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Yankton County assessors say market-driven revaluations pushed assessments up; board and public press for tax relief
Summary
Assessors told the Board of Equalization that countywide assessed values rose with the market; the board heard multiple appeals and public comments asking for relief and noted state-level limits on local action, including elderly and veteran tax-freeze programs.
At a consolidated Yankton County Board of Equalization hearing, county appraisal staff told the board that state law requires assessed values to reflect fair market value and that the county'wide assessment ratio rose to about 86.2 percent after this year's revaluation.
The county appraiser reported an 11.32 percent countywide increase in total value, with 1.08 percent growth attributed to new construction and the remainder to market change. Appraisers said small residential sales in Yankton have been driving per-square-foot prices higher, and that the county removed certain outbuildings when calculating price-per-square-foot comparables.
The information matters because assessed values provide the taxable base that local governments use to set mill levies; assessors stressed that assessed value changes do not directly determine tax bills because actual taxes are set by the budgets of…
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