FOR AN ACT ENTITLED, An Act to revise the property tax levies for the general fund of school districts and to revise the state aid to 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 2019 2020 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 seven dollars and eighty-two and one tenth 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 the school district shall be one dollar and fifty-one forty-seven and two three 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

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            (3)    The maximum tax levy for an owner-occupied single-family dwelling as defined in § 10-13-40 for the school district shall be three dollars and thirty-eight twenty-nine and three six 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.
    Section 2. That subdivision (4) of § 13-13-10.1 be amended to read:

            (4)    "Target teacher salary," for the school fiscal year beginning July 1, 2018 2019 is $49,131.96 $50,360.26. Each school fiscal year thereafter, the target teacher salary is the previous fiscal year's target teacher salary increased by the index factor;

    Section 3. That subdivision (4C) of § 13-13-10.1 be amended to read:

            (4C)    "Overhead rate," is thirty-one thirty-three and sixty-seven six hundredths percent.

                Beginning in school fiscal year 2018, the overhead rate shall be adjusted to take into account the sum of the amounts that districts exceed the other revenue base amount;