Property Tax Relief Available for Elderly and Those with Disabilities
SIOUX FALLS, SD- Applications are now open for the elderly/disabled property tax assessment freeze, which could allow for some people to receive tax relief.
The freeze will prevent homeowners property from increasing in value for tax purposes. So, if the value of a home increases, the homeowner will be able to pay tax on the former lower value.
“People in their 80s, they might get almost a 40% tax break and people that are barely 65, you know just recently 65 like a year ago or something, 66, 67 may not see too much of a change. It depends on their income and their values,” said Minnehaha County Treasurer Pam Nelson.
Nelson administers the freeze and recommends that people check to see if they qualify. It’s for people 65 and older or those with disabilities, along with several other requirements.
“You’d have to of been a resident of South Dakota for at least a year. You’d have to live on the property for which you’re requesting a freeze 200 days out of the year,” Nelson said.
It’s also income-based which means people must apply every year. A single income must make around $27,000 and combined income can earn around $34,000 a year. The property’s value must not exceed $190,000.
Click here for a copy of the application. Applications are due by March 30.