HB 1319 updates South Dakota's tax increment financing (TIF) district rules by clarifying how newly constructed structures are valued for taxes and preventing counties from using discounted assessment formulas on properties within TIF districts. The bill specifies that property assessments must follow standard procedures after construction and ensures that any assessment formulas counties adopt cannot apply to properties in TIF districts, which are areas where local governments reinvest tax revenue growth into development projects.
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Taxation Tabled Passed, YEAS 11, NAYS 1.
Taxation Scheduled for hearing
First read in House and referred to House Taxation H.J. 220
Prime sponsor · Rep
R
Dist. HD-024
Tabled
Tabled