Home values skyrocket in parts of St. Louis as city corrects underassessments
City property owners impacted can expect their property taxes to rise, as well.
ST. LOUIS, Mo. (First Alert 4) - A postcard in the mail was all it took to send South City property owner Sarah Ulrich into a scramble.
The notices from the St. Louis City Assessor’s Office stated several of her Marine Villa rental properties saw skyrocketing assessments and appraisals. Her multi-family property jumped from about $67,000 to nearly $175,000 in appraised value. Another property skyrocketed to $100,000, up from just $20,000. Her assessments jumped similarly.
“Assessment is the process of placing value on a property for the purpose of property taxation,” according to the city.
Ulrich, who also serves as vice president of the Marine Villa Neighborhood Association, says the increases could mean higher rents for tenants and tighter margins for landlords.
“We want to make it affordable. The apartments [I rent out] are all under $1,000 a month,” she said. “But if our property taxes go up, we’ll have to ask more.”
Ulrich is one of many homeowners seeing significant reassessment increases this year as the city works to bring property values in line with market rates.
According to Interim Assessor Shawn Ordway, roughly 10% of properties citywide were substantially underassessed in previous years. A review of assessment data led his office to closely examine 14 specific neighborhoods, mostly in Southeast St. Louis, where home values were found to be far below comparable sales.
“We’ve underassessed some properties, so we’re catching up in those areas,” Ordway said. “There’s sticker shock. We can’t keep underassessing.”
The new assessments are based on external inspections and sales data. Under Missouri law, any increase in assessed value of 15% or more requires that the city notify the property owner.
While the city is required to inspect the exterior of each property, owners can request an interior inspection if they believe the condition of their home warrants a higher/lower value.
City homeowners can gather their own information by visiting the St. Louis City Property Search website. Homeowners can find information on how to appeal here.
Ordway says all city property owners will receive updated assessment documents, including information on updated 2025 property tax dues as well as how to appeal.
“Absolutely, reach out to us,” Ordway says. “We’ll be happy to talk to you.”
While Ulrich has no plans to request a reassessment, she believes property owners shouldn’t have to bear the burden of the city falling behind on assessments.
“Is it fair? No,” Ulrich tells First Alert 4, “It is not fair. This should have been slowly incremented.”
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