South Dakota § 10-13-35 Limitation on tax levy increase on real property--School districts excepted.

South Dakota Statutes

§ 10-13-35 — Limitation on tax levy increase on real property--School districts excepted.

South Dakota·Title 10 TAXATION·Ch. 10-12B PROPERTY TAX RELIEF

This section does not apply to school districts. The total amount of revenue payable from taxes on real property within a taxing district, excluding the levy pursuant to § 10-13-36 , may increase no more than the lesser of three percent or the index factor, as defined in § 10-13-38 , over the amount of revenue payable from taxes on real property in the preceding year, excluding the amount of taxes levied pursuant to § 10-13-36 . After applying the index factor, a taxing district may increase the revenue payable from taxes on real property above the limitations provided by this section by the percentage increase of value resulting from any improvements or change in use of real property, annexation, minor boundary changes, and any adjustments in taxation of property separately classified and

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This section does not apply to school districts. The total amount of revenue payable from taxes on real property within a taxing district, excluding the levy pursuant to § 10-13-36 , may increase no more than the lesser of three percent or the index factor, as defined in § 10-13-38 , over the amount of revenue payable from taxes on real property in the preceding year, excluding the amount of taxes levied pursuant to § 10-13-36 . After applying the index factor, a taxing district may increase the revenue payable from taxes on real property above the limitations provided by this section by the percentage increase of value resulting from any improvements or change in use of real property, annexation, minor boundary changes, and any adjustments in taxation of property separately classified and subject to statutory adjustments and reductions under chapters 10-4 , 10-6 , 10-6A , and 10-6B , except § 10-6-113 , only if assessed the same as property of equal value. For taxes payable in 2027, 2028, 2029, 2030, and 2031, an increase in revenue payable to a taxing district allowed under this paragraph may not exceed three percent. A taxing district may increase the revenue it receives from taxes on real property above the limit provided by this section for taxes levied to pay the principal, interest, and redemption charges on any bonds which are subject to referendum, scheduled payment increases on bonds, for a levy directed by the order of a court for the purpose of paying a judgment against the taxing district, upon the termination of a tax increment financing district pursuant to § 11-9-46 , or upon the application of any discretionary formula to real property pursuant to § 10-6-137 . Any taxing district created after the effective date of this section is exempt from the limitation provided by this section for a period of two years immediately following its creation. For purposes of this section, an increase in value resulting from an improvement made to an owner-occupied single-family dwelling does not include additions to, or improvements of, existing structures affixed to land that result in an increase in value of forty percent or less to the owner-occupied single-family dwelling.

South Dakota § 10-13-35 (Limitation on tax levy increase on real property--School districts excepted.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.