NEWS RELEASE
FOR IMMEDIATE RELEASE:
May 1, 2024
CONTACT: Mary Garness
Public Records and Property Valuation Director
218-726-2675
St. Louis County 2024 assessment summary reports $2 billion in increased values
Home prices continue to rise, and this is reflected in the 2024 St. Louis County Assessment Summary. The report was just completed by the St. Louis County Assessor's Department and shows the total assessed estimated market value of St. Louis County property for 2024 is $26,717,542,500 up from last year’s $24,687,246,900. Total growth in the 2024 estimated market value is $2,030,295,600, an 8.22% increase over 2023. The complete 2024 Assessment Summary report is available online at stlouiscountymn.gov/assessor.
The 2024 property assessment marks another year of valuation increases across most major segments. While growth has been exceptionally strong in the residential market, almost all categories also so growth. Reasons for this change may include a strong demand and short supply of housing stock and the cost of construction.
Total growth in the 2024 residential assessed estimated market value was $1,591,080,824 which is 8.15% above the 2023 assessed estimated market value. The valuation increase in this segment equates to 78.37% of the total assessed estimated market value growth for 2024. The extent of valuation changes may vary for homeowners depending on several factors: location, improvements, neighborhood, utility access, whether there is lake frontage, etc.
Most residents have received their annual 2024 Estimated Market Value (EMV) notification in the mail within the last few weeks. This notice provides information on property classification and estimated market valuation for the 2024 assessment for taxes payable in 2025. The estimated market valuation, as its name indicates, is an estimate of what a property would sell for if offered for sale under typical, normal, and competitive conditions.
Property owners are encouraged to review their Valuation and Classification notices carefully. Any questions or concerns should be directed to the County Assessor’s Office. Contact information can be found on the notice.
Assessor Department staff will review any concerns and provide information regarding the valuation process and how the valuation amount was determined. Issues can often be addressed at this level without the necessity to file an appeal. 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.
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