RESOLUTION ADOPTING DISCRETIONARY FORMULA FOR NEW RESIDENTIAL CONSTRUCTION lN RE-DEVELOPMENT NEIGHBORHOOD – 18-02

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

Comments are closed.

  • Weather

    Woonsocket
    October 28, 2021, 6:25 am
    Mostly cloudy
    42°F
    real feel: 36°F
    humidity: 84%
    wind speed: 9 mph NW
    wind gusts: 18 mph
     
  • Upcoming Events

    October 2021
    Sunday Monday Tuesday Wednesday Thursday Friday Saturday
    September 26, 2021 September 27, 2021 September 28, 2021 September 29, 2021 September 30, 2021 October 1, 2021 October 2, 2021
    October 3, 2021 October 4, 2021 October 5, 2021 October 6, 2021 October 7, 2021 October 8, 2021 October 9, 2021
    October 10, 2021 October 11, 2021 October 12, 2021 October 13, 2021 October 14, 2021 October 15, 2021 October 16, 2021
    October 17, 2021 October 18, 2021 October 19, 2021 October 20, 2021 October 21, 2021 October 22, 2021 October 23, 2021
    October 24, 2021 October 25, 2021 October 26, 2021 October 27, 2021 October 28, 2021 October 29, 2021 October 30, 2021
    October 31, 2021 November 1, 2021 November 2, 2021 November 3, 2021 November 4, 2021 November 5, 2021 November 6, 2021
  • Recent Posts

  • Contact Us

    Ph/Fax: 605.796.4221
    Email: swj4221@icloud.com

    PO BOX 218
    Woonsocket, SD 57385
  • Archives