St. Louis property value soars following reassessment -

St. Louis property value soars following reassessment

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Homes in St. Louis City. Credit: KMOV Homes in St. Louis City. Credit: KMOV
ST. LOUIS, Mo. ( -

Some St. Louis residents said they're afraid to open their mail because they don't want to see the latest reassessment of their property.

The city sent out reassessments last week and it's leading to a lot of sticker shock.

This is something the city hasn't seen for years.

The assessor's office said the total increase for all real estate is about seven percent.

Reassessments come out in odd-numbered years and the city hasn't seen an uptick since before the recession in 2008.

Brenda Achenbach wants to know why her assessment has shot up.

She's lived in the Tower Grove East Neighborhood since 2005 and recently got her notice.  She said her assessed value went up 76 percent.

"The real estate market in St. Louis has gotten warmer and we've seen our fair share of that but definitely not 76 percent," Achenbach said.

The city said it used a "mass appraisal system to value real estate."

The system uses construction location, condition, and other variables to value a specific property.

Of the roughly 140,000 parcels of land in the city of St. Louis, nearly 55,000 had an increase in value this year.

"We haven't seen significant increases in ten years," said Freddie Dunlap, St. Louis assessor.

Dunlap said that the value of property has increased since 2015.

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