South Dakota Codified Laws 10-4-19.1. Time of determination of exempt status–Apportionment when property transferred to exempt entity
Any exemption from ad valorem taxation in this state as provided by this chapter on account of the use or ownership of real property on the part of any governmental or private entity shall be determined with respect to the ownership and use of such property on the legal assessment day regardless of after acquired or disposed of property, except as provided in § 10-4-19.2. However, any person, firm, or corporation, owning or controlling any property transferred to any entity exempt from taxation as provided in this chapter shall be liable for the payment of all taxes based on an assessment during the year of transfer, proportionate to the length of time such nonexempt person, firm, or corporation owned such property, and until the date on which such tax–exempt entity is legally entitled to and has acquired actual possession of such property and is making use of the same for the purposes of the tax–exempt entity. Such transferred property may not be taxed for any month in the taxable year in which such property is in the legal possession of any such tax–exempt entity for more than sixteen days.
Terms Used In South Dakota Codified Laws 10-4-19.1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
Source: SL 1970, ch 68; SL 1985, ch 69, § 1; SL 1992, ch 80, § 15.