While South Dakota’s tax climate is impressive, there are a few taxes and costs.
Here’s a brief overview of the most common taxes and costs in Sturgis/Meade County.
Sales & Use Tax:
|State of SD:||4.5%|
|City of Sturgis:||2%|
Real Property Tax:
Meade County: None*
*For five years on new commercial construction or renovation valued over $30,000.
Other real property taxes are determined by taking the local mill levy (Sturgis is 2.6343) and applying it to 85% of the property’s market value.
|Personal Property Tax:||None|
|Personal Income Tax:||None|
|Business Inventory Tax:||None|
|Corporate Income Tax:||None|
|Local Occupation Tax:||None|
|Local Wage Tax:||None|
|State Property Tax:||None|
For new employers, the rate is 1.75% the first year. Years two and three will not be increased, and may be reduced to 1.55% if the employer maintains a positive account balance. Thereafter, the rate is based on experience. Unemployment insurance rates and wage bases are compared for 2016/2017. South Dakota has the 13th lowest unemployment rate in the nation, so there is little impact on the unemployment insurance fund and little demand for cost increases here.
Worker’s compensation insurance in South Dakota does not break the bank. Costs are kept in check by establishing rates based on the work done, not the overall company code, and by incentivizing a safe work environment. Worker’s compensation rates for manufacturers were reviewed in 2016 and updated in May 2017. A recent study shows South Dakota ranking 14th in the nation for net insurance costs. The average manufacturing cost in South Dakota is $3.91 per $100.
Contact SEDC at 605-347-4906 or email@example.com for more information.
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