Terms used in this chapter mean:

1. (1) "Equity value," the current fair market value minus any encumbrances of record as of the date of valuation;
2. (2) "Fair market value," the price an item is likely to sell for on the open market in the geographic area involved;
3. (3) "Homestead property," as defined in SDCL 43-31-2 and 43-31-3;
4. (4) "Other real property," real property other than homestead property or real property held in trust;
5. (5) "Property transferred or assigned," real or personal property that was at one time owned by an applicant or recipient of public assistance, or by the spouse of the applicant or recipient, if the spouse and applicant or recipient were living together, but was transferred or assigned to another;
6. (6) "Real property," as defined in SDCL 43-1-3; and
7. (7) "Real property held in trust," real property to which the federal government has legal title but is held for the benefit of Indians or other citizens.

Source: SL 1975, ch 16, § 1; 7 SDR 23, effective September 18, 1980; 7 SDR 66, 7 SDR 89, effective July 1, 1981; 10 SDR 144, effective July 1, 1984 ; 52 SDR 55, effective December 2, 2025 .

General Authority: SDCL 28- 6-1 .

Law Implemented: SDCL 28- 6-1 .

Prior versions effective: 1984-07-01.