I get a lot of questions from sellers about what their property is worth. Often time the Fair Market Value (FMV) is a good estimate. Every year I take a look at sales prices in each township and compare them to the FMV as put forth by each town’s assessor. I break them down by on water and off water properties.
Most of the towns end up between 85% and 95%. The Town of Winchester had one very large off-water sale ($9M) that skewed the data. The town of Land O’ Lakes off-water looks very poor. There were not a lot of sales that were included and two of the sales were distress sales that really skewed the numbers.
The closer you are to 1.00, the more accurate the assessment. The most accurate assessments appear in the Town of Lincoln. The lowest assessed values were in Land O’ Lakes and the highest were in Winchester.
We will look at the Oneida County numbers in the next few weeks. In the meantime, Happy Winter!