Heritage value is additional worth added to the market price of a property when it’s been in the same family for more 50 years. It could add 50 percent of the market value to the property’s value.
Two bills seek to change Missouri state law surrounding condemned property costs by allowing circuit judges to drop heritage value if cities can prove the property is in poor condition. According to the Missouri Municipal League, heritage value makes it difficult for many cities to tear down or repair old, dilapidated buildings, and allowing a judge to reject the additional costs would be a first step in addressing unsafe structures, thereby bringing the value of abandoned properties into a more realistic threshold.
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