Quote:
Originally Posted by OMG!WTF!
Kind of a sidebar but wouldn't the city still be getting property tax from these empty spaces?
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Yes... but the high vacancy rate affects the assessed value no? So it's not that there isn't an owner to pay property tax but that the assessed value (and consequently the amount of tax gleaned from) is lower. If your building had an assessed value of say $10M but as a result of lower demand/over-supply the value drops to $6M... that's $4M dollars that the city won't be collecting tax on.