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State of South Dakota
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SEVENTY-FOURTH
SESSION
LEGISLATIVE ASSEMBLY, 1999 |
| 618C0189 |
HOUSE BILL
NO.
1060
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| Introduced by: Representatives Lintz, Koehn, and McNenny and Senators Frederick, Flowers, Madden, and Vitter |
FOR 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 Section 1 of this Act is repealed on October 31, 1999.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.
750 copies of this document were printed by the South Dakota
Legislative Research Council at a cost of $.016 per page. . Insertions into existing statutes are indicated by underscores.
Deletions from existing statutes are indicated byoverstrikes.
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.
Legislative Research Council at a cost of $.016 per page. . Insertions into existing statutes are indicated by underscores.
Deletions from existing statutes are indicated by
