Rice County Assessor Reports Home and Ag Land Values

Rice County Assessor Joshua Schoen reported results today of a Sales Ratio Time Study for the 2022 Assessment that has not been completed yet.  Schoen told the County Board of Commissioners meeting as a Committee of the Whole the study started October 1, 2021 and will continue through September 30, 2021.

As of July 27, 2021 3,513 parcels had been visited and reviewed by the appraisal staff.

Schoen stated there were 713 qualified sales as of July 27th, "The average Rice County home sale prices was over $282 thousand. At this time the study found Northfield average was $303,491 and Faribault $221,494.  Also the median home, we tend to look at the median price a lot more when we're studying statistics because a lot of the Department of Revenue statistics are based on the median."

"The median home in Rice County (during this study) was over $265,000.  $282,000 in Northfield and over $220,000 in Faribault."

Schoen continued, "It seems the bottom end of the market has gone up faster than the high end over these last few years.  We are getting more of the high end home selling right now.  At the beginning of this time study which started last October the typical sale might have been $10,000 under the listing price."

He added, "As we're getting into August now the typical sale is probably going for at least $10,000 dollars over the listing price.  It's not uncommon for us to see sales that are $20,000  to $40,000 over and we've seen some as high as $65,000 to $85,000 over the listing price."

The high residential sales during the time frame outlined was $921,000 for Northfield, $535,000 in Faribault and $860,500 in the area townships.

Schoen told Commissioners home sales have obviously seen increases in prices, "But the thing more of note is that the gap between the average sale price and our estimated market value has grown quite a bit.  Where we were starting off with a close to 93 ratio we are now at closer to 79 percent ratio.  In the years I've been here we have never had a month below 84.7 percent."

"So the market has gone up dramatically over the last 12 months and we'll have to adjust the values accordingly."

In agricultural land Schoen showed a slide stating there have been 27 qualified sales from last October through the 27th of this July with the average sale price per deeded acre $6,977 and the average sale price per tillable acre has been $8,207.

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