180 THE FISCAL PROBLEM IN MISSOURI

tend to decline. No assessor, however capable, can appraise
the numerous factors affecting values in the several sections
of a city with such a degree of accuracy that absolute uniformity
 can be obtained. The best that can be expected is a
minimum of variation.

TaprLe 55. RaTios oF AssSesSED VALUATION TO SALES
VaLrug, Crry Lots 1x CoLumBia, Missourt, wiTH Lots
CrassIFIED ACCORDING TO SALES VaLug, 1923-1928
Source: McLean, E. E.: The Ratio of Assessed Value to Sale Value of Real Property
 in Boone County, 1910-1914 and 1923-1928

0p 999
$1,000- 3,999.
4.000~ 6,999
7.000- 9,999.
10,000-12,999
3,000-15,999
16,000-18.999.
19,000 and ave
1§39 ~rn

Sale Price

Number of
Transactions

202
594
202
~n

Sales Value

$186,520
1,162,355
1,039,630
775,630
Ann

a)

Assessed
Valuztion

$94,955
603,805
550,074
557,508
260,754
44,850
25.200
‘NL A160

Ratio of
Assessed
Valuation to
Sales Value
Per Cent

''52

L ss
51
a

Another form of variation considered in the Boone County
study involved a comparison between the more valuable and
the less valuable properties. Table 55 shows the results of
the investigation of this form of variation in Columbia
properties. The more valuable properties were found to be
assessed at a lower proportion of sales value than were properties
 of small value. Thus, 322 properties sold at prices
between $4,000 and $9,999 showed a ratio of 559, while 53
properties sold at prices between $10,000 and $15,999
showed a ratio of 519, and 11 properties sold at prices
between $16,000 and $38,000 showed a ratio of 44%.
There are several reasons why an assessor might be inclined
 to assess the larger and more valuable properties on
a lower basis. Knowing the tax rate of former years, he is
impressed by the large amount of taxes that will be levied
against a valuable property. The owners of large and valuable
 properties, moreover, are usually people of considerable
1 Compare Table 75, showing a similar tabulation of farm properties in the
same county according to acreage.