ARSD 67:46:05:04
The fair market value of property or contractual rights to receive money must be determined by one of the following:
(7) One hundred percent of the county tax valuation unless:
a. The county tax valuation notice is more than a year old based on its date of issue; or
b. The county tax valuation notice pertains to a special purpose assessment, unless it also provides a fair market value assessment, which can be used; or
c. The county tax valuation assessment is under appeal; or
d. The county tax valuation assessment is based on something other than fair market value, such as agricultural, mining or industrial; or
e. The county tax valuation notice provides either no assessment ratio or only a range.
The applicant or recipient must provide documentation to the department which establishes the property's or contract's fair market value. The department reserves the right to obtain and use independent fair market valuations when, in its judgment, the valuations submitted are too high or too low.
The initial value of a life estate is determined according to § 67:46:05:08.
The initial value of contractual rights to receive installment payments for property that was sold is determined according to § 67:46:05:28.
Source: 17 SDR 187, effective June 3, 1991; transferred from § 67:16:20:01.03, effective August 23, 1992; 21 SDR 162, effective March 23, 1995; 25 SDR 13, effective August 9, 1998; 41 SDR 93, effective December 3, 2014.
General Authority: SDCL 28-6-1(4)(6) , 28-6-3.1.
Law Implemented: SDCL 28-6-1(4)(6) , 28-6-3.1.
Prior versions effective: 1998-08-09.