South Dakota Codified Laws 10-6-133. Fair market value of agricultural land
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The agricultural income value for agricultural land as determined by §§ 10-6-127 to 10-6-132, inclusive, represents the fair market value of agricultural land for purposes of assessment, equalization, and taxation, and the department shall provide the director the factor of adjustment necessary for the computation required pursuant to §§ 10-3-41, 10-12-31.1, 10-12-42, and 10-13-37.
Terms Used In South Dakota Codified Laws 10-6-133
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
Source: SL 2008, ch 44, § 11; SL 2011, ch 1 (Ex. Ord. 11-1), § 161, eff. Apr. 12, 2011; SL 2021, ch 44, §§ 24, 44.