From January through March of 2017, there were four homes sold, with a median sale price of $141,500 - a 40.6% increase over the $100,625 median sale price for the same period of the previous year. There were six homes sold in Palmyra in the first quarter of 2016.
The median sales tax in Palmyra for 2017 was $3,699.83. In 2016, the median sales tax was $3,539.10. This marks an increase of 4.5%. The effective property tax rate, using the median property tax and median home sale price as the basis, is 2.6%.
The following table compares Palmyra to other Lee County cities with similar median sales prices in the first quarter of 2017:
| City | Jan. - Mar. 2017 Home Sales | Jan. - Mar. 2016 Home Sales | % change (Total Home Sales) | Jan. - Mar. 2017 Median Sales Price | Jan. - Mar. 2016 Median Sales Price | % change (Median Sales Price) |
|---|---|---|---|---|---|---|
| Harmon | 1 | 1 | 0% | $400,000 | $6,000 | 6566.7% |
| Nachusa | 1 | 0 | - | $327,000 | $0 | - |
| Steward | 2 | 0 | - | $151,200 | $0 | - |
| Palmyra | 4 | 6 | -33.3% | $141,500 | $100,625 | 40.6% |
| Dixon | 46 | 41 | 12.2% | $76,500 | $40,000 | 91.3% |
| Ashton | 4 | 2 | 100% | $70,000 | $39,750 | 76.1% |
| Franklin Grove | 1 | 3 | -66.7% | $66,000 | $21,000 | 214.3% |
| Lee | 1 | 1 | 0% | $58,000 | $85,000 | -31.8% |
| Paw Paw | 4 | 2 | 100% | $56,612 | $63,875 | -11.4% |
| Amboy | 7 | 14 | -50% | $55,000 | $36,250 | 51.7% |
| Sublette | 1 | 3 | -66.7% | $33,000 | $50,000 | -34% |
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