ENTITLED, An Act to
exempt certain real property owned by local industrial development
corporations from property taxation.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section
1.
That chapter
10-4
be amended by adding thereto a NEW SECTION to read as
follows:
One hundred thousand dollars of the full and true value of the total amount of real property or
portion thereof owned by a local industrial development corporation defined pursuant to
§
5-14-23
is exempt from property taxation. The full and true value of the real property that is in excess of
one hundred thousand dollars shall be taxed as other property of the same class is taxed. If any
municipality has more than one local industrial development corporation owning real property
within its incorporated boundaries, the total value of exempt property provided by this section shall
be equally divided between each local industrial development corporation.
Section
2.
That
§
10-4-15
be amended to read as follows:
10-4-15.
Any person, organization, corporation, or association claiming a property tax
exemption status for any property under
section 1 of this Act or
§§ 10-4-9 to 10-4-14, inclusive,
or as may otherwise be provided by law, shall apply for such exemption to the county director of
equalization on forms prescribed by the secretary of revenue and regulation prior to November first
of the tax year.