Land valuation bill is passed by Jaimi Reimer Selling land for a premium may not have any effect on neighboring land valuations if SB1 becomes law.
All 34 Senate members present Jan. 25 approved the bill. The bill proposes exempting real property sold at over 150 percent of its assessed value from being included in land valuation for neighboring properties.
�The bill deals only with valuation, it deals nothing with taxation,� said Sen. Mel Olson, D-Mitchell.
The original bill addressed only ag land. The legislation was amended to include all real property on the Senate floor.
�It�s been a good thought, but lacked uniformity until now,� said Sen. Keith Paisley, R-Sioux Falls. �It�s a massive step forward.�
The bill now advances to the House for further deliberation.