JACKSON - Last year Cape Girardeau County's assessed valuation was just barely over the $450 million threshold that began the clock ticking on the county's transition toward first class status.

But county officials said last summer they wanted to wait another year to confirm the county was firmly on course for the new designation.

There is no doubt any longer, because the county's assessed valuation for the year is expected to exceed $480 million.

"There's no doubt that Cape Girardeau County is well on its way to becoming a first class county," said Presiding Commissioner Gene Huckstep. "There's no looking back now."

Assessor Jerry Reynolds added: "There is no question we will be above that ($450 million) and stay above that."

State law requires that a county change to a higher classification after it has passed a certain assessed valuation level and has stayed above that level for five consecutive years.

First class counties are subject to slightly different state statutes that grant county commissions additional authority to pass laws.

The primary difference between the classifications, though, in prestige.

Once the five-year waiting period is complete, the county would go through a two to three-year transition. By the end of the decade, Cape County will function completely as first class, said Auditor H. Weldon Macke.

Reynolds said the county's assessed valuation for real estate increased this year to about $335 million, compared with just over $317 million last year.

The valuation for personal property in 1992 is $98.2 million, which is up from $82.5 million last year.

State assessed railroad and utilities will be applied later, and last year came to almost $32 million in real property and $12.5 million in personal property.

Reynolds said the real estate increase was typical, but the personal property exceeded normal growth. One reason for the large increase is that about $8 million worth of equipment for the M&W Manufacturing plant was added to the tax books this year.

Also included in the increase is $293,000 that was tacked on to personal property assessment lists as a penalty for not returning them prior to March 1. A new state law requires assessors to tack a 5 percent per month penalty to the personal property assessments lists that are late.

Reynolds said he's not certain how many lists were late, but that based on an average county tax, the additional assessment would amount to about $12,000.