The real estate market in Washington County and in the rest of the Twin Cities metro area has seen some of the largest gains in recent history during the past year and a half.
Sales prices paid for homes have greatly exceeded the county’s assessed values, also called estimated market value.
For example, nearly 600 home sales in Cottage Grove averaged 22% higher than the county’s assessed value, while sales in Oakdale exceeded the assessed values by nearly 18%.
Assessed values are estimates of market value based on sales in a community or neighborhood. They are required to be at or very close to the amount a property would sell for if placed on the open market as of a certain date.