The only increase in assessed valuations, Warren County Assessor Wendy Nordwald said, are new construction properties and other property that has been improved. She said only "pockets of areas" in the county will notice a change. "I can say that most will remain flat," Nordwald stated. The assessed values for homeowners in nearby counties are dropping according to published reports. Nordwald said while St. Louis County's average assessments are decreasing 9 percent this year, she was advised by the assessor there that 75,000 parcels' values are increasing 25 percent. Nordwald also acknowledged the assessed values in St. Louis County increased 20 to 30 percent in 2007 compared to a near 4 percent increase locally. Warren County also remains well below market value in regard to assessed values, according to a 2007 Public Policy Research Center report conducted by the University of Missouri-St. Louis. Warren County's assessed value in 2003 for a new home was estimated at 72.5 percent, the report said. The estimated figures for nearby counties included in the report were: Jefferson (77.8 percent), Lincoln (88.2 percent), St. Louis (89.8 percent), Franklin (94.7 percent) and St. Charles (97.9 percent). Assessed values are the percentage of the appraised value and are used to calculate the property taxes. Assessed values are set at 19 percent for residential properties, 32 percent for commercial and 12 percent for agricultural. The assessor's office recently completed field reviews of just over 25,000 parcels in the county, Nordwald said. The process began a year ago she added. County residents can expect to receive notices of assessed valuations in late May or early June, Nordwald said. "We look for changes good or bad," she remarked. If a property owner wants to contest the assessed valuation, an informal hearing can be scheduled within 15 days of receipt of the assessor's notice. An appeal can then be filed to the Board of Equalization. Homeowners are asked to provide documentation supporting their claim that the assessed value is incorrect. "My staff or me would be happy to look at it and provide you some answers and see if a change needs to be made," Nordwald said. She noted that the valuations for houses under foreclosure contracts cannot be changed by her office because the transaction was not made by a willing seller or buyer. Nordwald also pointed out that county residents will notice a decrease in personal property taxes. She said a vehicle's value has declined significantly with SUVs feeling the brunt of the depreciation. Also, the housing market slump will impact local school districts greatly with a significant decrease in new construction funding. Nordwald said it was normal for the county to be around $22 million in new construction costs, but recently was around $4 million with more data scheduled to be entered.