S.D. Admin. R. 67:12:04:01

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

Section 67:12:04:01 - Definitions

Terms used in this chapter mean:

(1) "Equity value," the current fair market value less encumbrances of record as of the date of valuation;

(2) "Fair market value," the price an item will sell for on the open market in the geographic area involved;

(3) "Homestead property," that property defined in SDCL 43-31-2 and 43-31-3;

(4) "Other real property," real property other than that which has the characteristics of homestead property or real property held in trust;

(5) "Property transferred or assigned," that real or personal property which was at one time owned by an applicant or recipient of public assistance or by the spouse of the applicant or recipient, if they were living together, but was transferred or assigned to another;

(6) "Real property," that property defined in SDCL 43-1-3; and

(7) "Real property held in trust," that real property to which the federal government has the legal title but which is being held for the benefit of Indians and other citizens.

S.D. Admin. R. 67:12:04:01

SL 1975, ch 16, § 1; 7 SDR 23, effective 9/18/1980; 7 SDR 66, 7 SDR 89, effective 7/1/1981; 10 SDR 144, effective 7/1/1984.

General Authority: SDCL 28-7-2.

Law Implemented: SDCL 28-7-4.