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Updated 2025 Tax Year

Lyman County
Property Tax Guide

Everything you need to know about property taxes in Lyman County, SD. Rates, due dates, exemptions, and how it affects your monthly payment.

9 Official Sources
8 min read
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Quick Facts
Tax Rate
Approximately 0.50% effective rate, varies by taxing district and location
Exemptions
5+ Available
Section 1

How Property Tax Works

Lyman County, South Dakota operates under a property tax system that serves as the primary funding mechanism for essential local services including county government operations, schools, roads, and emergency services. Property taxes in Lyman County are assessed annually based on the property's assessed value, which is determined by the county assessor and reassessed periodically to reflect current market conditions.

The effective property tax rate in Lyman County for the 2025 levy year is approximately 0.50% of assessed value, though actual rates vary significantly depending on your property's location within specific taxing districts such as school districts, municipalities, and special service areas. Property owners should expect rate variations based on local bond issues, special assessments, and the particular combination of taxing entities that serve their property. Unlike some states, South Dakota does not impose a statewide assessment cap, allowing local assessors flexibility in valuing properties at market rates.

Section 2

What Makes Up Your Tax Bill

ComponentRateDescription
County General~0.15%County operations, roads, law enforcement
School District~0.25%K-12 education funding (varies by district)
Municipal~0.05%City services (if within city limits)
Special Districts~0.05%Fire protection, library, water/sewer districts
Total Composite Rate~0.50%Combined rate (varies by location)

Rates shown are for FY 2025-2026 levy year and represent approximate composite rates. Actual rates vary by specific taxing districts within Lyman County. Properties may be subject to additional special assessments for improvements, bond payments, or voted levies not reflected in the base rates above.

Section 3

When Are Property Taxes Due?

For the 2025/2026 tax year in Lyman County, property taxes are due in two installments:

Pro tip: If you pay through mortgage escrow, your lender splits these payments across your monthly mortgage. If you pay directly, set calendar reminders to avoid late penalties.
Section 4

Supplemental Tax Bills

Supplemental taxes in Lyman County are triggered by changes in property ownership, new construction, or substantial improvements that occur after the annual assessment date but before the end of the tax year. When these events occur, the county assessor calculates the difference between the original assessment and the new assessed value, applying the current tax rate to determine the supplemental amount owed.

For example, if you purchase a newly constructed home in Lyman County valued at $400,000 in March, but the property was assessed as vacant land worth $50,000 for the current tax year, you would owe supplemental taxes on the $350,000 difference. Using the 0.50% rate, this would result in approximately $1,750 in supplemental taxes prorated from March through the end of the fiscal year.

Example Calculation

Example 1: $300,000 Home

  • Market Value: $300,000
  • Assessed Value: $300,000 (100% of market value)
  • Less: Homestead Tax Credit: -$500 (if applied for and approved)
  • Net Taxable Value: $299,500
  • Annual Tax (0.50% rate): $1,498
  • Monthly Escrow: $125

Example 2: $600,000 Home

  • Market Value: $600,000
  • Assessed Value: $600,000
  • Less: Homestead Tax Credit: -$500 (if applied for)
  • Net Taxable Value: $599,500
  • Annual Tax (0.50% rate): $2,998
  • Monthly Escrow: $250

Example 3: $1,000,000 Home

  • Market Value: $1,000,000
  • Assessed Value: $1,000,000
  • Less: Homestead Tax Credit: -$500 (if applied for)
  • Net Taxable Value: $999,500
  • Annual Tax (0.50% rate): $4,998
  • Monthly Escrow: $416

Note: Tax credits require annual application and are not automatically applied. Actual rates may vary based on your property's specific taxing districts.

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Section 5

Escrow & Property Taxes

Most mortgage lenders in Lyman County require property tax escrow accounts for borrowers with less than 20% equity. Your lender collects monthly property tax payments along with your mortgage payment, depositing these funds into an escrow account. The lender then pays your property taxes directly to Lyman County when they become due, typically in two installments during the fiscal year.

Lenders conduct annual escrow analyses to ensure adequate funds are collected, adjusting your monthly payment if necessary based on actual tax bills and any rate changes. Property owners are responsible for providing their lender with current tax assessment notices and should verify that payments are made timely to avoid penalties. If you pay taxes directly without escrow, mark your calendar for the county's specific due dates and consider setting up automatic payments through the county's online portal.

How HonestCasa Helps
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Section 6

Frequently Asked Questions

Q: When are property taxes due in Lyman County for FY 2025-2026? A: Property taxes are typically due in two installments - the first half by April 30th and the second half by October 31st. Contact the Lyman County Treasurer for exact dates.

Q: What tax credits are available and how do I apply? A: The primary tax credit is the Homestead Tax Credit (Form PT-38C), which provides up to $500 in tax reduction for qualifying owner-occupied residences. Applications must be filed annually with the county assessor by March 1st and are not automatically renewed.

Q: Does the Homestead Credit reduce my home's value? A: No, the Homestead Credit is a tax credit that reduces your tax bill, not your assessed value. It also may include provisions that limit annual assessment increases for qualifying homeowners, helping provide tax stability.

Q: How often is my property reassessed? A: Lyman County conducts property reassessments on a cyclical basis, typically every 3-5 years, though the county may assess annually if market conditions warrant. You'll receive notice before any reassessment.

Q: Can I appeal my property assessment? A: Yes, property owners may appeal their assessment to the Lyman County Board of Equalization, typically during March and April. Contact the county assessor's office for specific procedures and deadlines.

Q: What penalties apply for late payment? A: Late payments incur penalties and interest charges. Unpaid taxes may result in tax lien sales. Contact the Lyman County Treasurer for current penalty rates and collection procedures.

Q: Can I pay my property taxes online? A: Check with the Lyman County Treasurer's office for available online payment options and accepted payment methods.

Q: Why did my taxes increase when my assessment stayed the same? A: Tax increases can occur due to higher mill levies from your taxing districts (county, school, city, special districts) even when assessed values remain constant. Vote approvals for bonds or increased spending can raise tax rates.

Verified Sources

Backed by 9 Official Government Sources

Every fact in this guide is sourced from official county, state, and federal documents.

01
Tax Doc
Tax-Rates.org — The 2024-2025 Tax Resourcemylrc.sdlegislature.gov
02
Tax Doc
Calculating the Dollars Needed to Reduce Property Taxesmylrc.sdlegislature.gov
03
Tax Doc
Property Tax | South Dakota Department of Revenuedor.sd.gov
04
Tax Doc
Application for Property Tax Homestead Exemptiondor.sd.gov
05
august-2020-990-index.csvirs.gov
06
Relief Programs | South Dakota Department of Revenuedor.sd.gov
07
County
LYMAN COUNTY AUDIT REPORT For the Two Years Ended ...legislativeaudit.sd.gov
08
Codified Law 7 | South Dakota Legislaturesdlegislature.gov
09
County
County Registers of Deedssdsos.gov
All sources verified as of 2025 Tax Year

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