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revise certain provisions regarding riparian buffer strips
This bill reduces the tax assessment rate for riparian buffer strips (land within 120 feet of lakes, rivers, or streams) from 60 percent down to 50 percent of their agricultural income value, making these environmentally sensitive areas more affordable for landowners. The change applies to all qualifying agricultural land near designated water bodies and tributaries, providing a greater tax incentive for maintaining riparian buffers that protect water quality.
establish the Re-Homestead South Dakota Program.
South Dakota counties that choose to participate in the Re-Homestead Program can reduce property taxes by 50% for up to 240 acres of land owned by someone who sells a 5-20 acre parcel that becomes an owner-occupied home, as long as the property meets basic infrastructure requirements and isn't classified as agricultural land during that five-year period. This incentivizes landowners to convert rural properties into homes by temporarily reducing their tax burden on remaining land holdings.
revise property tax levies for school districts and to revise the state aid to general and special education formulas.
South Dakota school districts' property tax levies are being reduced starting in 2022: the general fund levy drops from $6.68 to $5.25 per $1,000 of property value, the agricultural property levy decreases from $1.44 to $0.41 per $1,000, and the owner-occupied home levy falls from $3.23 to $0.15 per $1,000. This bill also revises how state funding supports general and special education to account for the lower local tax revenue.
authorize certain municipalities to offer limited incentives for industrial development.
Second- and third-class municipalities in South Dakota can now offer rebates on municipal property taxes to industries that help achieve the city's industrial development goals. Each municipality must create an ordinance spelling out which types of industries qualify, how long the tax break lasts, and what requirements companies must meet to participate.