Hot Springs, Fall River County, South Dakota Property Taxes

Name: Property Tax Bills Across Hot Springs, Fall River County, South Dakota
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median HOT SPRINGS, SD effective property tax rate: 1.77%, significantly higher than the national median of 1.02%.
Median HOT SPRINGS, SD home value: $99,240
Median annual HOT SPRINGS, SD tax bill: $1,861, $539 lower than the national median property tax bill of $2,400.

How are property taxes in Fall River calculated?

Property taxes in HOT SPRINGS, SD are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding HOT SPRINGS’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in HOT SPRINGS, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Hot Springs, Fall River County, South Dakota Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.77%

Estimate Property Tax Bill

$1,757

$1,630

Ownwell’s Hot Springs Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Hot Springs with just two data points. By entering your property's estimated assessed value, our calculator applies Hot Springs’ median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Fall River County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Hot Springs, Fall River County, South Dakota

Local government entities in South Dakota set tax rates, which can vary widely within a state. Why? Because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Hot Springs’ effective property tax rate to other cities in South Dakota and the median property tax rates in South Dakota and the U.S. In Hot Springs, located in Fall River County, the median property tax rate stands at 1.77%. This is significantly higher than the national median property tax rate of 1.02%. This higher rate reflects the local government's approach to funding public services and infrastructure. By understanding these rates, property owners in Hot Springs can make informed decisions about their investments and potential tax liabilities.

Property Tax Rates Across Hot Springs, Fall River County, South Dakota

Source: Ownwell

1.14%

1.94%

2.75%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Hot Springs Tax Rate

1.77%

Median Effective Fall River County Tax Rate

1.76%

Median Effective South Dakota Tax Rate

1.45%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Hot Springs, Fall River County, South Dakota

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
57747	1.21%	1.43%	1.77%	2.04%	2.48%

Source: Ownwell

Property Tax Assessment Values Across Hot Springs, Fall River County, South Dakota

When examining property taxes in Hot Springs, South Dakota, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Fall River County estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Fall River County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Hot Springs.

For example, the median home price in Hot Springs is $99,240, with tax bills ranging significantly across the county. Zip code 57747 has the highest median home price at $99,240.

Property Tax Assessment Values Across Hot Springs, Fall River County, South Dakota

Source: Ownwell

$17,400

$70,548

$123,695

Median Hot Springs Market Value

$99,240

Median Fall River County Market Value

$74,790

Median United States Market Value

$235,294

Property Tax Assessment Values Across Hot Springs, Fall River County, South Dakota

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
57747	$8,100	$31,330	$99,240	$169,410	$247,400

Source: Ownwell

Property Tax Bills Across Hot Springs, Fall River County, South Dakota

In Hot Springs, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors and reflects the estimated market value of the property. Homeowners in Hot Springs, located in Fall River County, face a median property tax bill of $1,861, which is below the national median of $2,400. Factors such as property size, location, and improvements can influence the assessed value, and consequently, the tax bill. The property tax bill can vary significantly, with the 25th percentile at $685 and the 90th percentile reaching $4,028. This variation underscores the importance of understanding how assessments are conducted and ensuring they are accurate. Homeowners can often find themselves paying more than necessary if their property's assessed value is overestimated. This is where Ownwell can make a difference. By providing expert property tax appeal services, Ownwell helps homeowners navigate the complexities of tax assessments, potentially saving them significant amounts on their annual tax bills.

Property Tax Bills Across Hot Springs, Fall River County, South Dakota

Source: Ownwell

$188

$1,025

$1,861

Median Hot Springs Tax Bill

$1,861

Median Fall River County Tax Bill

$1,468

Median South Dakota Tax Bill

$2,732

Median United States Tax Bill

$2,400

Property Tax Bills Across Hot Springs, Fall River County, South Dakota

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
57747	$208	$685	$1,861	$2,975	$4,028

Source: Ownwell