172 THE FISCAL PROBLEM IN MISSOURI

number of transactions in the 50%, to 59% group. Such is
not the case, however, for only 17.29, of the total number of
transactions showed ratios of not less than 509%, and not
more than 599, and only 19.79, of the total sales value was
accounted for by the 354 transactions that showed ratios of
509% to 59%.
The cumulative data are particularly enlightening. For
example, about 10.9%, of the total number of transactions
showed ratios of 1009, or more, and almost 90%, showed
ratios of 309, or more. That the properties which sold at
high ratios of assessed valuation to sales value were in general
 of small value is clear from the fact that only 3.6% of
the total sales value of all properties was accounted for by
those properties with ratios of 100%, or more.
Although the 1929 data, presented in Table 51, are more
significant than any other data that might be presented,
before considering the compilations based upon the 1929
statistics mention should be made of sales value studies
made by the Taxation Committee of the Missouri Bankers’
Association. In both 1923 and 1925 data were compiled for
a large number of counties, the volume of transactions in
the former year being 1,013, and in the latter,936. The ratios
of assessed value to sales value computed from the aggregate
data were 56.5%, and 589, respectively. These ratios tend
to confirm the representative character of the 1922 sample
taken from seven counties, since in 1925, for example, the
Missouri Bankers’ Association data included sales transactions
 in 100 counties.
The ratios computed from the aggregate data thus far
considered were 559, for 1922, 56.59, for 1923, and 589, for
1925. It is significant, therefore, to find that the 1929 ratio
of assessed valuation to total sales value computed from the
totals for thirty-nine counties is 55%. On the basis of the
four studies it seems safe to conclude that real estate in
Missouri has been assessed on the average at about 55% of
its sales value. It is admitted that special factors, such as
the terms of the sale and the fact that certain properties
sold under unusual conditions could not be eliminated in
compiling the data, influence the ratios to some extent.