(A) Structures to apply. Within the corporate limits of the city, or within three miles of the corporate limits of the city, all new industrial, commercial and non-residential agricultural structures, or additions to existing structures, which new structures or additions have a true and full value of $30,000 or more, added to real property are specifically classified for the purpose of taxation.
(B) Classification of property. All real property qualifying under this section, as determined by the County Assessor, shall be classified in the manner prescribed in this section.
(C) Taxable value formula. Such structures or additions shall, following construction, be valued for taxation purposes in the usual manner as provided by law, except the following formula for taxable value shall be used for tax purposes.
(1) The first year following construction, 20% of the taxable value shall be used for tax purposes on such property.
(2) The second year following construction, 40% of the taxable value shall be used for tax purposes on such property.
(3) The third year following construction, 60% of the taxable value shall be used for tax purposes on such property.
(4) The fourth year following construction, 80% of the taxable value shall be used for tax purposes on such property.
(5) The fifth year following construction, and each year thereafter, 100% of the taxable value shall be used for tax purposes on such property.
(Ord. 217, passed 8-9-2004)
Statutory references:
Related provisions, see SDCL § 13-13-20.4