Archive for October, 2008

Foreclosures; the beginning of shrinking property tax rolls

Monday, October 27th, 2008
       Year to Date 2007   Year to Date 2008   % Change

% of Total Commercial Postings
         
Apartment Communities 222 321 45% 18%
Office Buildings 88 108 23% 6%
Retail Centers/Buildings 99 121 22% 7%
Industrial Buildings 103 139 35% 8%
Land 179 281 57% 16%
Miscellaneous Buildings 602 805 34% 45%
Total Commercial Postings 1,293 1,775 37% 100%

 The figures noted above are a good example of the declining values of commercial properties between 2007 and 2008.  Declining values will translate into shrinking property tax rolls.  Shrinking tax rolls will create pressures on local tax collecting jurisdictions to raise tax rates.  People will complain about the increased tax rates however goods and services administered by local political subdivisions require revenues from property taxes. Source: Dallas Business journal and Foreclosure Listing Service Inc.

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