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St. Louis County property owners reminded to watch for valuation notices

The St. Louis County Assessor’s Office has begun mailing out the annual Notice of Valuation and Classification to all property owners. The notice provides information on property classification and estimated market valuation. With approximately 150,000 total taxable parcels in the county, the notices are sent out in waves. Some residents have likely already received theirs, and remaining notices will be mailed within the next several weeks.

Property owners are encouraged to review their Notice of Valuation and Classification closely. Any questions or concerns should be directed first to the County Assessor’s Office. Contact information is listed on the notice. Assessor Department staff will review any concerns and can provide an explanation of how the valuation amount was determined based on parcel records, local sales activity and general market trends.

Anyone who has talked with the Assessor’s Office staff and still has concerns about their property’s valuation or classification has the right to appeal. Due to ever-changing restrictions and precautions surrounding COVID-19, Local Board of Appeal and Equalization meetings may again be held differently this year. The schedule and latest information can be found on the county’s website at stlouiscountymn.gov/assessor.

Many homeowners will see an increase in the estimated market value of their property. As the name indicates, the estimated market value is the estimate of what the property would sell for if offered for sale. The robust nature of the residential real estate market right now — due in part to the tight housing market and relatively low interest rates — means that home values have increased in various parts of the county.

An increase in estimated market value does not necessarily translate into an increase in property taxes. Assessed values for 2021 are used as the basis for calculating taxes payable in 2022. However the amount of taxes due cannot be determined until each taxing jurisdiction — county, city, school district, and any special taxing district — determines their budget and levy for 2022.

More information about the assessment process, as well as the complete 2021 Assessment Summary for St. Louis County is available online at stlouiscountymn.gov/assessor.

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