(KMOV.com) – Despite recent success on Wall Street, homeowners in St. Louis County are faced with home valuations continuing to decline Monday.
The values are preliminary, but there’s no doubt the drop in value has many districts concerned about the impact that will have on their schools.
The biggest plunges happened in the areas with the worst housing markets, especially the ones dominated by foreclosures, which is mainly districts in north St. Louis County.
The biggest plunge in value is in the Riverview Gardens district, which fell almost 24 percent, and is already unaccredited and under state control.
Property values in the Normandy-Wellston district fell 15.4 percent, Valley Park dropped nearly 13 percent and Jennings fell 12.2 percent.
County Assessor Jake Zimmerman says north St. Louis County, which has been devastated by foreclosure is seeing the biggest potential loss in property tax revenue.
“Foreclosures are terrible for communities,” he said. “They do a lot more than just affect the property owner who is losing their home.”