CHAPTER 46

(HB 1248)

Property owners to receive notice
of a significant increase in assessed valuation.

         ENTITLED, An Act to  provide information to owners of certain property that had a significant increase in the assessed valuation of the property.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:

     Section  1.  That chapter 10-6 be amended by adding thereto a NEW SECTION to read as follows:

     If the assessed valuation of any real property increases by more than twenty percent in a year, the director of equalization shall provide written notice to the property owner, unless the property was subject to an addition, improvement, or change in use or classification. The written notice shall provide:

             (1)    Notification of the current assessed valuation, the prior year's assessment, and the percentage increase of the assessed valuation;

             (2)    A statement that the director of equalization will provide to the property owner, upon request, sales of comparable property or other information supporting the increased assessed valuation; and

             (3)    Information about the appeal process.

     The secretary of the Department of Revenue and Regulation may promulgate rules, pursuant to chapter 1-26, concerning the form and content of the notice.

     Signed March 5, 2007

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