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Every other year, the St. Louis County assessor’s office does a reassessment of property values. In 2017, residential values rose about 9.5 percent. For 2019, initial numbers suggest that homeowners can expect a similar increase. This news brings mixed responses from residents, so we wanted to break down what it means.
Good News for the Market
Raising property values signal a strong market. This is great for the city and its residents. St. Louis’ market has been doing well since 2015. This is, in part, because the city is becoming more appealing to new homeowners who are flocking here from other places to buy their homes. This growth is allowing the city to thrive.
Not Just the Expensive Parts of Town
Another piece of good news for the city is that this increase wasn’t restricted to just the more expensive parts of town. So far, the data suggests home values rose in every school district in the county. In past years, some of the poorest areas of the city saw little to no increase, so this is a significant improvement. The assessor’s office release also explained that home values are especially strong in more affordable neighborhoods.
What This Means for Homeowners
Especially if you’re planning to sell your home in the near future, this increase is great news. Even for residents who are currently planning to stay put, the increase still brings benefits. County Assessor, Jake Zimmerman, explains that “for many, their home is their largest investment. Increasing values helps homeowners build their assets and their financial security”. He also emphasized that “strong home values build strong communities”. As a resident, this is what you want to see.
The frustration you’re most likely to hear from property owners is the resulting increase in taxes that will follow an increase in home value, and this is true. As property values rise, so do taxes. Even this has a bright side though, with the Hancock Amendment making it so that taxes can go up only so much each year.
The important thing for all homeowners is to ensure their assessment is correct. St. Louis County residents can currently view their preliminary 2019 real estate values online and will be mailed their change of assessment and projected tax liability notices in May. These values aren’t final until July 1, and it’s important for residents to check their assessment for accuracy. If your assessment says you have an additional bedroom or bathroom than what you actually have, this will impact your home’s value and thus the taxes you’ll pay on that. There’s more info on how to appeal here.
Increasing property values show that St. Louis’ real estate market continues to be strong. Homeowners will benefit from the financial security that can result from this, though they may also feel the increase in taxes as well. How do you feel about the increasing property values in St. Louis? Let us know your thoughts in the comments.