§ 33.31 TAXABLE VALUES.

   (A)   The following formulas for taxable values are:

      (1)   Twenty-five percent or less of the total property value for the first year following construction on such property;

      (2)   For the second year following construction, not more than 50% of the usual taxable value shall be used for tax purposes on such property; and

      (3)   For the third, fourth, and fifth years following construction, not more than 75% of the usual taxable value shall be used for tax purposes on such property.

   (B)   These amounts are subject to change based on specific city contracts, or changes made by the City Council within prior specific notice.

(Prior Code, § 8-2-2)

Statutory reference:

   Related provisions, see SDCL §§ 9-12-2, Chapter 10-6, 10-6-101, 10-6-119, 10-9-7