Property values rise in St. Louis County
CLAYTON (KMOV) - Property values are up 12-24% in St. Louis County in the past two years, in what the local assessor is calling a double-edged sword for homeowners.
St. Louis County Assessor Jake Zimmerman says that it’s a good thing that values are rising, but it can also present a challenge for homeowners as property taxes go up along with the valuations. Zimmerman says it can be especially tough for first-time homeowners.
“What if you’re a first-time home buyer? What if you’re trying to scrape together for a down payment? What if you’re trying to get out of mom and dad’s basement?” Zimmerman said.
Even for older adults, it can be a challenge. The Welsh family saw a 36% increase in their property valuation for their Wildwood home, something that Lynn Welsh says is unexplainable.
“This went up 132, more than $132,000,” Welsh said. “You can’t tell me that’s realistic... They measure [the taxes] with whatever the assessed value is. We won’t know what the tax rate is going to be until later this year, but it will be substantially higher I’m sure.”
The Welsh family has lived in the home for three decades and says they can afford any tax increases. However, they plan to file an appeal with the Assessor’s office, believing that their home could not garner such value if put on the market
A property across the street gained more than $60,000 in value after it was flipped last year but still sold for less than the Welsh home’s most recent valuation.
New bi-yearly property assessments are already online in St. Louis County, and paper copies are coming in the mail in the next few weeks. In St. Louis City, property values also jumped around 9-10%, and the story was similar when notices came in St. Charles County last week.
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