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%.

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