What is a “split roll” property tax system?

A “split roll” property tax system is one in which certain types of properties are treated differently than others when it comes to taxation. In South Dakota, the split roll system divides the properties into two categories: personal and business. Personal property includes items such as cars, boats, and other items that are owned by individuals. On the other hand, business property consists of commercial buildings, land, and other assets owned by businesses. The difference between the two categories is that businesses are taxed at a higher rate than personal property owners. The split roll property tax system allows the state to collect more revenue from businesses, which in turn helps fund essential services. This system helps South Dakota provide better education, health care, and other services to its citizens. Furthermore, the split roll system can be used to incentivize businesses to invest in projects that benefit the community. The split roll property tax system is beneficial for South Dakota because it allows the state to raise funds while still keeping taxes relatively low compared to other states. At the same time, it helps businesses stay competitive, as they are not taxed at the same rate as individuals. This helps to create a more equitable tax system and encourages economic growth.

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What is a “split roll” property tax system?

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