Drop in Franklin County Assessed Value Due to Loss of Patients First - The Missourian: Local News

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Drop in Franklin County Assessed Value Due to Loss of Patients First

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Posted: Thursday, September 5, 2013 2:00 pm

The change of the former Patients First facilities in Franklin County to a nonprofit status resulted in a drastic decrease in the county’s assessed valuation, which is used for tax purposes.

Since Patients First was acquired by Mercy, that property is tax exempt since it is now in a nonprofit status, County Assessor Tom Copeland said.

The loss of Patients First as a taxable property represented a $12.3 million decrease in the county’s assessed value, according to Copeland.

That change in value was not initially reported on the assessed value report for 2013. But the change was recently reflected in a follow-up report of the county’s 2013 assessed values.

Another change that was reflected in the follow-up report was the change in value that occurred after some residents disputed their values to the Franklin County Board of Equalization.

The board held hearings on 33 parcels, and 10 of those went down in value after the hearings. The appraised value of 10 parcels went down a total of $184,610 because of the hearings. Those included residential, agricultural and commercial properties.

Copeland said his office sent out 3,113 notices to property owners who had increases in value.

Residents who are not satisfied with the ruling of the county Board of Equalization can take their appeals to the State Tax Commission.

The county’s total assessed value, including personal property and real estate, for 2013 is $1.8 billion compared to $1.9 billion the year before. That is a decline of $81.5 million, or 4.4 percent. That is the largest decline in assessed value that has hit the county in more than 50 years.

Copeland has attributed much of the decline in values to struggles in the local housing market.

Assessed values represent a percentage of market values. The assessed value is the percentage at which property is taxed. Residential property is taxed at 19 percent of its market value; agricultural, 12 percent; commercial/industrial, 32 percent; and vehicles, 33.3 percent.

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