South Dakota § 10-6-119 Basis for determining valuation for tax purposes--Cost, market and income approaches to appraisal considered.

South Dakota Statutes

§ 10-6-119 — Basis for determining valuation for tax purposes--Cost, market and income approaches to appraisal considered.

South Dakota § 10-6-119

Title 10TAXATION

Ch. 10-5ANNUAL ASSESSMENT OF PROPERTY

This text of South Dakota § 10-6-119 (Basis for determining valuation for tax purposes--Cost, market and income approaches to appraisal considered.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.D. Codified Laws § 10-6-119 (2026).

Text

The director shall individually assess each tract of real property at its fair market value. In determining the fair market value of property, the director may not adopt a lower or different standard of value because it is to serve as a basis of taxation. The director may not adopt as a criterion of value the price for which a tract of real property would sell at a forced sale, or in the aggregate with all other tracts of real property in the county. The director shall determine the fair market value by appropriate consideration of the cost approach, the market approach, and the income approach to appraisal. The director shall consider and document all elements of such approaches that are applicable prior to a determination of fair market value.

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The director shall individually assess each tract of real property at its fair market value. In determining the fair market value of property, the director may not adopt a lower or different standard of value because it is to serve as a basis of taxation. The director may not adopt as a criterion of value the price for which a tract of real property would sell at a forced sale, or in the aggregate with all other tracts of real property in the county. The director shall determine the fair market value by appropriate consideration of the cost approach, the market approach, and the income approach to appraisal. The director shall consider and document all elements of such approaches that are applicable prior to a determination of fair market value.

Legislative History

SL 1897, ch 28, § 25; RPolC 1903, § 2085; RC 1919, § 6700; SDC 1939, § 57.0334; SL 1957, ch 459, § 1; SL 1977, ch 86, § 1; SL 1989, ch 86, § 1; SL 1989, ch 87, § 1; SL 1992, ch 60, § 2; SDCL § 10-6-33; SL 2021, ch 44, §§ 15, 44.