(HB 1060)

**
The general fund and special education property tax levy
for a school district is adjusted.
**

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
~~
2006
~~
__
2007
__
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
~~
eleven
~~
__
ten
__
dollars
__
and nineteen cents
__
per thousand
dollars of taxable valuation subject to the limitations on agricultural property as
provided in subdivision (2) of this section, owner-occupied property as provided for in
subdivision (3) of this section, and nonagricultural acreage property as provided for in
subdivision (4) of this section;

(2)
The maximum tax levy on agricultural property for such school district shall be three
dollars and
~~
nineteen
~~
__
three
__
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;

(3)
The maximum tax levy for an owner-occupied single-family dwelling as defined in
§ 10-13-40, for such school district may not exceed
~~
five
~~
__
four
__
dollars and
~~
thirteen
~~
__
seventy-six
__
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

(4)
The maximum tax levy on nonagricultural acreage property as defined in § 10-6-33.14,
for such school district shall be four dollars and
~~
nineteen
~~
__
three
__
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 and
Regulation. 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.
** **

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