It’s never good news for a city’s revenues when property values decrease, but it appears from preliminary numbers that Bellaire did better than expected. It was stated at this past Monday’s City Council meeting that the city expected to be close to Harris County’s overall 4% decrease. In fact, Bellaire’s overall tax roll value is expected to decrease 2.525% ($3.301B to $3.218B). Bellaire’s residential and rural improved tax base is expected to only go down 1.57% (from $2.747B in 2009 to $2.704B in 2010). This is more than one third of the 5% drop expected in Houston’s residential property (see Houston Chronicle article1 and Houston Chronicle article2). Bellaire commercial property plummeted 11.17% (from $349M in ‘09 to $310M in ‘10), which is slightly higher than the projections for Harris County commercial property.
The certified tax rolls for all cities will be available April 30th.
You can see HCAD’s summary sheet of all the various models used to compute Bellaire property values here.
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