RESOLUTION 18-01

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

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