Everything You Need to Know about Property Reassessments
It’s finally spring, which means that everything is starting to come up roses (including actual roses). The season brings everything we’ve been looking forward to: sunnier days, our favorite flowers in bloom, and the return of happily chirping songbirds. However, this year is an odd year, which means that something else is around the corner: property reassessments.
This year, assessors will be out looking at property in St. Louis City, St. Louis County, and in St. Charles. This means that your property tax bill may increase or decrease, depending on a variety of factors. Maybe you’re a first-time homeowner or just don’t quite understand how property reassessments work. Don’t worry – we’re here to help answer any question you might have! Keep reading to learn more:
What is a reassessment?
Before we jump into what reassessments are, let’s begin with plain old assessments. An assessment is a process that is done to determine one’s property tax bills, which are based on both the assessed value of your property and the property tax rates. Reassessments are processes that simply reevaluate your property for tax purposes. It happens to everyone every other year.
Why are reassessments done?
A reassessment is done to make sure that your property is assessed based on current market values (instead of values from, say, 1993). Market values change as the years go by, so reassessments are there to help equalize among taxpayers, along with accurately reflecting current market conditions.
What can change my property tax bill?
Remember how we mentioned earlier that certain factors can increase or decrease your numbers? When an assessor begins sizing up your property, he or she will take many economic conditions into consideration, including:
*Supply and demand
*Any changes in tax laws
Please remember, the assessor does not create your property’s value. He or she is simply interpreting the real estate market value.
What if I disagree with the assessor’s opinion on my property value?
You have the option to file an appeal to the Board of Equalization (BOE) if you don’t agree with the assessor! Here’s the only catch – you can only file every other year. For example, if you choose to file an appeal this year, you can’t put in another appeal in 2020.
How do I file an appeal?
So you’ve decided you want to take action on the recent reassessment on your property. In order to do so, you will need to fill out a formal BOE appeal and submit it to the county. You also need to support your case with substantial evidence. An appraisal from an independent appraiser, photos of existing structural issues or concerns, or even recent bills showing the value of any new additions you’ve made can definitely help your cause!
Is there a deadline for filing an appeal?
Yes! Reassessment forms are due May 1, but you have until July 8 – the 2nd Monday in July – to file your appeal! BOE hearings will begin in July and August, and you should hear back by September 30 regarding the outcome of your appeal. You can find appeal forms starting in early May at the BOE office in Clayton and online.
If you have more questions or are still unsure how to get started, let your friends at BHHS Select Properties give you a hand! Contact us today to learn more.