Rate Breakdown

Property taxes in Lake County are calculated by multiplying the assessed value (minus exemptions) by the total local millage rate.

How Property Tax Works in Lake County

Property tax in Lake County, South Dakota is calculated based on the assessed value of your property. The assessment process involves determining the fair market value of your property, which is then multiplied by the county's millage rate to determine your tax liability.

• The assessor's office is responsible for determining the assessed value of properties in Lake County.
• The assessed value is calculated based on the property's market value, which is determined by sales of similar properties in the area.
• The millage rate for Lake County is set by the county commission and is used to calculate the property tax liability.
• The millage rate is typically expressed as a dollar amount per $1,000 of assessed value.

For example, if the millage rate is $10 per $1,000 of assessed value and your property is assessed at $200,000, your property tax liability would be $2,000.

Available Exemptions

South Dakota offers several exemptions to help reduce property tax liability for eligible homeowners. Some of the available exemptions include:

• Homestead Exemption: This exemption is available to homeowners who have lived in their property for at least six months of the year and have a gross income of less than $65,000. The exemption reduces the taxable value of the property by $15,000.
• Senior Citizen Exemption: This exemption is available to homeowners who are 66 years of age or older and have a gross income of less than $35,000. The exemption reduces the taxable value of the property by $30,000.
• Disability Exemption: This exemption is available to homeowners who are permanently disabled and have a gross income of less than $35,000. The exemption reduces the taxable value of the property by $30,000.
• Veteran Exemption: This exemption is available to veterans who have been honorably discharged and have a gross income of less than $35,000. The exemption reduces the taxable value of the property by $30,000.

Payment Schedule & Deadlines

Property tax payments in Lake County are due on May 15th of each year. However, homeowners have the option to pay their taxes in quarterly installments, which are due on:

• April 15th for the first installment
• June 15th for the second installment
• September 15th for the third installment
• November 15th for the fourth installment

If payments are not made on time, a penalty of 1.5% per month will be added to the unpaid balance. The deadline for making payments without penalty is May 31st of each year.

Appealing Your Assessment

Homeowners who disagree with their property assessment may appeal to the Lake County Board of Equalization. The appeal process involves:

• Filing an appeal with the county assessor's office within 30 days of receiving the assessment notice.
• Providing evidence to support the appeal, such as comparable sales data or an appraisal.
• Appearing before the Board of Equalization to present the appeal.

It's recommended that homeowners consult with a qualified appraiser or attorney to ensure their appeal is properly prepared and presented.