St. Louis Real Estate Tip of the Week: Preparing for a Property Tax Reassessment Appeal

If your assessed property value is higher than the Fair Market Value (FMV) then you may want to appeal this value. You will need to submit your appeal by Monday, July 8, 2013.  If your assessed value is 10% greater than the FMV, then most assessment authorities feel your case is worth appealing.  If the assessed value is between 5 and 10% greater than the FMV, you may want to consider an appeal, depending on the value of the property and how much money you would save. However, if your assessed value is only 0-5% greater than the FMV, it may not be worth your time and effort to appeal.

The tip of the week is:  To prepare for your Appeal, some research must be completed.

1.) Consult the Assessor’s website to check the data on your property.

2.) Consult the website to locate the sales comparable sales that they used for their appraising purpose.

3.) Try to gather as much information as you can about your property and those nearby.

4.)  Locate any appraisals that have been done on your property, even if they are old.

5.) Prepare your case with evidence such as gathering all photos.

The government has many means for gathering data on homes as well.  They use Google searches and Google Earth photographs of the home and the neighborhood.  They search for old MLS ads that may have a property description that varies from their data and they look up old listings or Internet ads in search of photos to look for additions or other upgrades.

The Assessor’s Office is required to drive by or otherwise visit every property in their jurisdiction once every six years.  If you file for an appeal, it is likely that someone from the Assessor’s Office will drive by your home. Sometimes they leave a card. Sometimes they ask to come in and other times, and they just drive by.  They may walk around the property but not go inside. They could also take measurements and look for additions or improvements.

Informal conferences for St. Louis County must be scheduled by June 3rd. The appeal must be filed by the Monday, July 8th. Referring to the Assessor’s website is the best place to learn all the due dates and further appeal opportunities.

When you actually meet with an appraiser, it’s important to be very well prepared to present your case.  It’s best to just present facts and try not to get too personal with these appraisers.  Documentation to bring to support your case might include a HUD1 to show the purchase price if it was in the past two years and appraisals from any refinances on the property.  Most importantly, be prepared to discuss comps and costs per square footage on the subject property as well as the comps. If there are neighborhood issues that are affecting property values, bring newspaper articles about these occurrences and be prepared to demonstrate how property values have dropped due to changes in the area.

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Beverly Taki is a Missouri-licensed real estate broker who has successfully represented clients for 25 years.  She is a broker salesperson at Keller Williams Realty St Louis. 10936 Manchester Road, St. Louis, MO   63122. Beverly has earned a certificate in dispute resolution from Pepperdine University, specializing in negotiation and mediation. Taki can be reached at beverlytaki@kw.com or 314.677.6366.  Her website is beverlytakistlouis.com. Her blog is http://www.realestatestlou.com