Mansions for Sale in South Dakota

Search Mansions for Sale in South Dakota

General
South Dakota is located in the Midwestern region of the United States. It is named after the Lakota and Dakota Sioux American Indian tribes.

South Dakota is bisected by the Missouri River, dividing the state into two socioeconomically distinct halves, known to residents as "West River" and "East River". Fertile soil in the eastern part of the state is used to grow a variety of crops, while ranching is the predominant agricultural activity in the west. The Black Hills, a group of low pine-covered mountains, is located in the southwest part of the state. The area is of great religious importance to local American Indian tribes. Mount Rushmore is a major state tourist destination in the Black Hills.

Historically dominated by an agricultural economy and a rural lifestyle, South Dakota has recently sought to diversify its economy to attract and retain residents. However, it is still largely rural and has the fifth-lowest population density among U.S. states. While several Democratic senators have represented South Dakota for multiple terms at the federal level, the state government is largely dominated by the Republican Party, which has carried South Dakota in the last eleven presidential elections.

Economy
The current-dollar gross state product of South Dakota was US$32.3 billion as of 2006. The per capita personal income was $26,894 in 2004, the 37th highest in the nation and 13.08 percent below the national average. As of October 2008, South Dakota's unemployment rate was 3.3%, the lowest jobless rate in the nation.

The service industry is the largest economic contributor in South Dakota. This sector includes the retail, finance, and health care industries. Citibank, which was the largest bank holding company in the United States at one time, established national banking operations in South Dakota in 1981 to take advantage of favorable banking regulations. Government spending is another important segment of the state's economy, providing over ten percent of the gross state product. Ellsworth Air Force Base, near Rapid City, is the second-largest single employer in the state.
 
Ethanol plant in Turner CountyAgriculture has historically been a key component of the South Dakota economy. Although other industries have expanded rapidly in recent decades, agricultural production is still very important to the state's economy, especially in rural areas. The five most valuable agricultural products in South Dakota are cattle, corn (maize), soybeans, hogs, and wheat. Agriculture-related industries such as meat packing and ethanol production also have a considerable economic impact on the state. South Dakota is the sixth leading ethanol-producing state in the nation.

Another important sector in South Dakota's economy is tourism. Many travel to view the attractions of the state, particularly those in the Black Hills region, such as historic Deadwood, Mount Rushmore, and the nearby state and national parks. One of the largest tourist events in the state is the annual Sturgis Motorcycle Rally. The five day event drew over 450,000 attendants in 2006, significant considering the state has a population of only 790,000. In 2006, tourism provided an estimated 33,000 jobs in the state and contributed over two billion dollars to the economy of South Dakota.

Taxes
As of 2005, South Dakota has the lowest per capita total state tax rate in the United States. The state does not levy personal or corporate income taxes, inheritance taxes, or taxes on intangible personal property. The state sales tax rate is 4 percent. Various localities have local levies so that in some areas the rate is 6 percent. The state sales tax does not apply to sales to Indians on Indian Reservations, but many reservations have a compact with the state. Businesses on the reservation collect the tax and the state refunds to the Indian Tribes the percentage of sales tax collections relating to the ratio of Indian population to total population in the county or area affected. Ad valorem property taxes are local taxes and are a large source of funding for school systems, counties, municipalities and other local government units. The South Dakota Special Tax Division regulates some taxes including cigarette and alcohol related taxes.

Search Mansions for Sale in South Dakota