Jefferson County’s economic health is good when the results of a recent real estate and personal property reassessment are any indication.
Jefferson County Assessor Bob Boyer said his office’s work over the past few months shows that the value of real estate in the county has increased 10.5 percent over the past two years.
“That shows Jefferson County is growing,” Boyer said.
The estimated valuation of the county – the total of all properties in the 664 square miles of the county – this year is $ 3.91 billion.
While the ongoing trend in the real estate market – where many homes are being sold for more than advertised price – is driving some of this surge, other factors play a role.
“We are seeing the number of people moving to Jefferson County from the city and St. Louis County increase, largely to escape crime and draconian health orders,” Boyer said. “People choose to come here to work and raise their families.”
Boyer said 13,421 title deeds were transferred in 2020 and an additional 5,843 sales were recorded in mid-2021, up 6 percent from mid-2020.
Boyer said another good omen was that 602 newly built homes were added to the valuation lists so far in 2021, up 16 percent from the same point in 2020.
“Jefferson County is growing, and not just in the northern part,” said Boyer. “We’re seeing new housing developments in the Hillsboro area, along the I-55 corridor, and also on the west side of the county.”
Boyer acknowledged that not everyone welcomes growth.
“I still think that growth is a positive thing,” he said. “If you can spread the tax liability among more people, that’s what you want to do. It’s a good thing for everyone. “
Personal property
In terms of revaluation of personal property – mostly vehicles – Boyer’s office reported a 12.7 percent increase but said it believed the increase could be a product of the pandemic.
“I think we can all agree that 2020 was not a typical year,” he said. “Of course there was COVID, and the stimulus payments and interest rates were lowered.
“While some people used these incentive payments to cover their expenses, a lot of people went out and made down payments on vehicles – and some at a higher price than they normally got on the market.
“Sports car sales grew significantly, with lots of people buying trucks, RVs, and SUVs,” Boyer said.
Boyer said the state is requiring district appraisers to value vehicles according to the National Automobile Dealers Association (NADA) October Trade-In Values Guide.
“We have to follow the numbers NADA gives us and we checked with other counties in the area – St. Louis County, Franklin County, and St. Charles County – and they all see the same thing.”
Boyer said that vehicle value usually depreciates over time, but the market over the past year – which has also driven up prices for many used cars – created what he considers an anomaly.
“There will be some people, especially those with the higher end cars and trucks and recreational vehicles – who may see property tax increases when the bills are mailed out later this year – but most people won’t. As always, your vehicles will lose their value over time. “
State law protects against taxpayers’ money
That leads to the message that Boyer wants to emphasize.
“Just because the appraised value has increased doesn’t mean your taxes will. People will see that the county’s estimated value has increased 10.5 percent and will assume their taxes increase by the same amount. That’s not how it works.
“First of all, the appraisal office does not set the tax rates. Your school district, fire safety district, and all other tax districts do this. According to the law, the appraisal office only determines the value of the taxable assets.
“If the districts set their tax rates for 2021, they will not be able to collect any taxes compared to the previous year. They put their numbers into a formula used by the state and, under the Hancock Amendment, can’t bring in more than the consumer price index allows for the year.
“But if you’re concerned about how your tax dollars are being spent, look at how your school district, your fire department, your ambulance district is spending it.
“Our job is to give your property a fair value,” he said.
He said he believed his office was doing just that. He said his office had legally sent notices to 90,000 property owners that their land’s valuation had increased by at least $ 1 over the past two years.
He said only 125 of those owners appealed their assessment to the county’s compensation committee.
“Most of these were filed by professional tax opposition firms on behalf of retail chains who are appealing everywhere to reduce an item in their customers’ budget,” he said.
Boyer said that only about a dozen of those 125 were filed by homeowners, and that of the majority of the 125 appeals already heard, only three resulted in an adjustment in the estimated rating.
“Compare that to St. Louis County, which has thousands of appeals that take months to be heard,” he said. “We try to evaluate conservatively and fairly.”
For more information, call the appraisers office at 636-797-5466 or email [email protected].