Providing training and information on the property tax process in South Dakota

PUBLISHED ON July 3, 2024

HURON, SD — The South Dakota Farm Bureau will hold a series of tax information sessions at four locations in South Dakota on July 24 and 25.

The free meetings are open to the public and include experts from the American Farm Bureau Federation (AFBF) and the South Dakota Department of Revenue (DOR). Guest speakers include Dustin Sherer of the AFBF and Wendy Semmler of the DOR. Refreshments will be served at each location.

Topics include:

• Upcoming tax reforms expire in 2025 and may impact estate planning;
• What components make up your tax liability; and
• What you can do to learn more about taxes in your country.

The Tax Cuts and Jobs Act of 2017, which expires in 2025, benefits most farms. Key provisions include lower tax rates, the new small business income deduction, provisions for reconciling income and expenses, immediate expense reimbursement, and an increase in the estate tax exemption.

More than 98 percent of farms and ranches are run as pass-through operations—sole proprietorships, partnerships and Sub-S corporations. Failure to extend key pass-through provisions will result in tax increases for farmers and ranchers and leave them without the means to deal with the cyclical and unpredictable nature of their businesses.

In addition, many landowners have questions about how their property taxes are calculated and who to contact if they have questions. The DOR will have a representative at meetings to provide information about the property tax process in South Dakota.

The meetings will take place in the following communities:

July 24, 2024

• 10:30 a.m. (MT) – Hot Springs, SD
  Mueller Civic Center, 801 South 6th Street
• 3:30 p.m. (MT) – Faith, SD
  Legion Hall, 102 3rd Street

July 25, 2024

• 10:30 a.m. (CT) – Clark, SD
  120 North Commercial Street
• 3:30 p.m. (CT) – Sioux Falls, SD
  McCrossan Boys Ranch
  47135 260. Street

The meetings are hosted by the South Dakota Farm Bureau, a grassroots organization representing more than 13,000 farm, ranch and rural families. For more information, visit sdfbf.org.

— South Dakota Department of Agriculture