Fair property assessment measure passes in Missouri Senate

Friday, April 20, 2012 | 10:12 a.m. CDT

JEFFERSON CITY — County assessors would have to consider the impact of foreclosures and bank sales on the real estate market when they set the value of a property, under legislation that has passed the Missouri Senate.

Sponsoring Sen. Jane Cunningham, R-St. Louis County, said some assessors only consider voluntary sales when they decide how much a home would be worth in the real estate market for tax purposes.

Properties in foreclosure and bank repossessions often sell for far less than their actual market value, which can bring down the price of surrounding real estate. Cunningham said a fair property assessment has to consider that deflationary effect.

The measure now goes to the House.

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