update provisions related to tax increment financing districts.

Summary

HB 1319 updates South Dakota statutes on how new or renovated structures in tax increment financing (TIF) districts are assessed for tax purposes, establishing a five‑year assessment formula and minimum value requirements. It also directs county auditors to impose additional levies to replace revenue lost from tax abatements, TIF discounts, or discretionary formulas. The changes affect owners of qualifying industrial, commercial, agricultural and residential projects as well as county and school district finances.

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