Foreclosures; the beginning of shrinking property tax rolls
|Year to Date 2007||Year to Date 2008||% Change||% of Total Commercial Postings|
|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.