Residents surprised with property value spike in Raytown

Posted at 7:11 PM, Mar 21, 2018
and last updated 2018-03-21 20:11:36-04

RAYTOWN, Mo. --  Homeowners in Raytown are wondering why they're paying more property taxes even though tax rates have remained flat for more than two decades.

Officials in Raytown are citing a tight housing market for a recent increase in property values.

Raytown City Administrator Tom Cole says this is a good thing.

"Typically, as the value of a property goes up, so do the taxes," said Cole.

That's good news for the county and the city.

For every $100,000 of value, the city of Raytown gets about $96.10. That number has grown during the past few years.

City data shows that in 2016, Raytown's residential assessed value was $198 million.  In 2018, that number jumped up about $8 million to $206 million.

Raytown resident Tony Jacob saw the value of his home jump more than $8,000 from 2016. Jacob has has not made any home improvements during that time.

"I have no exterior insulation and apparently my home is worth over $100,000," said Jacob.

He tried the appeal process, pointing out an old roof, cracked foundation, sinking porch and rotten trees.

"They did the 'You have to appear before the Board of Equalization' with all the fees.  And, they can raise it higher if they so decide,'" said Jacob.

Cole said the city has seen redevelopment near Highway 350 and Raytown Road, Highway 350 and Blue Ridge and Highway 350 and Gregory.

He also said they are seeing a positive trend of home values and sales.

In 2014, it took a home an average of 63 days to sell. In 2018, that number is down to 21 days.

In 2016, 485 homes sold in Raytown. In 2017, that number jumped to 553.

"The median sale price over the past four years has gone up $30,000," said Cole.

Jacob and others don't believe they could actually sell their homes for the price they are valued currently.

Another impact: Those living on a fixed income are particularly vulnerable to property tax increases.

On April 10, the Board of Aldermen will consider three ordinances that could raise taxes. If they vote in favor, they would then go on the August ballot:

  • A 2-cent per gallon gas tax
  • A 2.5 percent Internet sales tax
  • Raising the property tax rate