Revealing research about sales prices versus property assessments of residential dwellings located in the City of Moncton
At first I was researching only sales of vacant single family detached dwellings. The period I selected was the first three quarters of 2014. After compiling 103 sales (of which 38 were foreclosed dwellings), the relationship between the sale prices and the assessments was surprising. Many of these vacant Moncton dwellings sold for less than their assessed values. And some foreclosed properties sold for significantly less.
Then I decided to expanded my research to sales of owner occupied single family detached dwellings. Again I chose only Moncton dwellings sold in the same nine month period. I compiled an additional 304 sales.
Together these 407 sales amounted to a total value of $76,535,920. Surprisingly the total value of the 2014 assessments for the 407 dwellings amounted to $77,254,900. And please note that property assessment amounts are supposed to be the “real and true value” as of January 1st of the year, in this case 2014. These sales in the first three quarters of 2014 totaled about 99% of their assessed values on January 1.
January 1, 2015 is almost here. Will 2015 assessments increase for single family detached properties located in the City of Moncton? It appears that 2014 property assessments are maxed out. What would justify assessment increases on January 1? Homeowners will discover their 2015 property assessments in March when the property tax bill arrives in the mail.