St. Louis County residents shocked by reassessments
ST. LOUIS, MO/July 19, 2017 (STLRealEstate.News) St. Louis residents this week expressed a fear in opening the mail they’ve received regarding their property reassessment. They don’t want to see the latest numbers, most of which have been reported to include a sharp increase since the last assessment. The city sent out the reassessment notices last week, and it’s put a lot of community members into sheer shock.
It would be one thing if St. Louis County residents were used to this kind of change. The problem is that this is the first time everyone, no matter their community, is seeing an increase, to the tune of 7 percent across all real estate properties. It’s something the city hasn’t seen for years. Reassessments come out every odd-numbered year, and the greater region hasn’t seen pricing increases since before the Great Recession back in 2008. For many who haven’t been following along with the read hot real estate trends and transactions in St. Louis, opening that reassessment notice came as a complete shock.
Residents, like Brenda Achenbach, want to know why her assessment shot up dramatically. She has lived in the Tower Grove East Neighborhood since 2005, and recently received her first hiking notice. She claims her assessed value went up by 76 percent. “The real estate market in St. Louis has gotten warmer, and we’ve seen our fair share of that – but 76 percent is outrageous,” claimed Achenbach.
To come to the assessment conclusions, the city claimed it used a “mass appraisal system to value the real estate.” The system uses construction location, condition, and other variables to value a specific property. The city reported that of the 140,000 parcels of land in the county, about 55,000 had an increase in value this year. “We haven’t seen significant increases in 10-years,” said Freddie Dunlap, St. Louis assessor.
Additional resources: St. Louis Association of Realtors
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