S.D. Admin. R. 20:14:14:03

Current through Register Vol. 51, page 67, December 16, 2024

Section 20:14:14:03 - Evaluation content

An appraiser must include in an evaluation, at a minimum the following:

(1) Identification of the location of the subject property;

(2) Description of the subject property and its current and projected use;

(3) Estimate of the propertys market value in its actual physical condition, use and zoning designation as of the effective date of the evaluation (that is, the date that the analysis was completed), with any limiting conditions;

(4) Description of the method(s) the institution used to confirm the propertys actual physical condition and the extent to which an inspection was performed;

(5) Description of the analysis that was performed and the supporting information that was used in valuing the property;

(6) Description of the supplemental information that was considered when using an analytical methods or technological tool;

(7) Indication of all sources of information used in the analysis, as applicable, to value the property, including:

(a) External data sources (such as market sales databases and public tax and land records);

(b) Property-specific data (such as previous sales data for the subject property, tax assessment data, and comparable sales information);

(c) Evidence of a property inspection;

(d) Photos of the property;

(e) Description of the neighborhood; and

(f) Local market conditions.

(8) Name, contact information, and signature.

S.D. Admin. R. 20:14:14:03

47 SDR 071, effective 12/14/2020

General Authority: SDCL 36-21B-3(20).

Law Implemented: SDCL 36-21B-3(20).