CAPE COUNTY GEARS UP FOR REASSESSMENT

Cape Girardeau County is gearing up for another round of property value reassessment.

Two years ago, significant changes in property values for some resulted in big tax increases, but County Assessor Jerry Reynolds said this year's reassessment shouldn't cause such widespread changes.

"We are getting the data together and doing sales comparisons," Reynolds said. "There will be some minor changes, but I don't see any real huge changes."

Prior to the 1997 reassessment, it had been eight years since a 1989 round of reassessment.

In 1997, the Missouri Tax Commission ordered 105 counties, including Cape Girardeau, to do major reassessments.

"We let that go too long," Reynolds said. "Now it's on a two-year cycle."

On even-numbered years, the county assessor reviews new construction in the county. On odd-numbered years, all property old and new is reviewed.

"We don't have anywhere near all the information," Reynolds said. "There will be a few things go up and a possibility that some things go down."

Values for residential property are set on a neighborhood-by-neighborhood basis. Homes are visually examined from the outside, compared to the value of surrounding homes, and adjusted if necessary.

"We'll run sales studies on all the neighborhoods," Reynolds said.

In addition, prices will be adjusted according to a tax index, a method to adjust appraisals to meet today's values. An index of 1.0 is what property was worth in 1985. The tax index under the appraisal system used by the county is expected to be 1.90.

Reassessment must be completed by May 15. Notices will be mailed to property owners who will have an increase in value, and those who feel the value has been set incorrectly may take their concerns to the county's Board of Equalization in July.

Tax bills will be mailed in November.

The county's assessed valuation continues to climb, meaning higher revenues for taxing entities like cities, school districts and fire protection districts. However, safeguards are built into state law preventing these taxing entities from profiting from reassessment. Such entities must roll back rates so revenues will equal what they were the year prior to reassessment, plus tax growth from new construction and an adjustment for inflation, usually around 3 percent.

This rollback, while substantial in 1997, should be much less in 1999, Reynolds said.