More on Missouri revised Statute %137.115:
Per section 2b, per my non-lawyer interpretation, a
“comparable” property is defined as:
- - Not more than one mile from the property, except where no similar properties exist
- - Within 500 square feet in size.
- - Resembles the target property in:
o
Age
o
Floor plan
o
Number of rooms
o
Other relevant characteristics
This doesn’t really even need explaining, this is just
common sense. Obviously, it would be
inappropriate to compare a ranch to a 2-story, a new house to a house that was
25 years old, a 900 sq ft house to a 4000 sq ft house, etc. At least it should be obvious. But just
in case, it’s also spelled out in the Statute.
On the bottom of the notice of reassessment that you’ll
receive in the mail in late April or early May, there is an unlabeled section
that contains a list of five “recently” sold homes.
This is not a generic, random list of home sales included
merely as a curiosity or fyi. These are
the actual home sales that were used as comps to “assist in arriving at the
indicated market value of your property,” as stated on the document.
You might want to pay close attention to what home sales are
listed on your reassessment, especially after you learn what else I have to
share on this topic later on in the “why-for’s.”
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