GREETINGS & SALUTATIONS SOUTH DAKOTANS! Today I need to talk to you about my revised property tax assessment plan. The first thing I want to say is that no real property owner, who has paid off their mortgage, should ever fear losing their homestead! Under my new plan, and I call it our Principle - Equity = Assessed Property Tax Value (i.e. P - E = APTV) plan, if you've paid off your mortgage you can never lose your homestead/farmstead to the property tax assessor. I CALL THIS THE PROPERTY TAX MOUSETRAP!
What this means to you folks is that when you buy your dwelling house the P - E = APTV law will start to protect you! For example. In 1990 you purchased a house and the land it sits on for $2000,000. In the year 2000, your principle is at $100,000. Of course this is not what the balance will be, it's just an example. This means that you paid $100,000 in equity on your mortgage. Under our new plan, the county tax assessor will only be allowed to charge property taxes on the remaining principle of $100,000. Your P - E = $100,000 (APTV) in the year 2000. This law will be applied retroactively.
Moreover, if your amortization is 20 years, when year 20 ends and you make your last mortgage payment, as a lawful deed holder of your own homestead/farmstead, you are no longer obligated to pay property taxes, unless you choose to remortgage your property. If you should die, your spouse / heirs will take possession therefrom, and they also will not be obligated to pay property taxes, unless they remortgage the property. Their will also be no inheritance taxes owed either.
Furthermore, because this new property tax plan applies to farmsteads too! It only applies to the house and out buildings and the land they set upon. The remainder of the plowable acres would be subject to regular agricultural/commercial property tax assessments. But the farmstead will be exempt once the mortgage is paid off in full. The reason for this distinction is that no real property owner should fear losing their home to the tax assessor just because they can't afford to pay. Life sometimes throws a curveball and when things go south, bad things can happen. Your father may die, your spouse may die, or God forbid, nature destroys your entire crop. If you don't have crop insurance, you can lose everything!
Our new property tax plan will prevent you from losing your home; and if you have paid off the mortgage on the farmstead portion of your farm, the only portion in jeopardy, is the plowable acres. You will never lose your home, ever! Of course, this means we have to reassess and split-off the house and out-buildings from the farm as a whole for tax purposes only. This doesn't mean that the bank can't take the land, they just can't take the farmstead portion if it's paid off. Your P - E = APTV plan will protect you when nature deals you a bad hand, or when you lose a loved one. The last thing anyone wants to think about is "where am I going to live now?" I CALL THIS THE PROPERTY TAX MOUSETRAP!
Every real property owner, actually living in their dwelling will fall under this blanket of protection, so long as they have their mortgage paid off when unfortunate things go wrong. Skeptics of this plan will say that "how will county governments survive?" I believe that this new tax plan will stimulate both new housing construction and new first time home buyers'. There will be plenty of new homes to collect taxes from if we implement our new property tax plan.
It's every Americans right to buy and sell real property. But too many times, real property owners risk losing their homestead because they can't afford to pay the property taxes when "shit" happens! Pardon my French! I spoke with one man who lives in Hartford, SD. He and his wife have lived in their Hartford home for 23 years. They paid off their mortgage once, but refinanced to remodel their kitchen and build a garage. He explained to me that he wants to retire, but can't afford to because of the property tax assessments that seem to keep going up every year. If he chooses to retire now, they would have to sell their homestead, and probably move into town. My advise to him was to pay off the new mortgage, and if I am elected Governor, he will no longer have to fear losing their homestead ever again, provided they don't refinance it again!
Furthermore, our new real property tax assessment plan will also protect you when as a qualified reverse mortgage recipient, you choose to get a reverse mortgage. Your homestead/farmstead will be exempt from property tax assessment, until the last surviving home owner leaves the home (i.e. you die), then your heirs will have to pay off the reverse mortgage. During the repayment time schedule, the property will be subject to the P - E = APTV laws. Let me know how you feel about this plan. Contact me at email@example.com, or post a comment on my blog page. Please visit my website and see what else we can do to make life easier and better in South Dakota.
Paid for by the campaign to elect Dr. Terry Lee. LaFleur for Governor of South Dakota, 2018.
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