Rate Breakdown

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

How Property Tax Works in Lyman County

In Lyman County, SOUTH DAKOTA, property taxes are levied by local governments, including the county, school districts, and municipalities. The assessment process involves determining the value of your property, which is used to calculate the tax amount owed. The county assessor's office is responsible for assessing properties annually, usually around July 1st.

The assessment process involves the following steps:

• Property owners receive a notice of value in the mail, stating the assessed value of their property.
• The county assessor reviews and updates property values based on market data and sales information.
• The tax year begins on July 1st and ends on June 30th of the following year.

The millage rate is the rate at which taxes are levied on a property. In Lyman County, the millage rate varies depending on the taxing district and the type of property. The millage rate is calculated by multiplying the taxable value of the property by the millage rate.

For example, if a property has a taxable value of $100,000 and the millage rate is $10 per $1,000, the property tax would be $1,000 ($100,000 x $10 per $1,000).

Available Exemptions

In SOUTH DAKOTA, there are several exemptions available to qualifying property owners. These exemptions can help reduce the amount of property tax owed.

• Homestead Exemption: This exemption reduces the taxable value of the property by $48,000 for primary residences.
• Senior Citizen Exemption: This exemption reduces the taxable value of the property by $48,000 for senior citizens (65 years or older) who have owned and occupied the property for at least 10 years.
• Disability Exemption: This exemption reduces the taxable value of the property by $48,000 for property owners with a disability.
• Veteran Exemption: This exemption reduces the taxable value of the property by $48,000 for honorably discharged veterans who have served during wartime.

To qualify for these exemptions, property owners must submit an application to the county assessor's office.

Payment Schedule & Deadlines

Property taxes in Lyman County are due on March 31st of each year. Property owners who fail to pay their taxes by the due date may be subject to late payment penalties and interest.

• Full Payment: Property owners can pay their taxes in full by March 31st to avoid late payment penalties.
• Installment Payments: Property owners can make installment payments in two or three installments, with the first payment due on March 31st and the remaining payments due on June 30th and September 30th.

It's essential to note that late payment penalties and interest may be applied to unpaid taxes. Property owners who are unable to pay their taxes by the due date should contact the county treasurer's office to discuss payment options.

Appealing Your Assessment

If you disagree with your property assessment, you can appeal to the county board of equalization. The appeal process typically involves the following steps:

• Submit an appeal application to the county treasurer's office.
• The county assessor will review the appeal and provide a written response.
• The county board of equalization will review the appeal and make a final decision.

It's essential to note that the appeal deadline is usually around mid-September of each year. Property owners who are considering appealing their assessment should contact the county treasurer's office for more information.