Sioux Falls Residents Facing Possible 3% Property Tax Hike

If you didn't despise inflation enough already, here's another reason to add to your list. Thanks to rising inflation, Sioux Falls residents could be facing a 3% property tax increase starting next year.

The city is working on its proposed budget for 2023 right now, and to help make up for a projected shortfall in the city's general fund reserves over the next ten years, a number of city council members feel a 3% property tax hike starting next year will more than likely be required.

As Dakota News Now reports, the money used from property taxes goes towards basic operating expenses such as clearing snow from streets, public safety salaries and maintaining parks.

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Property tax increases are nothing new, Sioux Falls City Finance Director Shawn Pritchett told Dakota News Now, "We try to make small adjustments every year, so people don’t feel big adjustments down the road.”

For instance, in 2022, the city of Sioux Falls experienced a 1.2% property tax increase.

As Dakota News Now reports, according to Pritchett, failing to make an adjustment now will have a significant effect on next year’s city funding, as well as future budgets.

The proposed tax increase will cost the average taxpayer a few extra dollars a month, but when you combine all that money together it adds up to more than two million dollars per year for the city in the end.

Dakota News Now reports that not all city planners feel a property tax increase is necessary. City Council member Pat Starr believes budget cuts can be made over time to help make up the difference required.

Starr told Dakota News Now, “Our budget isn’t that tight that we have to raise property taxes. Property taxes are a small part of our overall budget, and we’re funded primarily through sales taxes.”

Starr made his opposition known during the most recent city council meeting that was held on Tuesday night (September 6).

That evening the council made the decision to move forward with the proposed tax appropriation portion of the 2023 budget following a 6 to 2 vote. Councilors Starr and Barranco voted against the plan.

The final adoption of the 2023 budget will take place during the city council meeting planned for Tuesday (September 13).

Source: Dakota News Now

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Source: Going Up! Sioux Falls Residents Facing Possible 3% Property Tax Hike