S.D. Admin. R. 64:05:01:01

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

Section 64:05:01:01 - Definitions

Terms used in this chapter mean:

(1) "Appraisal-assessment ratio," the ratio between an appraisal done by department personnel and the assessment on a particular piece of property;

(2) "Assessed value," the market value;

(3) "Assessment year" and "ratio year," the period beginning November 1 and ending October 31 of the following year;

(4) "Full and true value," the market value;

(5) "Market price," the price paid for a property regardless of pressure, motive, or intelligence;

(6) "Market value," the most probable sale price of a property, in terms of money, which a property will bring if exposed for sale in the open market, allowing a reasonable time to find a purchaser who buys with full knowledge of all the uses to which it is adapted and for which it is capable of being used;

(7) "Principle of substitution," the rule by which the value of a replaceable property tends to be set at the cost of acquisition of an equally desirable and valuable substitute property, assuming no costly delay is encountered in making the substitution;

(8) "Sales ratio," an analysis showing the relationship of the full and true value to the selling price of real estate and real estate investments or the full and true value to the selling price of mobile homes;

(9) "Significant changes in market conditions," those changes that were unforeseen at the time of the appraisal that had a negative or positive effect on the value of property on a county-wide basis;

(10) "Typical," that which occurs most often.

S.D. Admin. R. 64:05:01:01

4 SDR 5, effective 8/7/1977; 7 SDR 30, effective 10/5/1980; 13 SDR 129, 13 SDR 134, effective 7/1/1987; 17 SDR 4, effective 7/18/1990; 19 SDR 42, effective 9/29/1992; 20 SDR 134, effective 2/22/1994.

General Authority: SDCL 10-1-17, 10-6-33.13.

Law Implemented: SDCL 10-6-2, 10-6-50, 10-11-54, 10-11-55.