Due to South Dakota’s image as a tax-friendly state, a lot of people and enterprises decide to set up shop there. It’s a popular misperception that real estate is not subject to property taxes in South Dakota. This is not totally accurate, though. South Dakota does not have a state-level property tax, but counties and municipalities are able to and frequently do so.
In South Dakota, property taxes are calculated by dividing the assessed value of the property by the applicable municipal tax rate. The market value of the property, as determined by the county assessor’s office, serves as the basis for the assessed value. The local school district’s budget and the need for road maintenance, for example, might have an impact on the tax rate, which differs from place to place.
It’s important to note that South Dakota does provide qualified people and companies with some property tax relief options. For homeowners who are 65 years of age or older or who are disabled, the state, for instance, grants a property tax freeze. Additionally, there are exemptions from property taxes for specific types of properties, such as low-income housing and agricultural land.
Moving on to LLCs, it is extremely simple to dissolve an LLC in South Dakota. The South Dakota Secretary of State must receive the Articles of Dissolution as a preliminary step. The name of the LLC, the date of its establishment, and a declaration that the LLC has fulfilled all of its debts and obligations or that it will do so before ceasing operations must all be included in this document.
The law of South Dakota does not mandate bylaws, however they are highly advised. Bylaws aid in establishing the policies and practices that guide an LLC’s functioning and may be useful in settling member disputes. Bylaws often contain details about how meetings will be conducted, how revenues and losses will be distributed, and how the LLC will be governed.
In conclusion, property owners may still be liable to municipal property taxes even if South Dakota does not have a state-level property tax. In order to dissolve an LLC in South Dakota, Articles of Dissolution must be filed with the Secretary of State; bylaws are optional but strongly advised. It’s always a good idea to speak with a lawyer before acting, as with any legal issue.