If you live in the City of St. Louis or St. Louis County, Missouri, you recently received a Notice from the Assessor advising you of the new appraised value of your real estate. For most people that means your residence.
The Assessor is required by law to re-assess the value of all real estate located in his or her jurisdiction every other year. For St. Louis and St. Louis County, that means odd numbered years.
Of course, the effect of an increase in your assessment is an increase in your real estate taxes. For those whose assessment increased face the good news-bad news conundrum. Your property is increasing in value [smile], but you have to pay more in real estate taxes [frown].
In most reassessment years, the Assessor’s work generates very little attention. Some values increase, some decrease … but the percentage of increase or decrease is relatively small. Usually less than 10%.
This year, however, the Assessor’s analysis of real estate values in St. Louis City and County has generated quite a bit of attention. Some, like me, received notices increasing the appraised value of their property by 50%. Some others received notices reflecting increases of over 100%. In many of these cases, like mine, no improvements were made to the property.
Angry taxpayers want to know what’s going on. (I do.)
So, what can you do if you are not happy with the appraised value of your property as shown on your reassessment notice? One word: Appeal.
There are two avenues of appeal, and you may want to take advantage of both of them. One approach, if your property is single family, residential real estate, is to ask for an informal conference. The informal conference gives you an opportunity to sit down with a representative of the Assessor’s Office and discuss the value of your property.
The Assessor’s Office will explain how they arrived at their value and you can tell the Assessor your opinion of your property’s value. You are allowed to provide information supporting your opinion, such as comparable sales, unusual conditions on your property, and other information that would suggest that your property is not worth as much as the Assessor thinks it is.
Many taxpayers are able to achieve a reduction in their appraised values in the course of the informal conference. If satisfied with the reduction, taxpayers can settle with the Assessor. The deadline for scheduling an informal conference in St. Louis County is June 9, 2017.
If you are not satisfied with the result of the informal conference, you can take your appeal to the Board of Equalization. The deadline for filing an Appeal with the Board of Equalization (in the City or the County) is the second Monday in July (July 10, 2017).
The following information is available from St. Louis County’s website:
For more information regarding your property assessment in the City of St. Louis, go to this website.
To obtain Forms for filing an Appeal with the Board of Equalization in the City of St. Louis, request them in person, or by writing to: Board of Equalization, Room 120 City Hall, St. Louis, MO 63103.
To file an online Appeal with the Board of Equalization in St. Louis County, click HERE.
To download a form to file an Appeal with the Board of Equalization in St. Louis County, click HERE.