What is a property tax freeze?

A property tax freeze is a type of tax relief available in South Dakota that limits or prevents increases in the amount of property taxes homeowners pay. This freeze is designed to help those living on fixed incomes manage their finances and stay in their homes. This benefit applies to those who are 65 years of age or older, are retired, or are disabled. The property tax freeze limits increases in property taxes to the amount of inflation from the previous year. This means that your property taxes cannot increase more than the amount of inflation, regardless of the increase in the value of your home or other property. The South Dakota Department of Revenue manages this process, ensuring that the county assessor adheres to the freeze and to the limits of the law. The property tax freeze program in South Dakota helps to keep taxes reasonable and is beneficial to those on fixed incomes who may otherwise struggle to stay in their homes. Though there are some restrictions, such as a minimum amount of taxes paid, this program provides relief and stability to those in need.

Related FAQs

What is a Property Tax Levy?
What happens if I don’t pay my property taxes on time?
What is a property tax assessment appeal process?
What is the impact of property taxes on my business?
What is the difference between property taxes and income taxes?
How do I apply for property tax relief?
What is the property tax rate?
What is a “split roll” property tax system?
How does a property tax assessment work?
What is an assessment ratio?

What is a property tax freeze?

Related FAQs

Related Blog Posts