Lloyd Co. may have the highest tax valuation but are they paying a fair percentage?

I had learned a few months ago when Lloyd came crying for their TIF for the Cascade that Lloyd paid the most property taxes and had the highest property tax valuation;

Lloyd Property Management (Lloyd Cos.) adds $186.8 million of tax value to the city, according to the annual Comprehensive Annual Finance Report released last by the city earlier this month.

While Mr. Snevaliscious does a great story, it’s just the tip of the iceberg. (I’m hoping you have some follow up stories). So how much does Lloyd actually pay? My rough estimates would be between $2-3 million a year. But is Lloyd actually paying the same percentage as you and me or other property owners in town? The reason I ask this question is because Lloyd has received millions in TIFs (tax rebates) from the city and not just Sioux Falls, but other communities across the region.

I would be curious just what tax rate they are paying after averaging their entire payment. My guess is they are getting significant breaks. And if you think this will end after TenHaken just appointed a former Lloyd Executive as his COS, you my friend are sadly mistaken.



6 comments ↓

#1 "Very Stable Genius" on 05.31.18 at 1:23 pm

Big if you make more and or own more than your neighbor, then a course your tax bill will be higher.

The 1% often use this “Lloyd argument” to suggest that they pay the most taxes…. Well, a course they do, they have all the wealth and as long as we are in the business of taxing wealth, then they probably will be hit harder. But as this post points out, is their hit progressive or protective?

#2 Zach DeBoer on 05.31.18 at 7:11 pm

An even better question to ask is how well they’re utilizing the land their properties sit on and how much infrastructure it takes to serve those properties. Just looking at the biggest contributors doesn’t give us the full picture of who’s contributing the ‘most’ to Sioux Falls.

Check out this video for a nice breakdown of calculating ‘Cost per Acre’ and see how places like the Empire Mall and other big box stores aren’t the economic boon we like to think they are: https://www.youtube.com/watch?v=HVD01WUm0oA

#3 D@ily Spin on 05.31.18 at 7:45 pm

Lloyd has a monopoly on residential rentals. What’s happening now is Mom and Pop can profitably compete with unrealistic Lloyd rates. After Lloyd, the next generation will be another Dunham. The corporation will disappear from the unrealistic righteousness and greed of the heirs. Lloyd R.I.P..

#4 D@ily Spin on 05.31.18 at 7:52 pm

Sanford, Lloyd, and Huether names will be on everything. Some will wonder who or why. Others will use the designation to distinguish where to go for health care, where there’s a rental office, or where to play tennis. Me, I’ll remember there was once a biological being that would have had more character as artificial intelligence.

#5 l3wis on 05.31.18 at 8:03 pm

Zach, great video. It’s also the sad story about TIFs and how they NEVER pay for themselves. I’m starting to get suspicious about what kind of stories have been fed to the media lately by peeps in the TenHaken administration.

#6 anonymous on 05.31.18 at 9:02 pm

LLoyd owns 5,000+ apartment units.

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