The “Switzerland” of the United States
Welcome to the Mount Rushmore state and one of the most favorable states in the nation for trust and income tax laws and property tax rates. South Dakota is a state where agriculture plays a huge role in the economy, and where strong, resilient people faithfully grow crops and raise livestock throughout the state. Conservative, pro-life values and are alive and well in South Dakota, with a large percentage of churchgoers and friendly, small-town people who know each other and look out for each other’s good. Let’s take a closer look at some of the highlights of South Dakota for anyone who is looking to buy agricultural land in the state. We will look at South Dakota’s economy, agriculture, and natural environment.
South Dakota’s economy is strong, leading it to be ranked 3rd in the nation by US News and World Report for Fiscal Stability1. Several economic factors make South Dakota an attractive place to live and work; the first being taxes. South Dakota has one of the most favorable tax climates in the nation, with no state income tax, low vehicle registration taxes, low property taxes, and 4% sales tax. In addition, South Dakota laws regarding trusts are so favorable that some people call it the “Switzerland” of the United States. South Dakota has attracted major corporations in the finance and insurance sector, including Citibank and Wells Fargo, thanks to the favorable legal environment here.
Agriculture in South Dakota accounts for approximately one-third of South Dakota’s total economy and employs about 1 in every 5 South Dakotans. In South Dakota, crops outrank livestock in terms of the money they bring in to the state, with crops at $5.1 billion and livestock at $4.5 billion. The state is divided down the middle by the Missouri River, with the rolling hills to the west used more for grazing and ranch land, and flatter land to the east, used more for crops. The state also ranks #1 in the nation for bison inventory and sunflower production.
South Dakota’s natural environment ranked 2nd in the nation by US News and World report, thanks to attractive qualities such as clean air, good drinking water quality, and lower pollution, all leading to a lower risk of health issues. The state is also filled with opportunities for recreation, outdoor activities, fishing, and hunting. The Black Hills and the badlands provide ample opportunities for enjoying nature’s beauty through camping and hiking, while the Missouri River and South Dakota’s other lakes and streams provide fishing opportunities. South Dakota is also a state where people enjoy brilliant red sunsets and bright, clear stars at night due to the lack of smog.
If you are looking at South Dakota for your next purchase of farm or ranch land, American Land Brokers can help you to find the property that fits your needs. Call us today at (970) 818-1900 or let us know what you’re looking for through the “contact us” link on the site. We look forward to serving you.