FOR AN ACT ENTITLED, An Act to revise the property tax levies for the general fund of a school district.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
    Section 1. That § 10-12-42 be amended to read as follows:
    10-12-42. For taxes payable in 2012 2013 and each year thereafter, the levy for the general fund of a school district shall be as follows:

            (1)    The maximum tax levy shall be eight dollars and forty-nine sixty-two and one eight tenth cents per thousand dollars of taxable valuation subject to the limitations on agricultural property as provided in subdivision (2) of this section, and owner-occupied property as provided in subdivision (3) of this section;

            (2)    The maximum tax levy on agricultural property for such school district shall be two dollars and thirty-eight thirty-two and eight two tenths cents per thousand dollars of taxable valuation. If the district's levies are less than the maximum levies as stated in this section, the levies shall maintain the same proportion to each other as represented in the mathematical relationship at the maximum levies; and

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            (3)    The maximum tax levy for an owner-occupied single-family dwelling as defined in § 10-13-40 for such school district shall be three four dollars and ninety-six two and five nine tenths cents per thousand dollars of taxable valuation. If the district's levies are less than the maximum levies as stated in this section, the levies shall maintain the same proportion to each other as represented in the mathematical relationship at the maximum levies.

    All levies in this section shall be imposed on valuations where the median level of assessment represents eighty-five percent of market value as determined by the Department of Revenue. These valuations shall be used for all school funding purposes. If the district has imposed an excess levy pursuant to § 10-12-43, the levies shall maintain the same proportion to each other as represented in the mathematical relationship at the maximum levies in this section. The school district may elect to tax at less than the maximum amounts set forth in this section.