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

    Failure notice from provider:
    Connection Error:http_request_failed
  • Upcoming Events

    March 2024
    Sunday Monday Tuesday Wednesday Thursday Friday Saturday
    February 25, 2024 February 26, 2024 February 27, 2024 February 28, 2024 February 29, 2024 March 1, 2024 March 2, 2024
    March 3, 2024 March 4, 2024 March 5, 2024 March 6, 2024 March 7, 2024 March 8, 2024 March 9, 2024
    March 10, 2024 March 11, 2024 March 12, 2024 March 13, 2024 March 14, 2024 March 15, 2024 March 16, 2024
    March 17, 2024 March 18, 2024 March 19, 2024 March 20, 2024 March 21, 2024 March 22, 2024 March 23, 2024
    March 24, 2024 March 25, 2024 March 26, 2024 March 27, 2024 March 28, 2024 March 29, 2024 March 30, 2024
    March 31, 2024 April 1, 2024 April 2, 2024 April 3, 2024 April 4, 2024 April 5, 2024 April 6, 2024
  • Recent Posts

  • Contact Us

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

    PO BOX 218
    Woonsocket, SD 57385
  • Archives