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personal property tax

Many states assess a personal property tax on certain items of personal property such as motor vehicles, boats, and aircraft. Business personal property taxes—taxes on tangible personal property items that are used to produce income—are often referred to as ad valorem taxes.

In South Dakota, there is no state-level personal property tax on items such as motor vehicles, boats, and aircraft for individual taxpayers. Instead, these items are subject to a one-time registration fee and annual license fees, which are not based on the value of the property (ad valorem). However, when it comes to business personal property, South Dakota does impose a tax on certain business equipment and commercial property. This tax is assessed at the local level by counties and municipalities, and the rates can vary. The tax is based on the assessed value of the tangible personal property used in a business to produce income. Businesses are required to report their personal property annually to the local county director of equalization, who then determines the assessed value for tax purposes.

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Taxes

personal property tax

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South-Dakota State Code

South-Dakota State Code

Taxes

personal property tax

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