Asheville Area Luxury Houses Sold for Up to $4 Million in Q1
Buncombe County mansions sold for millions of dollars in the first quarter of the year, some with features such as infinity pools and elevators. When it comes to taxes, some paid less than half their sales values.
A house taxed at 70.8% of sales value was near the middle of the pack in 2023. More expensive homes paid a lower percentage, with the top 10 sellers for January through March having a median tax value to sales value ratio of 54%.
Top Sales and Tax Assessments in Q1:
- $4 million – 73 Crestridge Drive – assessed $2.2 million (57% of market value)
- $3.5 million – 308 Flowering Vine Court – assessed $1.8 million (51% of market value)
- $3.4 million – 27 Beaverbrook Court – assessed $2.2 million (65% of market value)
- $3 million – 21 Greenmont Drive – assessed $1.5 million (50% of market value)
- $2.9 million – 23 Lance Valley Court – assessed $1.3 million (45% of market value)
- $2.7 million – 1 Evelyn Place – assessed $1.5 million (57% of market value)
- $2.6 million – 807 Blackthorne Lane – assessed $1.6 million (62% of market value)
- $2.2 million – 8 Hemlock Road – assessed $1.8 million (83% of market value)
- $2.2 million – 39 Bent Creek – assessed $885,000 (41% of market value)
- $2.2 million – 35 Beadle Lane – assessed $1,058,000 (49% of market value)
County data indicated that homes selling for over $1 million had a median tax value of 62% of sales value. For homes in the $500,000 to $750,000 range, it was 64%, and for sales between $300,000 to $500,000, it was 64%.
Reasons for the disparities in tax assessments include rising prices among the costliest mansions and the infrequency of countywide reassessments of all Buncombe properties.
Additional Information:
More: Infinity pools and second homes; Top 10 Asheville Q1 luxury home sales
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