An Act to limit the increase of assessed value of property for the purpose of taxation, and to limit the property tax due on property.
Be it enacted by the Legislature of the State of South Dakota:
Section 1. That 10-6-121 be AMENDED:
10-6-121.
The median sales
to assessment ratio of all real property may not be
less than eighty five percent ormore
than one hundred percent.
Section 2. That 10-13-37 be AMENDED:
10-13-37. Property taxes shall be levied on valuations where the median level of assessment represents, at most, eighty-five percent of the market value as determined by the Department of Revenue.
Section 3. That chapter 10-6 be amended with a NEW SECTION:
The assessed value of a property not classified as agricultural property may not increase more than the lesser of three percent or an index factor, as defined in 10-13-38, over the assessed value of the property in the preceding year, unless the property has undergone any of the following:
(1) A substantial addition to land or an improvement;
(2) An alteration of any improvement to a new condition; or
(3) An alteration of land that changes the way the property is used.
Section 4. That chapter 10-13 be amended with a NEW SECTION:
The property tax annually due on a property may not exceed one percent of the assessed value of that property.