CLAYTON — Homeowners in St. Louis County who believe the value of their property has declined along with some of the market here should not expect any assessment reductions until 2009.
Reassessment is done every two years, with no provision for interim action. (Individual appeals, however, can be made, starting in the spring.)
Officials do expect the 2009 reassessment to be nothing like 2007's, in which property values soared 22 percent and ignited angry protests from homeowners.
"The 2009 reassessment should not generate a large increase in value based on our analysis of sales occurring in today's market," according to the county reassessment staff's plan for 2009. "We do not anticipate a large number of residential properties increasing more than 15 percent" in value, the document said. The county's increase last year outstripped the rest of the state, including the counties surrounding St. Louis County.
In the Ferguson-Florissant and Hazelwood districts, assessments increased by about 30 percent. Many other districts saw increases of 20 percent or more.
Figures from the St. Louis Association of Realtors show that average and median house sales prices last year declined compared with 2006 in most school districts in the county.
However, property owners won't see assessments that reflect the declines until next year. Under state law, property assessments for Jan. 1, 2007, stay on the books until a reassessment next year, said Eugene Leung, the county's director of revenue.
Just because an area's value is dropping does not mean a tax decrease follows. Many jurisdictions can be expected to raise their tax rates if assessments drop.
Some school districts here rely on the property tax for at least 60 percent of their revenue.
Patrick Lanane, assistant superintendent for finance of the Lindbergh School District, said that school districts are guaranteed by law to receive the same amount of money they got under the previous assessment.
Districts can increase their tax rates to offset losses in assessed value up to their voter-authorized tax rate ceiling, Lanane and Leung said.
The fall of house prices will not affect district finances this year, Lanane said, but he acknowledged that districts taxing at their ceiling would be prevented from obtaining significant additional money.
Lindbergh raised an additional $4.7 million last year by not rolling back its residential tax rate. It is using the money to comply with the federal No Child Left Behind Act by hiring more teachers and counselors to give low-achieving students more attention, Lanane has said.
David Glaser, chief financial officer of the Rockwood School District, said officials have budgeted cautiously to build a reserve equaling 24.8 percent of spending. That approach would allow the district to continue at its present pace for several years despite falling house prices, he said. The increase in Rockwood's residential assessed value last year was 24 percent compared with 2006; the district rolled back its residential tax rate last year by 9.5 percent.
By
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
ST. LOUIS POST-DISPATCH 02/01/2008
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
| 314-863-2812
|
