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Committee approves five‑year prepaid tax exemption for residential subdivisions in SB 337 amid municipal concerns
Summary
Senate Bill 337, as amended to residential subdivisions, passed Senate Finance and Claims. The bill allows developers to prepay up to five years of property taxes on lots during subdivision development to reduce carrying costs; cities testified that the timing of revenue and service provision raised concerns.
Senate Bill 337, which provides a five‑year prepaid property tax exemption mechanism intended to lower carrying costs for developers during residential subdivision development, passed the Senate Finance and Claims Committee on March 5.
Sponsor Senator Greg Herts (SD 7) said the exemption is designed to lower carrying costs on lots so developers can bring housing to market faster. The bill as presented to the committee had been amended in the House to limit the…
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