Stories of property-tax sticker shock are buzzing around St. Louis, with this month’s biennial reassessment of all real estate within the city limits.
The preliminary numbers released by the St. Louis assessor’s office show that city real estate values have finally regained the ground lost in the recession. Total real property was assessed (a lower number than the appraised value) at $3.61 billion this year, exceeding its previous high of $3.48 billion in 2010.
But while residents of popular neighborhoods grouse at the prospect of higher tax bills, the assessment data show that the housing recovery has not moved north of Delmar Boulevard. Except for a handful of neighborhoods just north of the central corridor, nearly every north St. Louis neighborhood saw further declines in median home values.
The city has reported that the market value of existing residential property rose by about 12 percent since the previous citywide assessment of two years ago, a huge spike. In all, more than one-third of St. Louis’ 140,000 properties rose in value, with some 17,000 rising by 15 percent or more, requiring the city to make on-site physical inspections to confirm it.
Read more: St. Louis Post-Dispatch