Margaret, a 72-year-old homeowner in Brookings, South Dakota, has lived in her home for 20 years and meets all income eligibility requirements under state law. She asks her licensee about a program that could help limit her rising property tax burden. Which South Dakota program should the licensee describe to Margaret?
Correct Answer
B) The South Dakota Property Tax Freeze Program under SDCL 10-6A, which caps assessed value for qualifying elderly homeowners
South Dakota offers a Property Tax Freeze Program under SDCL 10-6A specifically for qualifying elderly and disabled homeowners. This program caps the assessed value of the property at a fixed level, preventing increases in assessed value from raising the homeowner's property tax bill. Margaret, at age 72 and meeting income requirements, would be a prime candidate for this program, and licensees should be familiar with it for client counseling purposes.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Highest and best use is an appraisal concept that identifies the most profitable, legally permitted, physically possible, and financially feasible use of a property. It is the foundation of all property valuation.
Homestead portability allows homeowners to transfer a portion of their accumulated homestead tax savings to a new homestead in the same state.
The income approach estimates a property's value based on the income it generates by converting net operating income into a value estimate using a capitalization rate. It is the preferred method for income-producing properties.
More Valuation Questions
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In Utah, how is a primary residence assessed for property tax purposes under the residential exemption?
Which of the following best describes how Utah's rapid population growth, driven partly by Silicon Slopes tech expansion, has affected housing affordability?
When appraising a property in Utah's Wasatch Front, which environmental hazard would an appraiser need to consider that is less common in most other states?
The rapid growth of the 'Silicon Slopes' tech corridor in Utah has most directly affected real estate in which area?
- → The income approach to appraisal is most commonly used for which type of property?
- → Which formula correctly calculates the capitalization rate?
- → External obsolescence in Oklahoma:
- → The sales comparison approach to appraisal is most appropriate for which type of property?
- → Which of the following correctly lists the three types of depreciation recognized in real estate appraisal?
- → The sales comparison approach to appraisal is most commonly used for which type of property?
- → Which four tests must a use satisfy to qualify as the highest and best use of a property?
- → Three depreciation:
- → Cap rate:
- → Which formula best represents the cost approach to appraisal?
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