Texas Commercial real estate and property tax rolls…..
In a paper titled; “GLOBAL BAN KING & FINANCIAL ANALYSIS ,Deterioration of CommercialÂ Property Conditions Likely to Accelerate several dire predictions were made”.Â
1. “Commercial real estate (CRE) fundamentals are weakening due to spillover from worsening housing problems, widespread credit market disruptions and slowing economic growth”.
2.Â “Commercial mortgage credit quality will likely deteriorate further as the number of local markets with significant vacancy and rent deterioration is forecast to increase significantly”.
What does this mean for property tax rolls nationally and here in Texas.Â For some time now assessing and collecting jurisdictions have been warning that the national economic downturn will create pressures on their ability to generate funds for entities to provideÂ goods and services to the public.Â Couple this fact with the above commercial real estate forecast and you have the makings of a perfect property tax storm.