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  5. 704 N.W.2d 896 (2005)
 

TOWN SQ. v. CLAY CTY. BD. OF EQUAL.

Nos. 23125, 23126.

704 N.W.2d 896 (2005)

2005 SD 99

TOWN SQUARE LIMITED PARTNERSHIP, a South Dakota Limited Partnership, Plaintiff and Appellant, v. CLAY COUNTY BOARD OF EQUALIZATION, Defendant and Appellee. 505 W. Main Limited Partnership, Plaintiff and Appellant, v. Clay County Board of Equalization, Defendant and Appellee.

Supreme Court of South Dakota.

Decided September 21, 2005.

Attorney(s) appearing for the Case

Thomas K. Wilka of Hagen, Wilka & Archer, PC, Sioux Falls, South Dakota, Attorneys for plaintiffs and appellants.

Tami Maroney Bern, Clay County State's Attorney, Vermillion, South Dakota, Attorney for defendants and appellees.

KONENKAMP, Justice.

[¶ 1.] In this property tax appeal, we address the valuation of an apartment building operating under the Federal Low Income Housing Tax Credit (LIHTC) program. The question is whether the "true and full value" of this low-income housing property must be calculated using market rent rates or whether the actual reduced rents should be used, and if the latter, whether the tax credits should also be included in the valuation. We conclude that...

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