Albany Commercial Building Values Plummet
Press release from the issuing company
Friday, December 10th, 2010
Many property owners are expected to appeal the tax value of those buildings in the new year, and that could hurt the tax base.
Realtors say it's simple supply and demand. Lots of empty stores and industries has caused rental prices and property values based on them to plummet in the last five years. That means the taxes paid on those buildings could also fall, and put more strain on government budgets.
Lots of big commercial stores and industrial sites sit empty. The economy and those empty spaces have made Albany lease values fall by as much as 30 percent.
