The rising real estate market affects property values.

The late evening news on KEVN Black Hills Fox Monday-Friday
Published: Mar. 3, 2023 at 8:24 AM MST
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RAPID CITY, S.D. (KEVN) - Over the last few years, the Pennington County real estate market exploded. Even people who didn’t sell a house noticed their property assessments increase.

“When assessed values go up as much as what we’ve seen here recently, the taxing entities don’t receive more tax money. The taxing entities meet the whole budget hearings, and they set their budgets based on the cost of performing whatever service they perform,” said Pennington County Equalization Director Shannon Rittberger.

While assessed values may rise for properties, your taxes may stay the same if county budgets remain unchanged.

“Regardless of whether the assessed value goes up or down. There’s a restriction on how much they can increase their budget. That restriction is less than what we’ve seen our real estate market increase in the last couple of years,” said Rittberger.

The county is conducting community meetings concerning the significant growth, addressing that growth, and answering questions about the projected 2-23 assessed property values, the impact on property taxes, and the county budget. A meeting was conducted Tuesday in Hill City and another meeting is set for 6 p.m., March 22, at the Rimrock Community Center, Johnson Siding.