Residential Housing

Spearfish, known for its pristine community, is characterized by a mixture of new single-family homes, well-built older homes, townhouses and new apartment complexes. Over the past 10 years, several well-planned subdivisions have been constructed with the corporate owner/retiree in mind. The housing stock in Spearfish has 4,632 housing units of which 56 percent are owner-occupied- single-family units and 44 percent are single and/or multiple-unit rental facilities. Less than 2 percent of the housing stock is substandard, according to the 2000 census projections. The vacancy rate is approximately 5%.

Housing cost in Spearfish is relatively low with a median cost for a single-family home at $95,000. Rent for a multiple-family unit range from $215 to $425 depending upon number of bedrooms and amenities offered. A number of the multiple-household units are subsidized low-income and are elderly units. New construction will be an ongoing activity in order to meet the needs of the growing population.

Property Taxes
Local real property taxes vary from one percent to four percent of the actual value of the structure, with most rates falling between two and three percent. For commercial tax abatements, please see incentives.

Real Property Tax Mill Levy:	$28.09/$1,000 (Commercial) $21.01/$1,000 (Residential)
% of Full Value Assessed:	85%
Local Sales Tax Rate:	2%
State Sales Tax Rate:	4%
Effective Tax Rate:	2.5%