Office landlords are looking to appeal their tax bills amid shrinking building values. If successful, cities, school districts and other taxing jurisdictions could face tough decisions.
The sharp decline in office building values is likely to become a growing problem for the budgets of cities, schools and other jurisdictions that depend heavily on property taxes from these building owners.
Most municipal budgets haven’t suffered much yet. For a variety of reasons, declines in property values typically take years before they are reflected in the real-estate assessments of most taxing jurisdictions.
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