How did Saint Louis County determine the estimate of value for my house?
The Assessor uses the “sales comparison approach” to establish the fair market value for most residential real estate. Fair market value is defined as “the most probable price your home would sell for after a reasonable exposure in a competitive market to a ready, willing and able buyer with both buyer and seller each acting prudently, knowledgeably and for self interest and not under duress”. In other words, what your house would sell for in the open marketplace. Houses that have recently sold and are comparable to your house were selected based on their location and physical characteristics. These are the houses listed as the “comps” on your Change of Assessment Notice. The actual selling prices of these properties were adjusted to account for differences in characteristics, such as square footage, number of garages, condition, etc.
