PIERRE, S.D. (AP) - South Dakota lawmakers have given
first-round approval to a measure that would speed up increases in
the taxable value of some farm land and could raise actual tax
bills in some cases.
The state's new farm property tax system bases the taxable value
of agricultural land on its ability to produce income, but annual
increases have been limited to 10 percent. A House committee
endorsed a measure allowing taxable values to rise by up to 25
percent a year in some cases.
Lawmakers say the change is needed so taxable values can catch
up to the actual value of land.
Officials say an increase in taxable values would not
necessarily lead to a corresponding increase in actual tax bills,
but it would lead to higher taxes for some agricultural land.
(Copyright 2012 by The Associated Press. All Rights Reserved.)
AP-NY-01-19-12 1127EST
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