CHAPTER 64:05:01
GENERAL PROVISIONS
Section
64:05:01:01 Definitions.
64:05:01:02 Directors to record sales information.
64:05:01:02.01 Annual sales ratio audit.
64:05:01:03 Sales proven unusable to be mailed to department.
64:05:01:03.01 Exclusion from sales ratio study -- Change in use.
64:05:01:03.02 Exclusion from sales ratio study -- Major physical change.
64:05:01:03.03 Repealed.
64:05:01:04 Repealed.
64:05:01:05 Real estate sales cards and mobile home sales cards to show assessed value.
64:05:01:05.01 Repealed.
64:05:01:05.02 Repealed.
64:05:01:05.03 Repealed.
64:05:01:06 Time for filing.
64:05:01:07 Repealed.
64:05:01:08 Sales included in analysis.
64:05:01:01. Definitions. Terms used in this chapter mean:
(1) "Appraisal-assessment ratio," the ratio between an appraisal done by department personnel and the assessment on a particular piece of property;
(2) "Assessed value," the market value;
(3) "Assessment year" and "ratio year," the period beginning November 1 and ending October 31 of the following year;
(4) "Department," the Department of Revenue;
(5) "Full and true value," the market value;
(6) "Market price," the price paid for a property regardless of pressure, motive, or intelligence;
(7) "Market value," the most probable sale price of a property, in terms of money, which a property will bring if exposed for sale in the open market, allowing a reasonable time to find a purchaser who buys with full knowledge of all the uses to which it is adapted and for which it is capable of being used;
(8) "Principle of substitution," the rule by which the value of a replaceable property tends to be set at the cost of acquisition of an equally desirable and valuable substitute property, assuming no costly delay is encountered in making the substitution;
(9) "Sales ratio," an analysis showing the relationship of the full and true value to the selling price of real estate and real estate investments or the full and true value to the selling price of mobile homes;
(10) "Significant changes in market conditions," those changes that were unforeseen at the time of the appraisal that had a negative or positive effect on the value of property on a county-wide basis;
(11) "Typical," that which occurs most often.
Source: 4 SDR 5, effective August 7, 1977; 7 SDR 30, effective October 5, 1980; 13 SDR 129, 13 SDR 134, effective July 1, 1987; 17 SDR 4, effective July 18, 1990; 19 SDR 42, effective September 29, 1992; 20 SDR 134, effective February 22, 1994; 47 SDR 71, effective December 10, 2020.
General Authority: SDCL 10-1-17, 10-6-33.13.
Law Implemented: SDCL 10-6-2, 10-6-50, 10-11-54, 10-11-55.
64:05:01:02. Directors to record sales information. County directors shall record sales information on real estate sales cards for each real estate sale and on mobile home sales cards for each mobile home sale. Such information shall be taken from real estate transfer forms furnished monthly by the county register of deeds and the mobile home sales cards furnished by the department.
Source: 4 SDR 5, effective August 7, 1977; 13 SDR 129, 13 SDR 134, effective July 1, 1987; 19 SDR 42, effective September 29, 1992; 30 SDR 58, effective November 5, 2003.
General Authority:SDCL 10-1-17.
Law Implemented:SDCL 10-11-55.
64:05:01:02.01. Annual sales ratio audit. The director of equalization may adjust the selling price of a property for the annual sales ratio audit if the real estate sale or transfer form or the mobile home sale or transfer form is accompanied by documentation showing special and unique financing or that personal property was included in the sale.
Source: 17 SDR 4, effective July 18, 1990; 19 SDR 42, effective September 29, 1992.
General Authority:SDCL 10-6-33.13.
Law Implemented:SDCL 10-11-54.
64:05:01:03. Sales proven unusable to be mailed to department. Any abstracted sale proven to be unusable in the sales ratio study through the verification process for the reasons listed in SDCL 10-11-56 shall be mailed to the department, marked as a reject. Documentation of a rejected sale must be on file in the office of the director of equalization.
Source: 4 SDR 5, effective August 7, 1977; 13 SDR 129, 13 SDR 134, effective July 1, 1987; 17 SDR 4, effective July 18, 1990.
64:05:01:03.01. Exclusion from sales ratio study -- Change in use. To exclude a sale from the sales ratio study because of a change in the use of the property between the legal assessment date and the date of the sale, the change must increase or decrease the assessed value of the property by at least ten percent.
