COUNTY VALUATION GROWS STEADILY

JACKSON - Assessed valuation of property in Cape Girardeau County has grown steadily over the years, reflecting both a strong growth in real-estate development and increasing value of property in the county.

In 1992, Cape County's total assessed valuation of real and personal property stood at $477,545,185, up considerably from the 1960 total of $66,358,459 and the 1940 total of $24,672,769.

The amount of revenue generated from that assessed valuation has also changed dramatically over the years, with the 1992 figure generating $17,594,878 and the 1960 figure bringing in just $2,319,913.

But with the development of the sales tax as a growing source of revenue for Cape County - in fact, 10 years ago the county commission reduced the property tax levy to zero - the amount of the property tax going to schools has increased substantially. However, the percentage of total property tax revenue going to schools has remained about the same.

In 1973, seven years before the county began its half-cent sales tax, the property tax levy for the county general fund generated $647,685. In 1981 that figure was just $244,418. As part of the state law that gave voters the option of imposing county sales taxes, half of the sales tax revenue was required to be used to roll back the county's property tax levy.

Of the property tax revenue generated in 1960 at the county level, $1,167,182 went to school districts in Cape County; of the property tax collected in 1992, $13,728,731 was designated for schools.

Cape County Assessor Jerry Reynolds said that property taxes go back to statehood in Missouri. At one time property taxes were the primary source of revenue for governments, a trend that has changed dramatically in recent years.

"Overall, our growth in property value has been pretty uniform except for the reassessment year," said Reynolds. "The trend has been over the years for this county to be on a steady upward growth in the value of its real estate."

While there has been an end to the county's general revenue property tax, there have been new property tax levies assessed in the county in recent years to fund specific needs. Tax levies have been imposed to fund the sheltered workshop, mental health, county health department, and services for senior citizens.

There has also been a sharp decline in county road districts. At one time there were several districts in the county, but now there is just the Cape Special Road District. The rest of the outcounty is funded by county road and bridge revenue.

Overall, since 1960, the total real-estate assessed valuation of Cape County has grown from $42,005,380 to $326,760,770. Assessed value of personal property has climbed from $9,861,550 to $96,770,010. State-assessed railroad and utility figures have grown from $10,846,449 to $54,014,405.

Assessed value of real estate in communities around the county has also grown dramatically in 32 years, reflecting not only new development and increased property values but also extension of boundaries in many instances.

The assessed value of real property in Cape Girardeau was $34,689,916 in 1960, and is $252 million this year. Jackson, with an assessed value of $5,356,662 in 1960, was $58 million last year. Some other communities in the county also showed substantial growth in property values. For example, the city of Delta's real-property value went from $278,737 to $1,584,446 last year, and the city of Gordonville increased assessed valuation from $101,825 to $1,535,707.

But not all towns in the county have experienced such striking growth, a reflection of decreased development and a decline in population. Old Appleton, for example, with an assessed valuation of $94,760 in 1960, had a figure of $255,919 last year. Oak Ridge moved from $116,876 to just $591,754 during the 32-year period; Pocahontas increased from $100,365 to $349,876; Whitewater went from $107,241 to $362,764.

One reason for the increased assessed values throughout the county was statewide reassessment, which was enacted in 1985. Reynolds pointed out that reassessment was one of the major changes that occurred in assessment of property in the state's history.

Reassessment stemmed from a 1979 Missouri Supreme Court ruling that declared property assessments were not uniform within counties and between counties.

As part of the process, taxing entities were required to roll back tax rates to avoid receiving a windfall from the increased assessed value. The reassessment process left some taxpayers with large declines in taxes, but others will sizable increases.

As part of the reassessment process, all property was divided into three classifications: commercial property was assessed at 32 percent of its value; residential property at 19 percent of its value; and agricultural land at 12 percent of its value. Previously, all property was assessed at one-third of its value.

Reassessment drove the assessed value of property up nearly 50 percent. In 1984, Cape County's total assessed valuation was $370,740,199, compared to a total valuation of $251,485,863 in 1984. However, the tax rate rollback accomplished its purpose because the assessed value increase of 1985 generated $9,908,127 in revenue, compared to $9,686,021 the year before.

In 1967, total assessed value for Cape County was $91,763,835, generating a total of $3,668,348 in revenues; in 1973 the assessed value was $129,537,005, generating revenues of $5,953,748; in 1981 the assessed value was $222,200,723, generating $9,988,174; and in 1988, assessed value was $402,791,989, generating $13,518,792.