04/29/2025
I've had a few comments about the readability of the memo I posted yesterday. I apologize for any issues. The plain text of the memo is below.
To: Grundy County Real Property Owners
From: Nathanial Curtis, Grundy County Assessor
Subject: 2025 Reassessment Cycle
Assessors in Missouri are tasked with a single job: To value all Real and Personal Property in the county for taxation purposes. The laws governing the Office of the Assessor are outlined in the Revised Statutes of the State of Missouri (RSMo) Chapter 137. Oversight and guidance is provided by the Missouri State Tax Commission (STC).
The Assessor’s Office works in two-year cycles. Even years are focused on data collection and new construction review. In every odd year, we perform a reassessment. Values from that assessment are set for the two years of the cycle. Besides adding new construction, the office reevaluates building depreciation schedules and check conditions of existing buildings. The ultimate goal of these reassessments is to keep the county Appraised Value within STC guidelines. These guidelines state that the appraised value of each property should be between 90% and 110% of the actual market value.
The last major reassessment in Grundy County was performed in 2017. The Assessor at that time received a Memorandum of Understanding from the STC which stated that values were outside the approved range and that we needed to bring those values back in line with STC guidelines or face consequences. We raised our values and fell into line with those guidelines.
When I took office in September of 2021, our office was in great shape and had a sales ratio of around 92%. However, it was clear that markets were trending upward and that a review was going to be necessary. As of early 2025 the Real Estate market seems to have plateaued. However, market values have not decreased. Our appraised values are out of compliance with the STC, which each consecutive quarter seemingly worse than the last. Presently, our appraised value is at 65% of market value. We must, therefore, increase our market values for the 2025 reassessment. We will be studying both land values and the values of residential improvements to adjust for the market’s inflation. In a Memorandum of Understanding from the STC, they have advised that we increase our total assessed values approximately 15% over the values of the 2023 cycle. While I would have preferred smaller increments over a longer time, the STC has made it clear that they will not accept this, and that any effort to soften the impact for taxpayers will result in an assessment order that would bring values up approximately 35%, to be at 100% of market value.
This is the first step in getting back into compliance with STC standards. There will be more ground to cover, but it is my hope that we can take those smaller steps in our future reassessments to keep our county in compliance.
At this point, the tax dollar impact is impossible to determine, as tax levies have not been set for the 2025 tax year. In an ideal world, there are mechanisms that allow taxing districts to roll back levies when assessments increase. However, we do not always live in an ideal world. Levy meetings typically take place in August or September, once our books have been turned over to the County Clerk. These meetings are public and I encourage you to attend meetings for districts that will affect you. Please make your concerns heard there. This is your money and you have a voice in how it gets spent.
Lastly, please know that this is not only a Grundy County problem. There are approximately 75 out of Missouri’s 114 Counties that have similar MOUs placed on them. If you have any specific questions, please don’t hesitate to contact the Assessor’s Office. My staff and I will be happy to help you. Or, if you would like to learn more about the MOU, sales ratio studies, or the criteria that the STC uses please contact them at (573) 751-2414 or at [email protected].
Sincerely,
Nathanial Curtis
Grundy County Assessor
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