In February 2017, there were five homes sold, with a median sale price of $30,000 - a 66.7% decrease over the $90,000 median sale price for the same period of the previous year. There were three homes sold in Palo in February 2016.
The median sales tax in Palo for 2017 was $2,969. In 2016, the median sales tax was $2,861. This marks an increase of 3.8%. The effective property tax rate, using the median property tax and median home sale price as the basis, is 9.9%.
The following table compares Palo to other Linn County cities with similar median sales prices in February 2017:
| City | Feb. 2017 Home Sales | Feb. 2016 Home Sales | % change (Total Home Sales) | Feb. 2017 Median Sales Price | Feb. 2016 Median Sales Price | % change (Median Sales Price) |
|---|---|---|---|---|---|---|
| Mount Vernon | 3 | 2 | 50% | $215,000 | $195,875 | 9.8% |
| Ely | 4 | 2 | 100% | $203,700 | $69,000 | 195.2% |
| Alburnett | 3 | 1 | 200% | $180,000 | $106,000 | 69.8% |
| Marion | 58 | 55 | 5.5% | $164,243.50 | $127,000 | 29.3% |
| Fairfax | 4 | 2 | 100% | $129,750 | $127,250 | 2% |
| Cedar Rapids | 146 | 158 | -7.6% | $115,250 | $115,000 | 0.2% |
| Hiawatha | 7 | 6 | 16.7% | $104,900 | $100,750 | 4.1% |
| Central City | 3 | 0 | - | $84,450 | $0 | - |
| Coggon | 2 | 3 | -33.3% | $52,250 | $75,000 | -30.3% |
| Center Point | 3 | 3 | 0% | $49,900 | $167,000 | -70.1% |
| Palo | 5 | 3 | 66.7% | $30,000 | $90,000 | -66.7% |
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