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| 11 | 11 | | |
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| 12 | 12 | | Introduced by: Representative Jamison |
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| 13 | 13 | | |
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| 14 | 14 | | Underscores indicate new language. |
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| 15 | 15 | | Overstrikes indicate deleted language. |
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| 16 | 16 | | An Act to reduce a limit on the annual increases of property tax revenues payable 1 |
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| 17 | 17 | | to certain taxing districts, and to subject school districts to a limit on property 2 |
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| 18 | 18 | | taxes collected in a year. 3 |
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| 19 | 19 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA: 4 |
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| 20 | 20 | | Section 1. That § 10-13-35 be AMENDED: 5 |
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| 21 | 21 | | 10-13-35. This section does not apply to school districts. For taxes payable in 6 |
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| 22 | 22 | | 1997, and each year thereafter, the The total amount of revenue payable from taxes on 7 |
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| 23 | 23 | | real property within a taxing district, excluding the levy pursuant to § 10-13-36, may 8 |
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| 24 | 24 | | increase no more than the lesser of three two and one-half percent or the index factor, as 9 |
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| 25 | 25 | | defined in § 10-13-38, over the amount of revenue payable from taxes on real property 10 |
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| 26 | | - | in the preceding year, excluding the amount of taxes levied pursuant to § 10-13-36. This 11 |
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| 27 | | - | section does not apply to the amount of taxes levied pursuant to §§ 10-12-43, 10-13-36, 12 |
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| 28 | | - | 13-16-7, 13-16-7.2, 13-16-7.3, 13-16-10, and 13-37-16. 13 |
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| 29 | | - | After applying the index factor, a taxing district may increase the revenue payable 14 |
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| 30 | | - | from taxes on real property above the limitations provided by this section by the 15 |
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| 31 | | - | percentage increase of value resulting from any improvements or change in use of real 16 |
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| 32 | | - | property, annexation, minor boundary changes, and any adjustments in taxation of 17 |
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| 33 | | - | property separately classified and subject to statutory adjustments and reductions under 18 |
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| 34 | | - | chapters 10-4, 10-6, 10-6A, and 10-6B, except § 10-6-113, only if assessed the same as 19 |
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| 35 | | - | property of equal value. 20 |
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| 36 | | - | A taxing district may further increase the revenue it receives from taxes on real 21 |
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| 37 | | - | property above the limit limitations provided by this section for taxes levied to pay the 22 |
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| 38 | | - | principal, interest, and redemption charges on any bonds issued after January 1, 23 |
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| 39 | | - | 1997,which that are subject to referendum,; scheduled payment increases on bonds; and 24 |
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| 40 | | - | for a levy directed by the order of a court for the purpose of paying a judgment against 25 |
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| 41 | | - | such the taxing district. Any A taxing district created after the effective date of this section 26 25.773.14 2 1235 |
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| 42 | | - | Underscores indicate new language. |
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| 43 | | - | Overstrikes indicate deleted language. |
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| 44 | | - | is exempt from the limitation provided by this section for a period of two years immediately 1 |
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| 45 | | - | following its creation. 2 |
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| 26 | + | in the preceding year, excluding the amount of taxes levied pursuant to § 10-13-36. 11 |
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| 27 | + | After applying the index factor, a taxing district may increase the revenue payable 12 |
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| 28 | + | from taxes on real property above the limitations provided by this section by the 13 |
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| 29 | + | percentage increase of value resulting from any improvements or change in use of real 14 |
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| 30 | + | property, annexation, minor boundary changes, and any adjustments in taxation of 15 |
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| 31 | + | property separately classified and subject to statutory adjustments and reductions under 16 |
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| 32 | + | chapters 10-4, 10-6, 10-6A, and 10-6B, except § 10-6-113, only if assessed the same as 17 |
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| 33 | + | property of equal value. 18 |
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| 34 | + | A taxing district may further increase the revenue it receives from taxes on real 19 |
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| 35 | + | property above the limit limitations provided by this section for taxes levied to pay the 20 |
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| 36 | + | principal, interest, and redemption charges on any bonds issued after January 1, 21 |
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| 37 | + | 1997,which that are subject to referendum,; scheduled payment increases on bonds; and 22 |
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| 38 | + | for a levy directed by the order of a court for the purpose of paying a judgment against 23 |
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| 39 | + | such the taxing district. Any A taxing district created after the effective date of this section 24 |
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| 40 | + | is exempt from the limitation provided by this section for a period of two years immediately 25 |
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| 41 | + | following its creation. 26 |
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