REASSESSMENT NOTICES DRAW 125 INQUIRIES

JACKSON - About 8,500 notices have been mailed to Cape Girardeau County property owners advising them that their real estate values have been increased by the county mapping and appraisal office.

The increases are the result of a state law that requires assessor's offices around the state to update property values in odd numbered years. This is a way to keep the 1985 statewide reassessment in Missouri current.

Roger Arnzen, director of the mapping and appraisal office, said he has received about 125 calls from property owners inquiring about the notices they received. Arnzen is inviting anyone to contact him or a member of his staff to discuss the assessment.

In some cases, Arnzen said the property could be checked again by a member of his staff.

But Arnzen suggested that for most people, the increase in their value will actually amount to a small amount of taxes.

For example, if the notice indicated the value of a real estate parcel increased $1,000, that means the actual increase in taxes will be about $40, since the average property tax rate in Cape Girardeau County is around $4.

To determine the exact tax, Arnzen said since rates are based on per $100 assessed valuation, property owners should divide their increased valuation by 100 and multiply that times their tax rate.

Since residential property is assessed at 19 percent of its market value, Arnzen said to determine how much the market value of the property was increased by his office, the assessed value increase should be multiplied by .19.

Using the $1,000 assessed valuation increase figure, that means the market value was raised by $5,260 on the property.

In the case of property classified as commercial, assessed value is based on 32 percent of the market value.

"It is important to keep in mind that these increases are based on what our appraisals were," said Arnzen. In some cases, values have not been increased since 1987 or 1989.

Arnzen explained that increases were determined by areas of a town, and in many parts of the county property values have increased significantly in recent years.

"I would say most of our valuations are still fairly conservative," said Arnzen.

He added that real estate values are not increased when a particular home sells, but rather the sales are factored in when determining the overall increase of the value of homes in a neighborhood.

Arnzen said in some areas of town property values may have increased 3 percent, while in others it may have increased 10 percent.

Anyone with questions about the value of their property can contact the mapping and appraisal office at 243-3123.

In June, the county board of equalization will meet for its annual session, so that property owners who feel their assessments have been increased unfairly can appeal.