St. Louis residential property rising in value

Residential property in the city is becoming more valuable — a fact that could drive up potential sale prices for many city residents, but also could raise their property tax bills.

The St. Louis City Assessor's office announced today that its biennial reassessment of all real estate within the city limits found that the market value of existing residential property rose by about 12 percent since the previous citywide assessment of two years ago.

That number included some 17,000 residences on which the estimated value rose by 15 percent or more, requiring the city to make on-site physical inspections to confirm it.

"The market rebounded in 2015 and 2016 and is continuing to do well as we go into 2017," City Assessor Freddie Dunlap said in a written statement. "Because of those market increases, we are looking at significantly higher reassessments this year compared to any other reassessment period since the real estate market crash in 2008."

Commercial property values rose by a more modest 4 percent, most of that due to new construction, the statement said.

Missouri state law requires such citywide reassessments every odd-numbered year, to ensure that the official appraised value of property for tax purposes is in line with actual market values.

State law also requires the assessor's office to notify all property owners of any increase in their property values. Those notices, which will be mailed out beginning Wednesday, will include an estimate of the taxes that will result from the change in assessed value and expected changes in tax rates.

Tribune Content Agency
Appraisals Real estate CRE
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