South Dakota Chamber of Commerce & Industry said. “We have a different value system than that.” The chamber is one of several business and government groups campaigning against Amendment D.
There is no question that Amendment D would, over time, create situations where the owners of two homes of equal value would be paying unequal taxes.
Even if Amendment D passes, South Dakota’s debate about property taxes will likely continue.
Read it all here.