Cole County board hears assessment appeals
Saturday, July 27, 2013
Roughly one in 12 Cole County property owners saw increases on their real estate values this year, and about the same number saw decreases.
For those wanting to appeal those assessment changes, the Cole County Board of Equalization has been holding hearings.
Those who saw an increase got a notice from the assessor’s office earlier this year. Of the total 33,661 real estate parcels in Cole County, 2,828 parcels saw an assessment increase.
Of those increases, 706 were raised because of new construction, additions or remodeling.
There were 2,794 parcels that decreased in value, while 28,038 saw no change.
Hearings can take as little as 15-20 minutes while others, especially those dealing with commercial properties, can take up to two hours.
On Friday, the board heard appeals from individual property owners.
Property owner Dennis Morrissey told board members he saw an increase of more than 10 percent for his home in the 1200 block of Amity Road.
He said his assessment hasn’t changed since 2005, but this bump will make the value go from $118,000 to $130,4000.
He also noted that the Board of Realtors reported that from 2005-12 the average sale price of a home in Jefferson City had only gone up 3.43 percent.
Kathy Goans represented the assessor’s office at the hearing and said since 2007 they hadn’t raised the assessment because they were being conservative in their process because of the housing market being very fragile for the past few years.
However, looking at the square-footage of Morrissey’s house and other amenities such as a three-car garage, Morrissey should be able to get $130,400 if he were to put the house on the market.
The equalization board eventually decided to keep Morrissey’s assessment at $130,400.
Since July 1, the board has had 13 hearings.
Out of those, the board decided to make no changes to the assessment in six cases and voted to lower it in seven.
Tuesday is the board’s last day to meet — and they have nine more hearings scheduled.
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