ST. LOUIS, MO/May 18, 2017 (STLRealEstate.News) Property values are going up in St. Louis County, and so are the property taxes. What’s been an incredible last 2-years for the St. Louis real estate market has translated into higher valued properties – and residents aren’t happy about it. It’s been almost 10-years since many of the reassessed saw any kind of hike in their property value. Opening the letters this week with increased property value information spelled out one clear thing for residents: higher property taxes.
City Assessor Fred Dunlap said St. Louis is simply responding to the real estate market today. Close to 55,000 parcels of residential and commercial real estate in the city saw an average increase in value of seven to nine percent since the last assessment took place in 2015. Land reassessments take place on every consecutive odd year. “Of those 55,000, we had 17,000 that increased by 15 percent or more,” said Dunlap. Naturally, residents that fell into the big increase category weren’t too thrilled with the result.
Dunlap went on to state that although statewide assessments are done on odd years, the values of the market following the Great Recession result in no property value increases until now. Used to no changes from 2008 until 2017, a lot of citizens are trying to calm down and max sense of it all.
Of course, with rising property values come rising taxes. Last year, city property owners paid $350 million in taxes. This year that’s expected to reach $371 million if assessments are approved. “We don’t establish the tax rate. We combine tax rates,” Dunlap continued. “Then we get the certified rates we receive from the taxing authorities and send it to the auditor. Once we get things back from the auditor, we establish the tax rate.”
Dunlap is hoping more St. Louis residents will do some research to understand the assessment letters they got this week.