An Act to reduce the maximum property tax levies for the general fund of school districts.
Be it enacted by the Legislature of the State of South Dakota:
Section 1. That § 10-12-42 be AMENDED:
10-12-42.
For taxes payable
in 20222023
and each year thereafter, the levy for the general fund of a school
district
shall be
is as follows:
(1) The maximum tax levy
shall be
is six dollars
and fifty-twothirty-seven
and five-tenthsfour-tenths
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 the school district
shall be
is one dollar
and fortythirty-seven
and nine-tenthssix-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
(3) The maximum tax levy for an
owner-occupied single-family dwelling as defined in § 10-13-40
for the school district
shall be
is three
dollars and fifteen
and three-tenthseight
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
must 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
must be used
for all school funding purposes. If the district has imposed an
excess levy pursuant to § 10-12-43,
the levies
shall
must 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.
Underscores indicate new language.
Overstrikes
indicate deleted language.