KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar BluffProperty taxes: Calculating your home's value

Property taxes: Calculating your home's value

By Crystal Britt - bio | email

CAPE GIRARDEAU, MO (KFVS) - It's that time of year, you've probably received that property tax bill in the mail.  Have you figured out what your home's value is these days?

If not, we have the formula plus the latest on home appraisals during these tough economic times.

This year, it's not just the taxes people are nervous about, but their home's value.

"Market values are down on property, real estate properties are definitely down from a year or two ago, no question about that, " said Ken Puchbauer, Community Bank President for Montgomery Bank. 

It's something felt by lenders, realtors, appraisers, and you the home owner, especially for those looking to sell.

"We're seeing some statistics that there is some mild recovery, it's going to be a long winter though," said Puchbauer. 

As you prepare to pay those taxes this winter, here's something you may not know: the formula for figuring out exactly what your assessor's office has down as your home's worth.

In Cape Girardeau County, tax payers will see a number that represents assessed value.

"On residential property (it represents) 19 percent of value, commercial is 32 percent, agricultural is 12 percent of value," said County Assessor Jerry Reynolds.

To figure that out, Reynolds says you take that assessed valuation number, and divide it by .19 if it's a residential property.

Reynolds says don't get discouraged if you don't like the number.

"I don't think values are down here like in some metropolitan areas, but at the same time through the years we've seen things go up, but haven't seen the tremendous rises other areas have seen," said Reynolds. 

Local lenders have seen some positive changes over the last six months.

"We saw some nice sales activities this summer. The multi list server in Cape Girardeau had the actual number of sales and the average sale price was up this quarter quite nicely," said Reynolds. 

The higher end homes are seeing a dramatic loss in value, the middle of the road homes like the $150,000-$200,000 properties seem to be fairing better.

Jerry Reynolds who's served as assessor for more than three decades offers this hope, "Prices of real estate as long as I've been around have gone up."

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