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Own and occupy the property as of November 1 of the current year and must be your principal residence. You may only have one property in the State of South Dakota be classified as owner occupied. Applications are due by March 15.
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If you split a property, for example parcel A, before November 1 of each year, into parcel B and C, your assessment value would be only for parcel A and would be payable the next year. Your next year assessment would be split into their own parcel B & C for taxes payable the following year.
If your home is 40% complete on November 1 of each year you will be assessed at 40% of it completed value for your current assessment taxes payable the next year. If the home is, then completed by November 1 of the next year you will be assessed at full and true market value for the following year taxes.
According to state law, the County Director of Equalization is responsible for the appraisal and the assessment of the property. The Treasurer’s office is responsible for the billing and collection of taxes. The Auditor calculates the taxes by determining budgets set by elected officials in all taxing districts.
The equalization office utilizes a mass appraisal procedure to determine the market value of property within the county. Mass appraisal is the process of valuing a group of properties as a given date (November 1) and using common data, standardized methods, and statistical testing. Valuations for individual parcels should not be based solely on the sale price of a property, rather the valuation schedules and models should be consistently applied to a property data that are correct, complete, and up to data. Property administered, the development, construction and use of a CAMA system results in a valuation system characterized by accuracy, uniformity, equity and reliable costs per parcel. Except for unique properties where individual analyses need to be considered.
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%).
An owner-occupied classification makes a property eligible for a reduced tax levy. Estimated tax reduction various based on taxing jurisdiction the average reduction is approximately 20-30%.
An assessment appeal is an argument regarding the accuracy or equality of the assessment, not a complaint about the tax amount.
Please visit the State of South Dakota website to review all available tax relief programs.