<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.s67fffb85-3471-4c32-a8f3-06c6ea541e56P0 { 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.s67fffb85-3471-4c32-a8f3-06c6ea541e56C0 { color: black; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s67fffb85-3471-4c32-a8f3-06c6ea541e56C0-000000 { color: #0000FF; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s67fffb85-3471-4c32-a8f3-06c6ea541e56C0-000001 { color: black; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s67fffb85-3471-4c32-a8f3-06c6ea541e56000002 { color: black; background: white; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s67fffb85-3471-4c32-a8f3-06c6ea541e56C0-000003 { 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="s67fffb85-3471-4c32-a8f3-06c6ea541e56P0"><span xml:space="preserve" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0">    </span><a href="https://sdlegislature.gov/Rules?Rule=67:12:04:01"><span class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0-000000">67:12:04:01</span></a><span class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0-000001">.  Definitions.</span><span xml:space="preserve" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0"> Terms used in this chapter mean:</span></p><p dir="ltr" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56P0"><span xml:space="preserve" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56000002"> </span></p><p dir="ltr" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56P0"><span xml:space="preserve" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0">    (1)  "Equity value," the current fair market value </span><span class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0">minus any</span><span xml:space="preserve" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0"> encumbrances of record as of the date of valuation;</span></p><p dir="ltr" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56P0"><span xml:space="preserve" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56000002"> </span></p><p dir="ltr" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56P0"><span xml:space="preserve" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0">    (2)  "Fair market value," the price an item </span><span class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0">is likely to</span><span xml:space="preserve" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0"> sell for on the open market in the geographic area involved;</span></p><p dir="ltr" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56P0"><span xml:space="preserve" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56000002"> </span></p><p dir="ltr" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56P0"><span xml:space="preserve" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0">    (3)  "Homestead property," </span><span class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0">as</span><span xml:space="preserve" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0"> defined in SDCL </span><a href="https://sdlegislature.gov/Statutes?Statute=43-31-2"><span class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0-000003">43-31-2</span></a><span xml:space="preserve" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0"> and </span><a href="https://sdlegislature.gov/Statutes?Statute=43-31-3"><span class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0-000003">43-31-3</span></a><span class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0">;</span></p><p dir="ltr" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56P0"><span xml:space="preserve" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56000002"> </span></p><p dir="ltr" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56P0"><span xml:space="preserve" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0">    (4)  "Other real property," real property other than homestead property or real property held in trust;</span></p><p dir="ltr" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56P0"><span xml:space="preserve" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56000002"> </span></p><p dir="ltr" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56P0"><span xml:space="preserve" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0">    (5)  "Property transferred or assigned," real or personal property </span><span class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0">that</span><span xml:space="preserve" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0"> was at one time owned by an applicant or recipient of public assistance</span><span class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0">,</span><span xml:space="preserve" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0"> or by the spouse of the applicant or recipient, if the</span><span xml:space="preserve" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0"> spouse and applicant or recipient</span><span xml:space="preserve" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0"> were living together, but was transferred or assigned to another;</span></p><p dir="ltr" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56P0"><span xml:space="preserve" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56000002"> </span></p><p dir="ltr" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56P0"><span xml:space="preserve" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0">    (6)  "Real property," </span><span class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0">as</span><span xml:space="preserve" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0"> defined in SDCL </span><a href="https://sdlegislature.gov/Statutes?Statute=43-1-3"><span class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0-000003">43-1-3</span></a><span class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0">; and</span></p><p dir="ltr" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56P0"><span xml:space="preserve" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56000002"> </span></p><p dir="ltr" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56P0"><span xml:space="preserve" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0">    (7)  "Real property held in trust," real property to which the federal government has legal title but </span><span class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0">is</span><span xml:space="preserve" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0"> held for the benefit of Indians </span><span class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0">or</span><span xml:space="preserve" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0"> other citizens.</span></p><p dir="ltr" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56P0"><span xml:space="preserve" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56000002"> </span></p><p dir="ltr" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56P0"><span xml:space="preserve" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0">    </span><span class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0-000001">Source:</span><span xml:space="preserve" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0"> 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</span><span class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0">; 52 SDR 55, effective December 2, 2025</span><span class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0">.</span></p><p dir="ltr" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56P0"><span xml:space="preserve" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0">    </span><span class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0-000001">General Authority:</span><span xml:space="preserve" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0"> SDCL </span><a href="https://sdlegislature.gov/Statutes?Statute=28-6-1"><span class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0-000003">28-</span><span class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0-000003">6-1</span></a><span class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0">.</span></p><p dir="ltr" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56P0"><span xml:space="preserve" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0">    </span><span class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0-000001">Law Implemented:</span><span xml:space="preserve" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0"> SDCL </span><a href="https://sdlegislature.gov/Statutes?Statute=28-6-1"><span class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0-000003">28-</span><span class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0-000003">6-1</span></a><span class="s67fffb85-3471-4c32-a8f3-06c6ea541e56C0">.</span></p><p dir="ltr" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56P0"><span xml:space="preserve" class="s67fffb85-3471-4c32-a8f3-06c6ea541e56000002"> </span></p></div></body></html>