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Market Value for Property Tax Purposes in a Recessionary Market

By JoAnn H. Maloney

Retail property values have fallen dramatically across the country, with some authorities placing the peak of the retail market in early 2007. The December 2009 Moody's/REAL Commercial Property Price Indices indicate that, as of October 2009, U.S. retail property prices were 19.4% lower than last year and 36% lower than two years ago. These declines vary greatly by region. For example, Moody's reported an 8% annual price decline for the Southern Region and a 31.9% annual price decline for the Eastern Region.

As market values decline, prudent retailers are, of necessity, closely managing their operating expenses. For most, this includes or should include their property taxes. The amount of your property taxes is based upon the assessor's estimated market value of your property. To determine whether you are paying more than your fair share of property taxes, a fair and reasonable estimate of your property's market value must be determined.

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