<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><title></title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s00774744-a081-4c54-a89b-37b249e40e7fP0 { margin-top: 0; margin-bottom: 0; margin-left: 0; margin-right: 0; text-indent: 0.00in; text-align: justify; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; } span.s00774744-a081-4c54-a89b-37b249e40e7fC0 { color: black; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s00774744-a081-4c54-a89b-37b249e40e7fC0-000000 { color: #0000FF; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s00774744-a081-4c54-a89b-37b249e40e7fC0-000001 { color: black; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s00774744-a081-4c54-a89b-37b249e40e7f000002 { color: black; background: white; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s00774744-a081-4c54-a89b-37b249e40e7fC0-000003 { color: #0000FF; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s00774744-a081-4c54-a89b-37b249e40e7fP0"><span xml:space="preserve" class="s00774744-a081-4c54-a89b-37b249e40e7fC0">    </span><a href="https://sdlegislature.gov/Rules?Rule=64:05:01:01"><span class="s00774744-a081-4c54-a89b-37b249e40e7fC0-000000">64:05:01:01</span></a><span class="s00774744-a081-4c54-a89b-37b249e40e7fC0-000001">.  Definitions.</span><span xml:space="preserve" class="s00774744-a081-4c54-a89b-37b249e40e7fC0"> Terms used in this chapter mean:</span></p><p dir="ltr" class="s00774744-a081-4c54-a89b-37b249e40e7fP0"><span xml:space="preserve" class="s00774744-a081-4c54-a89b-37b249e40e7f000002"> </span></p><p dir="ltr" class="s00774744-a081-4c54-a89b-37b249e40e7fP0"><span xml:space="preserve" class="s00774744-a081-4c54-a89b-37b249e40e7fC0">    (1)  "Appraisal-assessment ratio," the ratio between an appraisal done by department personnel and the assessment on a particular piece of property;</span></p><p dir="ltr" class="s00774744-a081-4c54-a89b-37b249e40e7fP0"><span xml:space="preserve" class="s00774744-a081-4c54-a89b-37b249e40e7f000002"> </span></p><p dir="ltr" class="s00774744-a081-4c54-a89b-37b249e40e7fP0"><span xml:space="preserve" class="s00774744-a081-4c54-a89b-37b249e40e7fC0">    (2)  "Assessed value," the market value;</span></p><p dir="ltr" class="s00774744-a081-4c54-a89b-37b249e40e7fP0"><span xml:space="preserve" class="s00774744-a081-4c54-a89b-37b249e40e7f000002"> </span></p><p dir="ltr" class="s00774744-a081-4c54-a89b-37b249e40e7fP0"><span xml:space="preserve" class="s00774744-a081-4c54-a89b-37b249e40e7fC0">    (3)  "Assessment year" and "ratio year," the period beginning November 1 and ending October 31 of the following year;</span></p><p dir="ltr" class="s00774744-a081-4c54-a89b-37b249e40e7fP0"><span xml:space="preserve" class="s00774744-a081-4c54-a89b-37b249e40e7f000002"> </span></p><p dir="ltr" class="s00774744-a081-4c54-a89b-37b249e40e7fP0"><span xml:space="preserve" class="s00774744-a081-4c54-a89b-37b249e40e7fC0">    (4)  </span><span class="s00774744-a081-4c54-a89b-37b249e40e7fC0">"Department," the Department of Revenue;</span></p><p dir="ltr" class="s00774744-a081-4c54-a89b-37b249e40e7fP0"><span xml:space="preserve" class="s00774744-a081-4c54-a89b-37b249e40e7f000002"> </span></p><p dir="ltr" class="s00774744-a081-4c54-a89b-37b249e40e7fP0"><span xml:space="preserve" class="s00774744-a081-4c54-a89b-37b249e40e7fC0">    (5)  </span><span class="s00774744-a081-4c54-a89b-37b249e40e7fC0">"Full and true value," the market value;</span></p><p dir="ltr" class="s00774744-a081-4c54-a89b-37b249e40e7fP0"><span xml:space="preserve" class="s00774744-a081-4c54-a89b-37b249e40e7f000002"> </span></p><p dir="ltr" class="s00774744-a081-4c54-a89b-37b249e40e7fP0"><span xml:space="preserve" class="s00774744-a081-4c54-a89b-37b249e40e7fC0">    (</span><span class="s00774744-a081-4c54-a89b-37b249e40e7fC0">6</span><span class="s00774744-a081-4c54-a89b-37b249e40e7fC0">)  "Market price," the price paid for a property regardless of pressure, motive, or intelligence;</span></p><p dir="ltr" class="s00774744-a081-4c54-a89b-37b249e40e7fP0"><span xml:space="preserve" class="s00774744-a081-4c54-a89b-37b249e40e7f000002"> </span></p><p dir="ltr" class="s00774744-a081-4c54-a89b-37b249e40e7fP0"><span xml:space="preserve" class="s00774744-a081-4c54-a89b-37b249e40e7fC0">    (</span><span class="s00774744-a081-4c54-a89b-37b249e40e7fC0">7</span><span class="s00774744-a081-4c54-a89b-37b249e40e7fC0">)  "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;</span></p><p dir="ltr" class="s00774744-a081-4c54-a89b-37b249e40e7fP0"><span xml:space="preserve" class="s00774744-a081-4c54-a89b-37b249e40e7f000002"> </span></p><p