2016 House Bill 1044 - Printed

State of South Dakota  
NINETY-FIRST SESSION
LEGISLATIVE ASSEMBLY, 2016  

400X0322   HOUSE BILL   NO.  1044  

Introduced by:    The Committee on Appropriations at the request of the Bureau of Finance and Management
 

        FOR AN ACT ENTITLED, An Act to revise the state aid to general education formula.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
    Section 1. That § 10-12-42 be amended to read:
    10-12-42. For taxes payable in 2016 2017 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 seventy-two twenty-nine and seven 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 such school district shall be one dollar and fifty-six fifty-one and eight 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 such school district shall be four three dollars and seven and five eighty-seven and four 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.

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