AMENDMENT FOR PRINTED BILL
128fa

___________________ moved that SB 128 be amended as follows:

     On the printed bill, delete everything after the enacting clause and insert:

"      Section 1. That § 10-6-74 be amended to read as follows:

     10-6-74.   Any real property which sells for more than one hundred fifty sixty percent of its assessed value, may not be used for the purpose of valuing other real property. The sale of any real property which is not used for the purpose of valuing other real property pursuant to this section may not be used in any sales ratio study.

     Section 2. For taxes payable in 2007, the levy for the general fund of a school district, as provided in §  10-12-42, shall be lowered by:

             (1)      Eleven 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)      Three cents per thousand dollars of taxable valuation for agricultural property;
             (3)      Five cents per thousand dollars of taxable valuation for an owner-occupied single-family dwelling as defined in § 10-13-40; and
             (4)      Three cents per thousand dollars of taxable valuation for nonagricultural acreage property.

     This rate reduction is in addition to any other adjustment made by the Eighty-first Legislature of the State of South Dakota to the levy for the general fund of a school district as provided in §  10- 12-42.

     Section 3. That § 10-6-74 be amended to read as follows:

     10-6-74.   Any real property which sells for more than one hundred fifty one hundred seventy-five percent of its assessed value, may not be used for the purpose of valuing other real property. The sale of any real property which is not used for the purpose of valuing other real property pursuant to this section may not be used in any sales ratio study.

     Section 4. That § 10-6-74 be amended to read as follows:

     10-6-74.   Any real property which sells for more than one hundred fifty one hundred ninety percent of its assessed value, may not be used for the purpose of valuing other real property. The sale of any real property which is not used for the purpose of valuing other real property pursuant to this section may not be used in any sales ratio study.



     Section 5. That § 10-6-74 be amended to read as follows:

     10-6-74.   Any real property which sells for more than one hundred fifty two hundred ten percent of its assessed value, may not be used for the purpose of valuing other real property. The sale of any real property which is not used for the purpose of valuing other real property pursuant to this section may not be used in any sales ratio study.

     Section 6. That § 10-6-74 be repealed.

     10-6-74.   Any real property which sells for more than one hundred fifty percent of its assessed value, may not be used for the purpose of valuing other real property. The sale of any real property which is not used for the purpose of valuing other real property pursuant to this section may not be used in any sales ratio study.

     Section 7. Section 3 of this Act is effective on July 1, 2007.

     Section 8. Section 4 of this Act is effective on July 1, 2009.

     Section 9. Section 5 of this Act is effective on July 1, 2011.

     Section 10. Section 6 of this Act is effective on July 1, 2012."