dir="ltr" class="s00774744-a081-4c54-a89b-37b249e40e7fP0"><span xml:space="preserve" class="s00774744-a081-4c54-a89b-37b249e40e7fC0">    (</span><span class="s00774744-a081-4c54-a89b-37b249e40e7fC0">8</span><span class="s00774744-a081-4c54-a89b-37b249e40e7fC0">)  "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;</span></p><p dir="ltr" class="s00774744-a081-4c54-a89b-37b249e40e7fP0"><span xml:space="preserve" class="s00774744-a081-4c54-a89b-37b249e40e7f000002"> </span></p><p dir="ltr" class="s00774744-a081-4c54-a89b-37b249e40e7fP0"><span xml:space="preserve" class="s00774744-a081-4c54-a89b-37b249e40e7fC0">    (</span><span class="s00774744-a081-4c54-a89b-37b249e40e7fC0">9</span><span class="s00774744-a081-4c54-a89b-37b249e40e7fC0">)  "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;</span></p><p dir="ltr" class="s00774744-a081-4c54-a89b-37b249e40e7fP0"><span xml:space="preserve" class="s00774744-a081-4c54-a89b-37b249e40e7f000002"> </span></p><p dir="ltr" class="s00774744-a081-4c54-a89b-37b249e40e7fP0"><span xml:space="preserve" class="s00774744-a081-4c54-a89b-37b249e40e7fC0">    (</span><span class="s00774744-a081-4c54-a89b-37b249e40e7fC0">10</span><span class="s00774744-a081-4c54-a89b-37b249e40e7fC0">)  "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;</span></p><p dir="ltr" class="s00774744-a081-4c54-a89b-37b249e40e7fP0"><span xml:space="preserve" class="s00774744-a081-4c54-a89b-37b249e40e7f000002"> </span></p><p dir="ltr" class="s00774744-a081-4c54-a89b-37b249e40e7fP0"><span xml:space="preserve" class="s00774744-a081-4c54-a89b-37b249e40e7fC0">    (1</span><span class="s00774744-a081-4c54-a89b-37b249e40e7fC0">1</span><span class="s00774744-a081-4c54-a89b-37b249e40e7fC0">)  "Typical," that which occurs most often.</span></p><p dir="ltr" class="s00774744-a081-4c54-a89b-37b249e40e7fP0"><span xml:space="preserve" class="s00774744-a081-4c54-a89b-37b249e40e7f000002"> </span></p><p dir="ltr" class="s00774744-a081-4c54-a89b-37b249e40e7fP0"><span xml:space="preserve" class="s00774744-a081-4c54-a89b-37b249e40e7fC0">    </span><span class="s00774744-a081-4c54-a89b-37b249e40e7fC0-000001">Source:</span><span xml:space="preserve" class="s00774744-a081-4c54-a89b-37b249e40e7fC0"> 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</span><span class="s00774744-a081-4c54-a89b-37b249e40e7fC0">; 47 SDR 71, effective December 10, 2020</span><span class="s00774744-a081-4c54-a89b-37b249e40e7fC0">.</span></p><p dir="ltr" class="s00774744-a081-4c54-a89b-37b249e40e7fP0"><span xml:space="preserve" class="s00774744-a081-4c54-a89b-37b249e40e7fC0">    </span><span class="s00774744-a081-4c54-a89b-37b249e40e7fC0-000001">General Authority:</span><span xml:space="preserve" class="s00774744-a081-4c54-a89b-37b249e40e7fC0"> SDCL </span><a href="https://sdlegislature.gov/Statutes?Statute=10-1-17"><span class="s00774744-a081-4c54-a89b-37b249e40e7fC0-000003">10-1-17</span></a><span xml:space="preserve" class="s00774744-a081-4c54-a89b-37b249e40e7fC0">, </span><a href="https://sdlegislature.gov/Statutes?Statute=10-6-124"><span class="s00774744-a081-4c54-a89b-37b249e40e7fC0-000003">10-6-</span><span class="s00774744-a081-4c54-a89b-37b249e40e7fC0-000003">124</span></a><span class="s00774744-a081-4c54-a89b-37b249e40e7fC0">.</span></p><p dir="ltr" class="s00774744-a081-4c54-a89b-37b249e40e7fP0"><span xml:space="preserve" class="s00774744-a081-4c54-a89b-37b249e40e7fC0">    </span><span class="s00774744-a081-4c54-a89b-37b249e40e7fC0-000001">Law Implemented:</span><span xml:space="preserve" class="s00774744-a081-4c54-a89b-37b249e40e7fC0"> SDCL </span><a href="https://sdlegislature.gov/Statutes?Statute=10-6-50"><span class="s00774744-a081-4c54-a89b-37b249e40e7fC0-000003">10-6-50</span></a><span xml:space="preserve" class="s00774744-a081-4c54-a89b-37b249e40e7fC0">, </span><a href="https://sdlegislature.gov/Statutes?Statute=10-6-105"><span class="s00774744-a081-4c54-a89b-37b249e40e7fC0-000003">10-6-105</span></a><span xml:space="preserve" class="s00774744-a081-4c54-a89b-37b249e40e7fC0">, </span><a href="https://sdlegislature.gov/Statutes?Statute=10-11-54"><span class="s00774744-a081-4c54-a89b-37b249e40e7fC0-000003">10-11-54</span></a><span xml:space="preserve" class="s00774744-a081-4c54-a89b-37b249e40e7fC0">, </span><a href="https://sdlegislature.gov/Statutes?Statute=10-11-55"><span class="s00774744-a081-4c54-a89b-37b249e40e7fC0-000003">10-11-55</span></a><span class="s00774744-a081-4c54-a89b-37b249e40e7fC0">.</span></p><p dir="ltr" class="s00774744-a081-4c54-a89b-37b249e40e7fP0"><span xml:space="preserve" class="s00774744-a081-4c54-a89b-37b249e40e7f000002"> </span></p></div></body></html>