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Ordinance 296

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Ordinance #296 - Discretionary Tax Formula

AN ORDINANCE ESTABLISHING A DISCRETIONARY TAX FORMULA FOR INDUSTRIAL STRUCTURES, COMMERCIAL STRUCTURES, COMMERCIAL RESIDENTIAL STRUCTURES AND RESIDENTIAL STRUCTURES IN THE CITY OF MARION .

BE IT ORDAINED BY THE CITY OF MARION , SOUTH DAKOTA :

That Title 16 be added to the City of Marion Ordinances and shall read as follows:

TITLE 16 DISCRETIONARY TAX

CHAPTER 16.01 -   DISCRETIONARY TAX FORMULA

CHAPTER 16.01 DISCRETIONARY TAX FORMULA

16.0101 Industrial Structures.

Any new industrial structure or an addition to an existing structure which new structure or addition has a true and full value of thirty thousand dollars or more, added to real property located within the city limits of Marion, South Dakota, shall qualify to be assessed pursuant to the discretionary formula described in Section 16.0105.

16.0102 Commercial Structures.

Any new commercial structure, except a commercial residential structure, or addition to an existing structure, which new structure or addition has a true and full value of thirty thousand dollars or more, added to real property located within the city limits of Marion , South Dakota , shall qualify to be assessed pursuant to the discretionary formula described in Section 16.0105.

16.0103 Commercial Residential Structures.

Any new commercial residential structure, or addition to an existing structure, which new structure or addition has a true and full value of thirty thousand dollars or more, added to real property located within the city limits of Marion , South Dakota , shall qualify to be assessed pursuant to the discretionary formula described in Section 16.0105.

16.0104 Residential Structures.

Any new residential structure, or any addition to or renovation of an existing structure, located within a redevelopment neighborhood, which new structure, addition, or renovation has a true and full value of twenty five thousand dollars or more, added to real property shall qualify to be assessed pursuant to the discretionary formula described in Section 16.0105. In order to improve the quality of housing, all real property located within the city limits of Marion , South Dakota , shall qualify as property located in a redevelopment neighborhood. The redevelopment neighborhood is being established because the area includes buildings or improvements which by reason of age, deterioration, obsolescence, and dilapidation injuriously affect the area to the detriment of public health, safety, morals or welfare and because the development of housing is being prevented by the predominance of defective or inadequate street layout, faulty lot layout in relation to size, adequacy, accessibility, or usefulness, the deterioration of site improvements, and obsolete platting.

16.0105 Discretionary Formula.

Any real property qualifying for the discretionary formula pursuant to this chapter shall be assessed as follows:

First Year

20%

Second Year

40%

Third Year

60%

Fourth Year

80%

Fifth Year

100%

 Dated this 1st day of November, 2010.

  

                                                                                     Ron Globke

                                                                                      Mayor

                 

                ATTEST: Kari Muller

                                 Finance Officer

 

FIRST READING : November 1, 2010

SECOND READING & ADOPTION: December 6, 2010

PUBLICATION: December 23, 2010

EFFECTIVE:  January 12, 2011

 

 

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