Anyone driving through Lennox will see the town has shown signs of growth in recent years. New houses, new businesses, and increasing sale tax revenues are all signs of a growing economy locally, and are proof that South Dakotans and others throughout the region have chosen Lennox as the place they want to be! That growth continued throughout 2023 and, despite it being a slower building year, the community should be very proud of the progress they are making!
Building Permits: In northern Lennox, the new Countryside Addition continues to show strong growth despite a slower year in the real estate market. 23 building permits were issued for new home construction in Lennox last year, with all but one being in the Countryside Addition. The total value of the new residential permits is just over $6 million. On the commercial side, permits were issued for new and existing business, including the construction of a new lumberyard, an expansion of a daycare, and the remodeling of the newly-opened El Mariachi Restaurant. The value of the commercial permits issued last year totals just over $1 million. These permits – whether large or small – play an important part in reducing the property tax rate throughout the community. In fact, since 2021 the property tax levy in Lennox has been reduced from 9.698/$1000 of value to 6.484/$1000 of value – a reduction of nearly 33% inthe property tax rate in only three years. With additional growth, we hope to see Lennox’s levy in line with neighboring communities in future years.
Increased Sales Tax Revenue: Along with new businesses and new residents comes growth in sales tax revenues. Lennox ended 2023 with a total of $1.183 million in sales and use tax revenues – an increase of approximately $40,000 over 2023. While this growth has slowed from previous years, it continues to show strong business growth in Lennox. Additionally, as sales and use tax revenues grow, the City becomes less dependent on property taxes for general operating dollars, and is able to plan for additional capital improvements. In 2024, that means improvements to the Lennox Historical Museum and a new playground in Westerman Park.
As we kick off the 2024 construction season, we look forward to more new houses and businesses that will solidify the community’s standing as an attractive home for the entire region!