§ 32.56 TAXABLE VALUES.

   (A)   Pursuant to § 32.55, the following formulas for taxable values are:

      (1)   Zero percent of the total property value for the first year following construction on such property;

      (2)   For the second year following construction, not more than 20% of the usual taxable value shall be used for tax purposes on the property;

      (3)   For the third year following construction, not more than 40% of the usual taxable value shall be used for tax purposes on the property;

      (4)   For the fourth year following construction, not more than 60% of the usual taxable value shall be used for tax purposes on the property; and

      (5)   For the fifth year following construction, not more than 80% of the usual taxable value shall be used for tax purposes on the property.

   (B)   These amounts are subject to change based on any changes made to SDCL § 10-6-35.2.

(Prior Code, § 3.06.020)  (Ord. 137, passed 2-19-1996)