WHEREAS the Board of County Commissioners has, by Ordinance, designated all of Sanborn County as a re-development neighborhood pursuant to SDCL 10-6-56; and

WHEREAS the Board of County Commissioners has the authority pursuant to SDCL 10-6-55, after notice to the municipalities of the county, to adopt a formula for reduced taxable value for residential structures constructed in redevelopment neighborhood; and

WHEREAS notice has been given to the municipalities of Woonsocket, Artesian, and Letcher that the County intends to adopt such a formula:

NOW, THEREFORE, BE lT RESOLVED by the Board of County Commissioners of Sanborn County as follows:

1. That the property specially classified pursuant to SDCL 10-6-54 shall be valued for tax purposes as follows:

a. For the first tax year following commencement of construction, 20 percent of the assessed value shall be used for tax purposes;

b. For the second year following commencement of construction, 40 percent of the assessed value shall be used for tax purposes;

c. For the third year following commencement of construction, 60 percent of the assessed value shall be used for tax purposes;

d. For the fourth year following commencement of construction, 80 percent of the assessed value shall be used for tax purposes;

e. For the fifth year following commencement of construction, 100 percent of the assessed value shall be used for tax purposes;

2. That this resolution should apply to structures that are partially constructed as of November 1, 2018, and to structures on which construction is commenced on or after November 1, 2018.

Ayes 5, Nays 0.

Dated this 18th day of September, 2018.

JEFF EBERSDORFER

Chairman, Sanborn

County Commission

ATTEST: DIANE LARSON

Auditor

WHEREAS, the Sanborn County Commission has currently adopted a “discretionary formula” for the assessment of certain structures in Sanborn County.

WHEREAS, SDCL 10-6-35.2 authorizes the board of county commissioners, at its discretion, to adopt any formula for assessment of specifically classified structures.

WHEREAS, SDCL 10-6-35.2 states the formula may include for any or all of the five tax years following construction, all, any portion or none of the assessed valuation for tax purposes.

WHEREAS, the South Dakota Department of Revenue and Regulation’s formula recognizes the local effort to the extent of 20, 40, 60, 80, 100 percent for the 5-year period.

WHEREAS, the current discretionary formula allows the level of assessment for all qualifying structures to be 20 percent of assessed value for the first year, 40 percent for the second, 60 percent for the third, 80 percent for the fourth, and 100 percent of the assessed value for the fifth year.

THEREFORE BE lT RESOLVED, the Sanborn County Board of Commissioners hereby adopts a new discretionary formula as authorized by SDCL 10-6-35.2 for those structures specifically classified pursuant to SDCL 10-6-35.1, 10-6-35.19, 10-6-35.21, L0-6-35.22, and 10-6-35.25. The level of assessment for the above listed specifically classified structures, shall be 20 percent of the assessed value for the first year, 40 percent for the second, 60 percent for the third, 80 percent for the fourth, and 100 percent of the assessed value for the fifth year. The resolution shall be applied beginning the 2019 assessment year.

Ayes 5, Nays 0.

Dated this 18th day of September, 2018.

JEFF EBERSDORFER

Chairman, Sanborn

County Commission

ATTEST: DIANE LARSON

Auditor