AN ACT
ENTITLED, An Act to
revise the procedure for the valuation of agricultural land and to declare an
emergency.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. Any agricultural land, as defined in § 10-6-31.3, which sells for more than one hundred fifty percent of its agricultural income value may not be used for the purpose of valuing agricultural land for the 1999 assessment year. The agricultural income value shall be determined using capitalized actual annual cash rent. The actual annual cash rent is the actual annual cash rent, excluding the actual per acre tax on agricultural land, determined through an analysis of actual arm's length rental agreements collected within the county in the year prior to the year for which the income value is being determined. The annual cash rent shall be capitalized at eight percent.
Section 2. Section 1 of this Act is repealed on October 31, 1999.
Section 3. Whereas, this Act is necessary for the support of the state government and its existing public institutions, an emergency is hereby declared to exist, and this Act shall be in full force and effect from and after its passage and approval.
An Act to revise the procedure for the valuation of agricultural land and to declare an emergency.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. Any agricultural land, as defined in § 10-6-31.3, which sells for more than one hundred fifty percent of its agricultural income value may not be used for the purpose of valuing agricultural land for the 1999 assessment year. The agricultural income value shall be determined using capitalized actual annual cash rent. The actual annual cash rent is the actual annual cash rent, excluding the actual per acre tax on agricultural land, determined through an analysis of actual arm's length rental agreements collected within the county in the year prior to the year for which the income value is being determined. The annual cash rent shall be capitalized at eight percent.
Section 2. Section 1 of this Act is repealed on October 31, 1999.
Section 3. Whereas, this Act is necessary for the support of the state government and its existing public institutions, an emergency is hereby declared to exist, and this Act shall be in full force and effect from and after its passage and approval.
An Act to revise the procedure for the valuation of agricultural land and to declare an emergency.
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I certify that the attached Act originated in the
HOUSE as
Bill
No.
1060
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____________________________
Chief Clerk
Chief Clerk
____________________________
Speaker of the House
Speaker of the House
Attest:
____________________________
Chief Clerk
Chief Clerk
____________________________
President of the Senate
Attest:
____________________________
Secretary of the Senate
Secretary of the Senate
House
Bill
No.
1060
File No. ____
Chapter No. ______=========================
Received at this Executive Office this ____ day of _____________ ,
File No. ____
Chapter No. ______
Received at this Executive Office this ____ day of _____________ ,
19___ at _____ M.
By _________________________
for the Governor
for the Governor
The attached Act is hereby
approved this ________ day of
______________ , A.D., 19___
____________________________
Governor
Governor
STATE OF SOUTH DAKOTA,
ss.
Office of the Secretary of State
Filed ____________ , 19___
at _________ o'clock __ M.
____________________________
Secretary of State
Secretary of State
By _________________________
Asst. Secretary of State
