If you own property in South Dakota you just received your annual notice of the new assessed value. This is your reminder to check your notification (a postcard) right away. You only have until one week from Thursday, March 12th, to appeal any increase.
There are two questions that will help you determine if you need to consider appealing your assessment: Did your assessment increase over the county-wide average, and would you sell your property for the assessed valuation?
To find out the average increase in assessed value you need to call your county’s Director of Equalization. I spoke with the Pennington County Director of Equalization who told me the average increase in his county was 6%. At the top of your notification it lists the percentage increase over last year of your new assessment, so anything over a 6% increase is your first cause of concern. Anything less than 6% probably isn’t an issue.
The next step is to ask yourself if you would sell for the assessed valuation. A 35% increase in your assessed valuation isn’t necessarily out of line if the property is still assessed at less than fair market value. If you would sell the property for the assessed valuation, then you will want to contact the equalization office at 605-394-2175 and ask them the procedure for filing an appeal. You can get more information online or go in person to the court house.