SDCL § 10-6-104 — Fair market value and full and true value defined

As used in this chapter and §§ 10-28-12 , 10-28-13 , 10-29-9 , 10-29-9.1 , 10-33-14.1 , 10-35-10.1 , 10-37-8 , 10-37-9.1 , 10-38-1 , and 10-38-14 , the term, fair market value, and the term, full and true value, mean the price in money that property will bring in a competitive and open market under all conditions requisite to a fair sale between a willing buyer and a willing seller, each acting prudently and with full knowledge of the relevant facts, and assuming the price is not affected by any undue stimulus.