Sales Data
The 2012 sales data shows sales activity in the City of Novi for reference purposes.
Oakland County Equalization has determined that for 2012, Novi will use a 24 month sales study. For Novi that period is from October 1, 2009 to September 30, 2011. Novi’s City Assessor has also included sales through December 31, 2011 in this sales study. Under a 12 month study the average assessment increase would have been 2.79%. With the 24 month study, that average increase is only 1.2%. The 24 month sales study helps the taxpayer because it considers older sales. The City of Novi used one year sales studies for 2008, 2009, 2010 and 2011 when residential activity showed overall declines.
Foreclosures themselves are not considered arm’s length transactions or indicative of the way that properties normally change hands. Few people would argue that foreclosures are distressed transactions. However, the subsequent sales from a foreclosure (bank repossessions to new owners) may be considered if they are influencing normal neighborhood transactions (current owner to new owner sales).
Click on the link below for 2012 sales data by parcel/address. Information includes terms of sale, adjusted sales price, current assessment, square feet, etc.
