Yankton County assessors say market-driven revaluations pushed assessments up; board and public press for tax relief

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 taxing entities. Appraisers explained the mechanics: assessors estimate market value, then levies are calculated by dividing needed budgets by the total assessed base.

During the presentation, staff pointed to specific data: tiny single-story homes sold in 2023'24 for well over $160'$300 per square foot in some neighborhoods; the appraiser gave multiple sales used as comparables to justify increased values on small homes. Appraisers also highlighted that agricultural and crop values increased and noted the concentration of taxable value inside the City of Yankton and in some TIF (tax increment financing) districts where incremental growth is used to pay district obligations. Staff said parcels owned by nonprofits inside TIF boundaries do not receive typical exemption treatment for the TIF increment.

Several property owners and residents spoke during appeal hearings and during public comment. Owner Wanda Howie Fox challenged a 2025 assessment on a 710-square-foot rental, saying the assessed price-per-square-foot was too high; appraisers showed nearby sales with higher per-square-foot prices and noted comparable baseline adjustments. Owner William (Bill) Campbell, a retiree on fixed income, urged the board to consider the burden of rapidly rising assessed values and cited recent state legislation capping some residential increases at 3 percent as relief for homeowners; staff and board members noted those caps and said any broader reform requires a change in state law.

Board members and staff repeatedly urged residents approaching retirement or on fixed incomes to review eligibility for the county's elderly tax freeze and veterans' exemptions. County staff reported 53 approved elderly/disabled tax-freeze applications this cycle and 79 submitted as of the April 1 filing deadline; they also reported increases in veterans' exemptions after a recent statutory change.

The meeting included technical clarifications from appraisers: whether basement finish was included in above-grade square-foot measures, how detached garages were excluded when computing price-per-square-foot, and why some parcels' land values rose faster than structure values (new lot plats in adjacent subdivisions were cited as the primary driver of higher land values in some neighborhoods).

Board members expressed sympathy for residents on fixed incomes but said the board's legal authority is constrained; several members encouraged residents to contact state legislators for broader tax policy changes. The meeting closed with the board approving the county assessor's general approach and a reminder that appeals and formal reductions are available but limited by statutory equalization rules.