St. Louis Real Estate Tip of the Week: What To Do About Your Home’s Assessed Value

It’s reassessment time again.  Per Scott Shipman, St. Charles County Assessor, the goal of the Assessor’s office is to attach fair market values derived from recent qualified sales to each home for the purposes of calculating real estate taxes. He also explained that a qualified sale “is one that meets criteria of a fair market evaluation.” Mr. Shipman further explained how the Assessor’s office has a database of properties by address only, not by name, and they have their own photos, they do not rely on the MLS photos to demonstrate condition.  The MLS purchases data from the assessor’s for tax information.

The assessor’s office hires appraisers who review the properties every two years. Your assessed value of your property is as of January 1, 2013, which means the value of your home is determined on comparable sales based on sales one year prior to this date, and not the present year.  The Fair Market Value (FMV) may or may not be what your property might sell for, but a value for assessment purposes only.

If you received a postcard indicating your home is scheduled for an increased evaluation and thus an increased property tax, you have the option to file an appeal. Ed Bushmeyer, St. Louis City Assessor said, “If a property is listed with an agent on the open market, our office would use the sale as a comp.”  However, the sales transaction must be an arm’s length transaction to be considered as a comp.

The biggest question with the assessor’s office is regarding the usage of foreclosed properties as sales comps.  Typically, the assessor’s aren’t agreeable to use comps in a neighborhood for foreclosed properties. However, a skilled professional should be able to discuss a neighborhood riddled with a large percentage of short sales and foreclosures as a factor to determine Fair Market Value.

The tip of the week is:  Study the comps in your neighborhood and try to determine the condition and or amenities of your neighboring sold properties in the past year.  If you want to appeal your assessed value, the assessor’s office offers informal assessment conferences with an appraiser to review the information they have on your property in order to ascertain facts.  Sometimes, there are errors in the property data on file. This information will be corrected.   

If you want to research properties sold near your home, your best resource is to contact a professional Realtor® to assist you in determining your home’s value by reviewing actual recent sales in a close radius to your home.

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Beverly Taki is a Missouri-licensed real estate broker who has successfully represented clients for 25 years.  She is a broker salesperson at Keller Williams Realty St Louis. 10936 Manchester Road, St. Louis, MO   63122. Beverly has earned a certificate in dispute resolution from Pepperdine University, specializing in negotiation and mediation. Taki can be reached at beverlytaki@kw.com or 314.677.6366.  Her website is beverlytakistlouis.com. Her blog is realestatestlou.com.

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