(a) Any person desiring to claim reduced taxation on new construction shall make application to the planning and development services department on or before October 1 in the year in which the project is completed and shall first appear on the tax rolls as a completed or modified structure. The application shall be submitted on a form prescribed by the city. Upon planning and development services' approval of the application, the staff shall notify the applicant within 30 days stating whether the facility is eligible to receive reduced taxation.
(b) In January, the year following completion of the project, planning and development services will certify those improvements which qualify for reduced taxation to the director of equalization in the county in which the real property is taxed. New construction tax incentives are not assignable or transferable, except as collateral or security pursuant to SDCL ch. 57A-9, Secured Transactions.
(1992 Code, § 39-131) (Ord. 136-06, passed 10-16-2006; Ord. 32-08, passed 3-3-2008; Ord. 64-20, passed 8-4-2020)