According to the St. Louis County Revenue department, “True
Value In Money” (aka “Fair Market Value”, aka “Appraised Value”) is defined as
follows:
During the reassessment process, the appraised value of
every piece of real property (real estate) in St. Louis County is determined by
the St. Louis County Assessor’s office and is ultimately used to calculate your
annual real estate taxes. The value
determined for your property is displayed on the reassessment notice that you
receive in the mail in late April or early May.
https://revenue.stlouisco.com/IAS/
What does this appraised value mean? Not much, quite honestly, beyond its impact
on what you’re going to be billed for taxes.
No one is offering to purchase your house for the stated amount, nor is
there any guarantee that you could sell it for that price. It’s the County’s “best guess” at what your
house is worth based upon the information they have available to them. And they have a LOT of information available
to them for this purpose. In fact, this
information is their responsibility to maintain.
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