Source: 17 SDR 4, effective July 18, 1990.
General Authority:SDCL 10-11-54.
64:05:01:03.02. Exclusion from sales ratio study -- Major physical change. To exclude a sale from the sales ratio study because of a major physical change in the property between the legal assessment date and the date of the sale, the change must increase or decrease the assessed value of the property by at least ten percent.
Source: 17 SDR 4, effective July 18, 1990.
General Authority:SDCL 10-11-54.
64:05:01:03.03. Exclusion from sales ratio study -- Agricultural land transfers.Repealed.
Source: 17 SDR 4, effective July 18, 1990; repealed, 17 SDR 199, effective July 1, 1991.
64:05:01:04. City assessors shall verify sales and mail cards to department.Repealed.
Source: 4 SDR 5, effective August 7, 1977; 7 SDR 30, effective October 5, 1980; 13 SDR 129, 13 SDR 134, effective July 1, 1987; repealed, 17 SDR 4, effective July 18, 1990.
64:05:01:05. Real estate sales cards and mobile home sales cards to show assessed value. Real estate sales cards must show the assessed value of that property based on the assessment of the property for the assessment year in which the sale took place. Mobile home sales cards must show the assessed value of the mobile home based on the current year assessment prior to adjustments for late listing penalties or proration.
For sales with instrument date of more than five years, and with verified selling price of more than one dollar and stated consideration of more than one dollar, the current year assessed value may be used, with the one dollar sale or current assessed value noted on the sales card information.
Source: 4 SDR 5, effective August 7, 1977; 7 SDR 30, effective October 5, 1980; 13 SDR 129, 13 SDR 134, effective July 1, 1987; 19 SDR 42, effective September 29, 1992; 20 SDR 134, effective February 22, 1994; 29 SDR 177, effective July 1, 2003.
General Authority:SDCL 10-1-17.
Law Implemented:SDCL 10-11-55.
64:05:01:05.01. Compliance audit.Repealed.
Source: 17 SDR 4, effective July 18, 1990; 20 SDR 210, effective July 1, 1994; 21 SDR 219, effective July 1, 1995; repealed, 23 SDR 117, effective January 27, 1997.
64:05:01:05.02. Criteria for determining compliance -- Issuance of certificate.Repealed.
Source: 17 SDR 4, effective July 18, 1990; repealed, 20 SDR 210, effective July 1, 1994.
64:05:01:05.03. Deadlines for determining compliance.Repealed.
Source: 20 SDR 210, effective July 1, 1994; 21 SDR 219, effective July 1, 1995; repealed, 23 SDR 117, effective January 27, 1997.
64:05:01:06. Time for filing. The director of equalization of each county shall verify real estate transfers and transmit the data to the department as follows:
|
Transfers Filed in Register of Deeds During Month of |
Submit to Department of Revenue on or before |
|
November, December, January, February, March, April |
June 1 |
|
May, June |
August 1 |
|
July, August |
October 1 |
|
September, October |
December 1 |
The director of equalization shall verify each transfer of any manufactured home and transmit the data to the department within 30 days after receipts of the transfer information.
Source: 4 SDR 5, effective August 7, 1977; 7 SDR 30, effective October 5, 1980; 13 SDR 129, 13 SDR 134, effective July 1, 1987; 15 SDR 58, effective October 19, 1988; 19 SDR 42, effective September 29, 1992; 20 SDR 134, effective February 22, 1994; 21 SDR 219, effective July 1, 1995; 27 SDR 147, effective July 8, 2001.
General Authority:SDCL 10-6-33.13(1).
64:05:01:07. Reasons for rejection.Repealed.
Source: 4 SDR 5, effective August 7, 1977; repealed, 7 SDR 30, effective October 5, 1980.
64:05:01:08. Sales included in analysis. A director of equalization and the department may only consider sales transactions which have been filed with the register of deeds prior to the legal assessment date for the assessment year in issue.
Source: 27 SDR 9, effective August 7, 2000; transferred from § 64:04:01:21, 47 SDR 71, effective December 10, 2020.
General Authority: SDCL 10-1-16.1.
Law Implemented: SDCL 10-1-15, 10-1-16, 10-6-2.
