How do you get your real estate tax reduced if the home sale price is lower than county assessed value?
If the sale price of a home is substantially lower than the value assessed by St.Louis County, how does one go about getting the county's assessed value reduced to be in line with market value and therefore reduce tax assesment.
My understanding is that the value assessed by the county is supposed to be an approximation of the market value of the property . So if the market value of the property falls, how does the county adjust its assesed value downwards ? Is it automatic or does one have appeal ?
Thanks in advance for your feedback and suggestions
the county will record the new sales price and make their adjustments accordingly, but the tax assessments are done every two years, so to ensure that the tax rate is adjusted now instead of waiting until the next automatic adjustment which will pick up the sales price, I would go talk to the county. You can find the information you want on the st louis county website.
Here's the link to the page describing the appeas process in St. Louis County: http://revenue.stlouisco.com/TaxAppeals/Default.aspx
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