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%.