Sales Above Assessed Value:
A significant majority (89%) of the properties sold for more than their assessed value in July of 2024. This trend could be attributed to various factors such as a competitive housing market, low inventory, or specific property features that are highly valued by buyers.
Narrowing Gap:
The narrowing gap between assessed values and actual sale prices could indicate that property assessments are becoming more accurate or that the market is stabilizing. Historically, a widening gap can signal that properties are undervalued or that market conditions are rapidly changing. Conversely, a narrowing gap might suggest that property values are being assessed more in line with current market conditions.
Taxation Implications:
Increasing Taxes: With rising taxes, property owners might be facing higher costs, which could influence their decision to buy or sell. However, the data shows that despite increasing taxes, properties are still selling for more than their assessed value, suggesting that the market remains robust.
Impact on Sales: The fact that properties are consistently selling above their assessed values might mean that buyers are less sensitive to tax increases, perhaps because the perceived value or utility of the property outweighs the additional tax burden. Even though real property taxes in Wyoming have increase dramatically over the past few years, Wyoming is still known for having some of the lowest real property taxes in the nation. The Wyoming legislature has also passed legislation for tax relief. https://www.wyoleg.gov/Legislation/2024/HB0003
Nobody likes to see their property taxes increase. We can be thankful that our taxes are low compared to the rest of the nation. The Wyoming Legislature has passed tax relief bills. Lastly, odds are your property is worth more on the open market than what you are being taxed for. Century 21 BHJ is ready to provide a current property assessment for anyone interested.