CLAYTON, MO (KMOX) – St. Louis County Assessor Jake Zimmerman has released preliminary real property values for most properties in St. Louis County. The values reflect continuing declines for many properties: the median residential property is down 7.0%, while many properties in areas with high levels of foreclosure sales are down 12% or more.
The school districts seeing the biggest drops are Riverview Gardnens, down 23%, and Normandy/Wellston, down 15%.
“The good news is that sales volume is finally picking up and the real estate market appears to be turning around,” Zimmerman said. “But our economy still has some work to do before the majority of property values begin rising again. These values reflect the continuing difficulty in the local real estate market over the past two years. While some individual properties and neighborhoods have seen value increases, most of St. Louis County real estate has continued to experience declines.”
The Assessor’s office is required by law to establish the fair market value of real property as of January 1st of each reassessment year (every odd year). While the real estate market is ever-changing, state law requires a single snapshot in time of each property on January 1, 2013, to find its representative value for taxing purposes. That value is fixed until the next reassessment year in 2015.