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.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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