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Petersburg Comm. Fire Protection District Paying 3x Fair Market Value for New Building
Petersburg Comm. Fire Protection District Paying 3x Fair Market Value for New Building

A rural fire protection district in Menard County has apparently paid nearly three times the value of the building it’s to use to house a newly formed fire department.

Petersburg Mayor John Stiltz told WTAX’s Ray Lytle Show that the building, purchased by the Petersburg Community Fire Protection District for $320,000, is valued at far less than that.

“The assessed value, which is when you take the Fair Market Value and divide it by three, that was $39,000 and some change,” says Stiltz. “Therefore, you take that times three, and you get the fair market value.”

The fair market value when multiplied from 39,000 comes out to 117,000: 2.73 times less than what it was purchased for. The building wasn’t appraised before it was purchased, however, so the fair market value is based on the building’s current assessment.

There’s a dispute in Menard County over whether the department formation is necessary. The department covers areas in rural Menard County including just outside Petersburg and small portions of Cass County.

The district decided to form its own department when Petersburg raised the price of fire protection provided, because it claimed the city didn’t want to negotiate. Stiltz says that’s not true.