Posted: Mar 19, 2013 7:24 AM by Associated Press
CLAYTON, Mo. - Preliminary reassessment figures show that the median value of a residential property in St. Louis County declined 7 percent over the last two years.
County Assessor Jake Zimmerman released the figures Monday. The St. Louis Post-Dispatch reports that many properties in areas with high levels of foreclosure sales are down 12 percent or more.
St. Louis County reassesses property every odd-numbered year.
Assessments increased for residential properties in only one school district - 0.4 percent in Clayton. The biggest drop was in the Riverview Gardens School District - 24 percent.
Zimmerman says sales volumes are picking up and the real estate market appears to be recovering.
The values are preliminary and could be changed by the assessor's office until July 1.