Yankton County reports 11% property value increase amid tax legislation concerns

The Yankton County Commission convened on March 4, 2025, to discuss various topics, primarily focusing on property tax assessments and upcoming legislative changes that could impact the county's budget and tax structure.

The meeting began with a presentation from the Equalization Office, which emphasized the importance of fair property valuations. The office reported that the total county property value reached approximately $3.29 billion, reflecting an 11.32% increase over the past year. This increase is attributed to market adjustments and new developments, with the office conducting thorough reviews of property assessments to ensure compliance with state law, which mandates that assessed values must be at least 85% of market value.

Key statistics shared included the processing of over 1,000 property transfers and the completion of numerous reappraisal projects. The office also highlighted changes in agricultural land assessments, noting that productivity factors for crops and grass soils had increased.

A significant portion of the discussion centered on tax increment financing (TIF) districts. The commission noted that while these districts can stimulate development, they also limit the tax revenue collected by the county, which could lead to higher tax burdens on other property owners. The commission expressed concerns about the long-term implications of these districts on the county's financial health.

The meeting also addressed several proposed legislative bills that could drastically alter property tax assessments and budgeting processes. One bill, Senate Bill 191, was described as potentially unconstitutional due to its unequal treatment of property classes. Another, Senate Bill 216, could change how property improvements are assessed, complicating budget calculations for the county. The commission voiced apprehension that these changes could lead to significant budget cuts affecting public safety, road maintenance, and healthcare services in Yankton County.

In conclusion, the commission underscored the need for careful consideration of these legislative proposals, emphasizing that any adverse changes could have lasting effects on the county's ability to provide essential services. The meeting highlighted the ongoing challenges of balancing fair taxation with the financial sustainability of county operations.