What is the difference between assessed value and taxable value?

The South Dakota Department of Revenue and Regulation audits each county equalization office every year for accuracy of assessed values.  The county-wide median sales ratio is the primary measure of accuracy.  The State assigns each county a taxable factor to equalize assessed values to 85% of market value.  The taxable factor that each county receives is dependent upon their level of assessment in relation to market values as determined by the median sales ratio analysis.  The value indicated on the property tax bill is taxable value and is a result of apply this factor.  Taxable value and assessed value are different, it is generally a percentage of assessed value and that percentage changes every year.  (example: Lincoln County nonagricultural factor for 2022 pay 2023 is .944 which means our median level of assessment is 90%).

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1. If I split a property, when will I be assessed and when will I pay taxes on the two pieces separately?
2. If my new home is not complete by November 1, when will it be assessed?
3. What is the relationship between the County Equalization office, the Treasurer’s office and the Auditor’s Office.
4. How are assessments determined?
5. What is the difference between assessed value and taxable value?
6. What is owner occupied?
7. How do I qualify for owner occupied?
8. How do I appeal my assessed value?
9. What tax relief programs are available to me?