Downtown Development, Dollar by Dollar

Development downtown has exploded in the past few years.

“When we were looking at the growth percentages throughout the county, growth throughout Columbia as a whole increased by only 2 percent last year, while growth in downtown specifically increased by more than 10 percent” says Boone County Assessor Tom Schauwecker.

Furthermore, as development increases, the valuation of specific properties also increases. When the Assessor’s Office is looking at valuation changes by specific development, Schauwecker says his office primarily looks at two numbers: the appraised value of a property and the assessed value. The appraised value of a property represents an opinion of a property’s value; the assessed value is representative of the fair market value of the property.

As Columbia’s downtown streets are transformed from parking lots and warehouses to apartments and restaurants, the value of the area has skyrocketed. In most cases, as property values increase, so do property taxes, which means more money going toward Columbia schools, libraries and infrastructure.