The South Dakota Senate shot down an effort Thursday to cap property tax valuation increases at 3% a year for homeowners and rental properties.

Senate Bill 167 would have capped increases in response to the heavy hikes in property valuations that followed the COVID-19 pandemic’s start in 2020.

Sen. Jack Kolbeck, R-Sioux Falls, said his goal was to offer some relief to long-term homeowners whose new neighbors from other states helped push home values beyond what local incomes can absorb. Continue reading State Senate shoots down property tax valuation cap