Bill > SB178

This bill amends South Dakota Codified Law § 11-9-5 to lower the maximum limit on the tax increment base value for newly created tax increment financing districts. Specifically, it changes the requirement that the assessed value of taxable property within a proposed district, combined with the tax increment base of all existing districts, cannot exceed ten percent of the total assessed value of all taxable property in the political subdivision, to a new limit of two and one-half percent. A tax increment base is the assessed value of taxable property within a district at the time the district is created, which is used to calculate the amount of tax revenue that can be captured for redevelopment purposes. This change means that future tax increment financing districts will be limited to a smaller portion of the overall taxable property value within a city, town, or county.

Budget and Finance

https://sdlegislature.gov/#/Session/Bill/27096