<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.sa0ae10a4-d466-4262-ad75-b538332e7c7bP0 { 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.sa0ae10a4-d466-4262-ad75-b538332e7c7bC0 { color: black; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.sa0ae10a4-d466-4262-ad75-b538332e7c7bC0-000000 { color: #0000FF; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sa0ae10a4-d466-4262-ad75-b538332e7c7bC0-000001 { color: black; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sa0ae10a4-d466-4262-ad75-b538332e7c7b000002 { color: black; background: white; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.sa0ae10a4-d466-4262-ad75-b538332e7c7bC0-000003 { 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="sa0ae10a4-d466-4262-ad75-b538332e7c7bP0"><span xml:space="preserve" class="sa0ae10a4-d466-4262-ad75-b538332e7c7bC0">    </span><a href="https://sdlegislature.gov/Rules?Rule=67:12:04:10.02"><span class="sa0ae10a4-d466-4262-ad75-b538332e7c7bC0-000000">67:12:04:10.02</span></a><span class="sa0ae10a4-d466-4262-ad75-b538332e7c7bC0-000001">.  Department reserves right to obtain independent valuation.</span><span xml:space="preserve" class="sa0ae10a4-d466-4262-ad75-b538332e7c7bC0"> The department shall accept the evidence of the fair market value submitted by the applicant or recipient unless</span><span xml:space="preserve" class="sa0ae10a4-d466-4262-ad75-b538332e7c7bC0">, in the opinion of the department, </span><span xml:space="preserve" class="sa0ae10a4-d466-4262-ad75-b538332e7c7bC0">the fair market value submitted by the applicant or recipient is </span><span class="sa0ae10a4-d466-4262-ad75-b538332e7c7bC0">unreasonably high or low</span><span class="sa0ae10a4-d466-4262-ad75-b538332e7c7bC0">.</span><span xml:space="preserve" class="sa0ae10a4-d466-4262-ad75-b538332e7c7bC0"> The department may then obtain an independent fair market valuation of the property that must be used when determining equity value.</span></p><p dir="ltr" class="sa0ae10a4-d466-4262-ad75-b538332e7c7bP0"><span xml:space="preserve" class="sa0ae10a4-d466-4262-ad75-b538332e7c7b000002"> </span></p><p dir="ltr" class="sa0ae10a4-d466-4262-ad75-b538332e7c7bP0"><span xml:space="preserve" class="sa0ae10a4-d466-4262-ad75-b538332e7c7bC0">    If discrepancies exist between the list of encumbrances obtained by the department and the list submitted by the applicant or recipient, the department's list of encumbrances </span><span class="sa0ae10a4-d466-4262-ad75-b538332e7c7bC0">must</span><span xml:space="preserve" class="sa0ae10a4-d466-4262-ad75-b538332e7c7bC0"> be used when determining equity value.</span></p><p dir="ltr" class="sa0ae10a4-d466-4262-ad75-b538332e7c7bP0"><span xml:space="preserve" class="sa0ae10a4-d466-4262-ad75-b538332e7c7b000002"> </span></p><p dir="ltr" class="sa0ae10a4-d466-4262-ad75-b538332e7c7bP0"><span xml:space="preserve" class="sa0ae10a4-d466-4262-ad75-b538332e7c7bC0">    </span><span class="sa0ae10a4-d466-4262-ad75-b538332e7c7bC0-000001">Source:</span><span xml:space="preserve" class="sa0ae10a4-d466-4262-ad75-b538332e7c7bC0"> 10 SDR 144, effective July 1, 1984</span><span class="sa0ae10a4-d466-4262-ad75-b538332e7c7bC0">; 52 SDR 55, effective December 2, 2025</span><span class="sa0ae10a4-d466-4262-ad75-b538332e7c7bC0">.</span></p><p dir="ltr" class="sa0ae10a4-d466-4262-ad75-b538332e7c7bP0"><span xml:space="preserve" class="sa0ae10a4-d466-4262-ad75-b538332e7c7bC0">    </span><span class="sa0ae10a4-d466-4262-ad75-b538332e7c7bC0-000001">General Authority:</span><span xml:space="preserve" class="sa0ae10a4-d466-4262-ad75-b538332e7c7bC0"> SDCL </span><a href="https://sdlegislature.gov/Statutes?Statute=28-6-1"><span class="sa0ae10a4-d466-4262-ad75-b538332e7c7bC0-000003">28-</span><span class="sa0ae10a4-d466-4262-ad75-b538332e7c7bC0-000003">6-1</span></a><span class="sa0ae10a4-d466-4262-ad75-b538332e7c7bC0">.</span></p><p dir="ltr" class="sa0ae10a4-d466-4262-ad75-b538332e7c7bP0"><span xml:space="preserve" class="sa0ae10a4-d466-4262-ad75-b538332e7c7bC0">    </span><span class="sa0ae10a4-d466-4262-ad75-b538332e7c7bC0-000001">Law Implemented:</span><span xml:space="preserve" class="sa0ae10a4-d466-4262-ad75-b538332e7c7bC0"> SDCL </span><a href="https://sdlegislature.gov/Statutes?Statute=28-6-1"><span class="sa0ae10a4-d466-4262-ad75-b538332e7c7bC0-000003">28-</span><span class="sa0ae10a4-d466-4262-ad75-b538332e7c7bC0-000003">6-1</span></a><span class="sa0ae10a4-d466-4262-ad75-b538332e7c7bC0">.</span></p><p dir="ltr" class="sa0ae10a4-d466-4262-ad75-b538332e7c7bP0"><span xml:space="preserve" class="sa0ae10a4-d466-4262-ad75-b538332e7c7b000002"> </span></p><p dir="ltr" class="sa0ae10a4-d466-4262-ad75-b538332e7c7bP0"><span xml:space="preserve" class="sa0ae10a4-d466-4262-ad75-b538332e7c7bC0">    </span><span class="sa0ae10a4-d466-4262-ad75-b538332e7c7bC0-000001">Cross-Reference:</span><span xml:space="preserve" class="sa0ae10a4-d466-4262-ad75-b538332e7c7bC0"> Determining value of other real property -- Responsibility of applicant or recipient, § </span><a href="https://sdlegislature.gov/Rules?Rule=67:12:04:10.01"><span class="sa0ae10a4-d466-4262-ad75-b538332e7c7bC0-000003">67:12:04:10.01</span></a><span class="sa0ae10a4-d466-4262-ad75-b538332e7c7bC0">.</span></p><p dir="ltr" class="sa0ae10a4-d466-4262-ad75-b538332e7c7bP0"><span xml:space="preserve" class="sa0ae10a4-d466-4262-ad75-b538332e7c7b000002"> </span></p></div></body></html>