The owner of the farm next to Tea flipped the land in less than a year and pocketed nearly $500,000! Quite a quick profit for him but will likely be a big flop for Lincoln County taxpayers. See his original deed Here, filed November 1, 2019. (South Dakota’s real estate transfer tax is $0.50 per $500 of purchase price.) $917.50 of tax is a purchase price of $917,500! He will sell to Lincoln County less than a year later for $1,400,000. See the purchase agreement Here. A cool $482,500 off the backs of Lincoln County taxpayers.
Plus he gets to remove up to 75,000 yards of fill dirt from it before the end of 2022. Who will he sell that to? Lincoln County? If so, at what price?
