What is an assessment increase?

An assessment increase is when the value placed on a property for the purpose of calculating property tax is increased. In South Dakota, assessors are responsible for determining the value of property that will be used for the purpose of taxation. Property is assessed to determine how much tax an owner must pay. When the assessed value of a property increases, the owner is subject to pay more in taxes. This can be a result of several factors, including the market value of the property increasing, improvements to the property, or changes in the market for the particular type of property. In South Dakota, assessment increases are based on the applicable tax code. When a property is assessed an increase, the owner can challenge the assessment. This challenge must be filed within 30 days of the notice of the assessment increase. The property owner can also file a formal appeal to the Board of Education or the State Tax Commission. Most importantly, when an assessment increase occurs, it is important to be aware of the new assessed value, as this will be used for the purpose of property tax calculations. Knowing the assessed value is important in ensuring an accurate calculation of taxes owed.

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What is an assessment increase?

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