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Shannon Rittberger
Director of Equalization
Pennington County
505 Kansas City Street
Rapid City, SD 57701
Real Estate: (605)394-2175
Mobile Home: (605)394-5301
Mapping: (605)394-5364
Contact the Director
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SOUTH DAKOTA FACTS:
Although agriculture is the largest industry in South Dakota, most
South Dakotans are employed in trade and manufacturing.
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| Pennington County Home >
DOE
> Appraisal Process
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| ANNUALLY ASSESSES ALL TAXABLE REAL PROPERTY
IN PENNINGTON COUNTY |
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Equalization Home
Mass Appraisal Process
Changes in Assessed Values
Measuring Accuracy
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Taxable Value
Assessment Notice and Property Search
Appeal a Property Assessment
Property Tax Reductions and Exemptions
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Mass Appraisal Process |
The office of the Director of Equalization utilizes mass appraisal procedures to determine the market value of property within the county. These procedures are similar to what any real estate appraiser would perform and include the appropriate consideration of the three traditional approaches to value: the cost approach, the sales comparison approach, and the income approach. The cost approach to value is a consideration of the cost to construct new and similar real property improvements, less any depreciation, plus the value of land. The sales comparison approach to value is a consideration and comparison of sales of similar properties. The income approach to value is a consideration of typically expected income from the property, less typical expenses, and capitalized by a capitalization rate indicated by the market.
Agricultural land is the notable exception to the typical market value assessment process. Land is classified as agricultural if it meets the criteria detailed in South Dakota codified law 10-6-31.3. The 2009 South Dakota legislature changed the process for assessing land classified as agricultural. Beginning with the 2010 assessment, agricultural land will be assessed using data collected relative to the earning capacity of agricultural land, and a capitalization rate set by state statute.
This office will identify and verify all sales of real estate within the county in the analysis of market value. Sales of properties that are arm’s length transactions will be considered representative of market value. Attempts will be made to verify details of sales transactions affecting sale price and the indication of market value. Other information also collected by this office includes replacement costs of various improvements, typical depreciation of improvements, typical property rents, and typical property expenses.
All property in South Dakota is assessed annually. Not all property is inspected every year. All new property in Pennington County is inspected by an appraiser from the Equalization office. Existing properties are inspected periodically depending upon scheduled reviews of neighborhoods, discovered errors in property assessments, or changes to the property. The office is always willing to inspect a property and review property information at the request of a property owner.
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