Board adopts new valuations for 9 Mile shopping center after appellant argues income approach

The Lincoln County Board of Equalization set new assessed values for a Beresford shopping center owned by 9 Mile South Dakota LLC after hearing staff analysis and an owner representative’s argument that an income-based appraisal should be used.

Austin (recorded in the transcript as "Austin Priam") of the Lincoln County Assessor’s Office presented parcel 260.50.31.005 (1108 W. Cedar St.), describing it as a 23,125-square-foot shopping center on a 74,255-square-foot lot (1.70 acres). The office reported the property’s prior assessed values (structure at about $1,777,300 and total assessed of $1,893,600) and recommended no change based on a cost approach and available comparables outside Beresford.

Todd Running, representing the property owners, argued the income approach better reflects the property’s value given its local market and vacancy levels. “The income appraisal does support their request quite well,” Running said, urging consideration of rents and operating data submitted in the packet. County staff questioned whether the income figures were fully verified and noted that, when the staff applied the rents and expenses the owners supplied, their income calculation produced a value near the 2022 purchase price (about $1,375,000).

After commissioner discussion about market differences among Beresford, Tea and Harrisburg and possible compromise figures, a motion was made to value the land at $116,300 and the building at $1.45 million. The motion was seconded and passed on roll call (Commissioner Putnam: Yes; Commissioner Schmidt: Yes; Commissioner Arends: Yes; Commissioner Landeen: Yes).

The board’s action replaces the county’s prior assessment for the parcel and closes the appeal record for the day; staff indicated the county would adjust records to reflect the new figures.