Are you ready for a tax increase? Sioux Falls property owners just may see a jump in their taxes.

At this week's Sioux Falls School Board meeting members voted unanimously to set the district’s 2018-2019 property tax rate. As reported by KDLT News the school board has opted out of a property tax freeze.

The rate is scheduled to decrease for the 2017-2018 budget to $8.14 per $1,000 in property valuation. But, this vote will then return the rate back to what it is now starting in July of 2018, which is $8.44 per $1,000 in property valuation.

Why the increase?

School board members say they’re preparing for possible future funding decreases at the state and federal levels. And, this move is expected to allow the school district to add up to $5 million to its reserve fund each year over the next decade. The money could also be used to hire more staff as the student population continues to grow.

What can you do?  Sign a petition in the next 20 days and it could be brought to a public vote if 5% of registered voters in the district sign.

See Also:

More From KXRB