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South Dakota Codified Laws — Title 10 (Taxation)

SDCL § 10-6-104

Fair market value and full and true value defined

Official textsdlegislature.gov

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.

Last amended: Source: SL 1997, ch 61 , § 13; SL 2000, ch 45 , § 1; SDCL § 10-6-1.3; SL 2021, ch 44 , § 44.

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In this chapter (40 sections)
  1. 10-6-50 · Transferred to § 10-6-154
  2. 10-6-51 · Transferred to § 10-6-156
  3. 10-6-52 · 10-6-52, 10-6-53. Repealed by SL 2000, ch 42, §§ 17, 18
  4. 10-6-56 · Transferred to § 10-6-141
  5. 10-6-57 · Transferred to § 10-6-142
  6. 10-6-58 · 10-6-58 to 10-6-65. Repealed by SL 1998, ch 53, §§ 1 to 8
  7. 10-6-66 · Transferred to § 10-6-143
  8. 10-6-67 · Transferred to § 10-6-144
  9. 10-6-68 · 10-6-68. Repealed by SL 2000, ch 42, § 22
  10. 10-6-69 · 10-6-69. Repealed by SL 1998, ch 50, § 1
  11. 10-6-70 · 10-6-70. Transferred to § 10-21-36
  12. 10-6-71 · 10-6-71. Transferred to § 10-21-37
  13. 10-6-72 · 10-6-72. Transferred to § 10-21-38
  14. 10-6-73 · 10-6-73. Transferred to § 10-21-39
  15. 10-6-74 · 10-6-74. Repealed by SL 2008, ch 44, § 4, eff. July 1, 2014
  16. 10-6-75 · Transferred to § 10-6-155
  17. 10-6-78 · Transferred to § 10-6-157
  18. 10-6-101 · Definition of terms
  19. 10-6-102 · Mill levy defined--Substitution
  20. 10-6-103 · One mill defined--Substitution
  21. 10-6-104 · Fair market value and full and true value defined
  22. 10-6-105 · Period during which assessment made--Date of assessment
  23. 10-6-106 · Leased school lands classified separately--Assessment date…
  24. 10-6-107 · Reserved
  25. 10-6-108 · Statement of real property required of taxpayers
  26. 10-6-109 · Viewing of property--Inspection of records--Recording…
  27. 10-6-110 · Classification of property--Notation by director
  28. 10-6-111 · Agricultural land taxed without regard to zoning
  29. 10-6-112 · Classification of agricultural land--Criteria
  30. 10-6-113 · Property tax freeze authorized for agricultural property of…
  31. 10-6-114 · Criteria for qualifying for tax freeze on agricultural…
  32. 10-6-115 · State-owned public shooting area or game production area…
  33. 10-6-116 · Agricultural land--Riparian buffer strip…
  34. 10-6-117 · Agricultural land--Riparian buffer strip…
  35. 10-6-118 · Penalty for misrepresentation of agricultural land as…
  36. 10-6-119 · Basis for determining valuation for tax purposes--Cost,…
  37. 10-6-120 · Property not used for agriculture separately assessed
  38. 10-6-121 · Minimum and maximum median sales to assessment ratio
  39. 10-6-122 · Maximum coefficient of dispersion
  40. 10-6-123 · Distinction between agricultural and nonagricultural real…
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