As housing values increase, as do property taxes. The rate-driven system has many homeowners 'shocked' at the drastic hike.
St. Charles County Assessor Scott Shipman joins The Marc Cox Morning Show to explain the process and the option homeowners have to combat the rising cost.
"Each political subdivision determines their own tax rate," explains Shipman. "Under the Hancock amendment, as assessments increase, political subdivisions should be rolling back to the lesser of CPI or 5%."
Listen to the discussion above.
Additional information from the Office of the St. Charles County Assessor
Tax bills are the statement of the following:
1) Assessment authority – responsible for placing the fair market value on real and personal property. (The tax base is created before the tax rate is determined.)
2) Tax Entity/District - Establish the budget needed to provide the service(s). school district, municipalities, fire districts, etc. (This creates the tax rate.)
3) Collector of Revenue – Send and collects the tax amounts.
'All citizens received an assessment notice and property tax liability notice. Our mandate is to place the “true value in money” market value on each parcel within St Charles County. The State Tax Commission monitors values for compliance. We display information both market value and assessed and last years assessed. In addition, there are many tools available on our website. Detailed sketch of the property, comparable sales, map with sales, and the “dashboard” can be found here.'
The St. Charles County Assessor's office provides convenient times to schedule an informal appeal to discuss the value.