<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 10-4-19.2 - Apportionment when property transferred from exempt entity to nonexempt entity. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2037551Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2037551SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2037551CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2037551Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2037551DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2037551DefaultParagraphFont-000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2037551000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2037551SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2037551SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style></head><body><div><p dir="ltr" class="s2037551Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=10-4-19.2"><span class="s2037551SENU">10-4-19.2</span></a><span xml:space="preserve" class="s2037551SENU">. </span><span class="s2037551CL">Apportionment when property transferred from exempt entity to nonexempt entity.</span></p><p dir="ltr" class="s2037551Normal-000000"><span class="s2037551DefaultParagraphFont">Any real property which is owned or controlled by a tax</span><span class="s2037551DefaultParagraphFont-000001">-</span><span class="s2037551DefaultParagraphFont">exempt entity and which is transferred to a nonexempt person, firm, or corporation after the legal assessment date is liable for taxation for that portion of the taxable year in which it is not owned or controlled by a tax</span><span class="s2037551DefaultParagraphFont-000001">-</span><span class="s2037551DefaultParagraphFont">exempt entity. The nonexempt person, firm, or corporation is liable for the payment of all taxes based on an assessment during the year of transfer, proportionate to the length of time such nonexempt person, firm, or corporation owns such property. Such transferred property may not be taxed for any month in the taxable year in which such property is in the legal possession of any such tax</span><span class="s2037551DefaultParagraphFont-000001">-</span><span class="s2037551DefaultParagraphFont">exempt entity for more than sixteen days. Such property shall be valued for tax purposes as of the legal assessment day.</span></p><p dir="ltr" class="s2037551Normal"><span xml:space="preserve" class="s2037551000002"> </span></p><p dir="ltr" class="s2037551Normal"><span class="s2037551SCL">Source:</span><span xml:space="preserve" class="s2037551SCL-000003"> SL 1985, ch 69, § 2.</span></p></div></body></html>