The St. Louis County Assessor’s Department is reminding property owners that Local Board of Appeal and Equalization meetings are happening this month and next, and to review their 2024 Estimated Market Value (EMV) notification in case they have questions or concerns. Most residents have received their EMV notice by now in the mail. Remaining notices will be mailed within the next couple weeks. This notice provides information on property classification and estimated market valuation. This is the estimate of what the property would sell for if offered for sale under typical, normal, and competitive conditions.
The total assessed estimated market value of St. Louis County property for 2023 is $24,687,246,900 up from last year’s $22,302,508,200; reflecting total growth of $2,384,738,700. The complete 2023 Assessment Summary for St. Louis County is available online at stlouiscountymn.gov/assessor. The 2023 assessments are used as the basis for determining property taxes to be paid in 2024.
While some growth was seen in almost all segments, it was exceptionally strong in the residential market with strong appreciation due to increasing demand and a short supply of residential properties within the market. The steep costs of construction are likely another key factor. Total growth in the 2023 residential assessed market value was $1,926,060,872 which is 10.94% above the 2022 assessed estimated market valuation. The valuation increase in this segment equates to 80.77% of the total assessed estimated market value growth in 2023. As a result, many areas throughout the County will see residential assessed estimated market value increases. The extent of the valuation increase for homeowners will vary depending on several factors: location, improvements, neighborhood, whether there is lake frontage, for example.
This situation is not unique to St. Louis County, as surrounding counties are also seeing similar increases in property valuations for the same reasons. Property owners are encouraged to review their Valuation and Classification Notice closely. Any questions or concerns should be directed first to the County Assessor's Office. Contact information can be found 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. Issues can often be resolved at this level without the necessity to file an appeal.
"Any time there is a large change in valuations, we know it can be concerning," said Board of Commissioners Chair Patrick Boyle. "We also understand that the timing of valuation changes during the COVID-19 pandemic, can make it particularly difficult.”
After talking with the assessor, anyone with continued concerns has the right to appeal. The schedule, answers to frequently asked questions, and latest information can be found on the county's website at stlouiscountymn.gov/assessor.