F-3 DISCRETIONARY TAX FORMULA

F-3-1 PURPOSE

The purpose of this chapter shall be to provide for a discretionary tax formula on industrial and commercial structures located in the City of Fort Pierre, and describe the application thereof.

Authority: SDCL 10-6-35.4

F-3-2 INDUSTRIAL AND COMMERCIAL STRUCTURES

All new industrial or commercial structures or additions to existing industrial or commercial structures which add a true and full value of Thirty Thousand Dollars ($30,000) or more as defined in SDCL 10-6-35.1, 10-6-35.24 and 10-6-35.25 will be valued in the usual manner but specially classified for tax purposes as authorized by SDCL 10-6-35.4.

Source:

Authority: SDCL 10-6-35.4

F-3-3 DISCRETIONARY FORMULA APPLIED

The true and full values of all structures defined in F-3-2 will be established for tax purposes at twenty percent (20%) in the first year, forty percent (40%) in the second year, sixty percent (60%) in the third year, eighty percent (80%) in the fourth year, and one hundred percent (100%) each year thereafter.

Source:

Authority: SDCL 10-6-35.4

Cross Reference: SDCL 13-13-20.4, Calculation of State Aid to Education