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Yankton Mall owner disputes assessor’s valuation; board adopts substitute figure after debate
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Summary
Mall owner argued only the front 100,000 sq ft of the Yankton Mall has been renovated and questioned comparables; assessors presented income and sales analyses and the board adopted a substitute valuation after extended discussion and a roll‑call vote.
Mall owner Matt Evans and county appraisal staff spent much of the consolidated hearing debating which comparables and which portions of the building should drive value for the Yankton Mall.
Evans told the board the front 100,000 square feet was the only section substantially renovated and that some back spaces were untouched; he disputed staff’s prior occupancy timing, saying several national tenants opened after the date cited in assessor materials: "The stores did not come in until August ... 5 Below opened. September, Hobby Lobby opened," he said.
Assessor staff presented both income and sales‑comparison analyses, noting paving, storefront work and permits tied to renovation and a sales‑tax rebate that supported capital improvements. Staff said they increased structure value after reviewing permits and market rents.
Commissioners questioned which comparable properties were appropriate — single‑tenant big‑box buildings such as Menards or Walmart, or multi‑tenant regional malls in larger markets — and debated how to reflect only partially renovated space in an income approach. One commissioner urged fairness and equality across property types: "We must be fair and equal across all properties," a commissioner said during deliberations.
After substitute motions and a roll‑call vote the board adopted a revised structure valuation for the Mall and directed staff to update the assessment roll. The board recorded its substitute motion and passed it by roll call; staff will notify the owner and finalize the change.
The Mall exchange underscored a recurring issue in the hearing cycle: in small markets, there are few truly comparable regional retail sales, so appraisers rely on mixes of local single‑tenant and out‑of‑market multi‑tenant comparables and on income approaches that separate leasable from non‑leasable areas.
What happens next: County staff will apply the new figure to the assessment roll and notify the property owner; either side may pursue further appeal under state law.
