A daily journal concerning Lake Vermilion and surrounding areas.
Selected real estate, notes, stories, musings, and anecdotes.

Because Someone Asked.

July 3, 2013

I’ve had this question come up before… “Are properties selling at or near their current assessed tax value?”

Well, twenty-seven (27) year to date Lake Vermilion sales (that contained the appropriate associated data from the local Multiple Listing Service) revealed the following:

Of that group of 27 completed sales, only four (4) sold within 10% of their St. Louis County determined taxable value.  The final sales prices were a very broad range of 40% to 143% of the taxable value!

Of interest, but of questionable value, is the fact that the average percentage of the group was 98%.

2 Comments »

  1. Out of the 27 vermilion sales, only 4 sold with in 10%. Is that below or above assessed market value? And the other property’s 40 – 143%. Above or below market value?

    Comment by Dan Pearson — July 8, 2013 @ 4:28 pm

  2. Of the 4 sales within 10% of their taxable value, 2 were above that value and 2 were below that value.

    Of the total group of 27, 14 were below the taxable value (with the lowest at a 40% value) and 13 were above the value (with a highest at 143% of value).

    Comment by Bill — July 9, 2013 @ 12:45 pm

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