Approximately 55,000 parcels of residential and commercial real estate in the city saw an average increase in value of seven to nine percent since the last assessment in 2015.
“Of those 55,000, we had 17,000 that increased by 15 percent or more,” Dunlap said.
He also said statewide assessments are done on odd years and the jump in values is all based on the market rebounding from 2008.
With rising property values comes rising taxes. Last year, city property owners paid $350 million in taxes. This year that's expected to reach $371 million if assessments are approved.
“We don’t establish the tax rate. We combine tax rates,” Dunlap said. “Then we get the certified rates we receive from the taxing authorities and send it to the auditor. Once we get things back from the auditor, we establish the tax rate.”
Growth in property values and taxes are happening all over the St. Louis metropolitan area.
“We've got an average increase of seven to nine percent, Jefferson County, St. Charles County, St. Louis County, they are all running the same way,” Dunlap said.
The city and all counties make mistakes. Their goal is to assess between 90 and 110 percent of value. Preferably 90 to 100. So if you think something is wrong, let the assessor’s office know and they will talk with you.
Dunlap said city residents can call 314-589-6581 with a residential property question or 314-589-6586 with commercial property questions.