Housing Incentive
RESOLUTION 22-18
A RESOLUTION TO REPEAL AND REPLACE RESOLUTION 17-03 AND 17-04; HOUSING INCENTIVE IN THE CITY OF WALL
WHEREAS, the establishment of a Housing Incentive for new housing construction was developed in 2017 and was intended to be reviewed in five years; and
WHEREAS, there have been some changes with the City agreeing to put infrastructure of water, sewer and road into the housing development areas to assist with the need; and
WHEREAS, the City Council feels the need to change the formula to the housing incentive program after a final inspection certificate has been issued to a percentage. The rebate will only be on the City’s portion of property tax and will be 100 percent rebate the first year, 80 percent rebate the second year, 60 percent rebate the third year, 40 percent rebate the fourth year, 20 percent rebate the fifth year and no rebate for the sixth year or after; and
WHEREAS, the plan will be reviewed annually and there shall be no more than five consecutive annual payments for each lot, to the first owner of the lot and for the City of Wall portion of property tax only and the payments will accrue without interest and shall be paid by December 31st of each year when proper documentation has been submitted to the City Finance Officer; and
WHEREAS, the rebate payments shall be withheld from any person who has unpaid real estate taxes levied or assessed against the lot or outstanding charges, fees, assessments, fines, judgments, levies or other debts owed to the City of Wall. The City of Wall shall not approve rebate payments to the homeowner until such person presents proof to the City of Wall’s Finance Officer that all such debts have been paid in full.
NOW, THEREFORE, BE IT RESOLVED, the Housing Incentive Plan will be reviewed annually with operational amendments required, in accordance with City Council's approval. The rebate is subject to all additional terms and conditions that may be executed between the City of Wall and the homeowner. The City of Wall shall calculate the rebate according to the following formula:
Rebate = (Valuation/$1,000 x City Levy)
For the purposes of the formula, the following apply:
- The Pennington County Treasurer determines the Valuation for each tax year.
- All results are rounded up or down to the nearest cent.
For illustration, assuming the valuation for a lot for tax year 2021 is $180,000. The Wall City Tax Levy for 2021 is 6.747. Therefore, the 2021 tax year rebate is ascertained as follows:
Rebate = $180,000/$1,000 x 6.747 = $1214.46
Dated at Wall, South Dakota this 20th day of December 2022.
Category: Local