Establishes a new class of nonagricultural property for taxation and sets penalties for misrepresentation.

This bill creates a new class of nonagricultural property for taxation purposes in South Dakota. It defines "commercial-operator nonagricultural property" as family businesses and other nonagricultural properties where the owner materially participates. The maximum tax levy for this new class is set at least 25% lower than the maximum levy for nonagricultural property. The bill also outlines penalties for knowingly or negligently misrepresenting facts in applications for this classification.

Establishes a new class of nonagricultural property for taxation and sets penalties for misrepresentation.

This bill creates a new class of nonagricultural property for taxation purposes in South Dakota. It defines "commercial-operator nonagricultural property" as family businesses and other nonagricultural properties where the owner materially participates. The maximum tax levy for this new class is set at least 25% lower than the maximum levy for nonagricultural property. The bill also outlines penalties for knowingly or negligently misrepresenting facts in applications for this classification.