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|
South Dakota has the 3rd lowest unemployment insurance rate in the nation. 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.
A recent study shows South Dakota ranking 9th in the nation for net insurance costs. The average manufacturing cost in South Dakota is $2.87 per $100. The national average for manufacturers is $3.71 per $100.
Contact SEDC at 605-347-4906 or email@example.com for more information.
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