The assessed value to be used for tax purposes of any structure classified pursuant to this subchapter shall, following construction, be calculated as follows.
(A) Five-year discretionary formula table for § 34.41(D)(1) through (D)(4) shall be as follows:
(1) For the first tax year following construction, 20% of the pre-adjustment value;
(2) For the second tax year the following construction, 40% of the pre-adjustment value;
(3) For the third tax year following construction, 60% of the pre-adjustment value;
(4) For the fourth tax year following construction, 80% of the pre-adjustment value; and
(5) For the fifth tax year following construction, 100% of the pre-adjustment value.
(B) Seven-year discretionary formula table for § 34.41(D)(5) through (D)(7) shall be as follows:
(1) For the first tax year following construction, 25% of the pre-adjustment value;
(2) For the second tax year the following construction, 25% of the pre-adjustment value;
(3) For the third tax year following construction, 50% of the pre-adjustment value;
(4) For the fourth tax year following construction, 50% of the pre-adjustment value;
(5) For the fifth tax year following construction, 75% of the pre-adjustment value;
(6) For the sixth tax year following construction, 75% of the pre-adjustment value; and
(7) For the seventh tax year following construction, 100% of the pre-adjustment value.
(Prior Code, § F-3-3) (Ord. 1045, passed - -)
Statutory reference:
Related provisions, see SDCL §§ 10-6-138 and 13-13-20.4