Dallas County's preliminary tax roll fell by 4.6 percent this year — the largest drop in at least two decades, according to figures released this morning by the Dallas Central Appraisal District.
The drop in total property valuations was driven by a slumping housing market and a slowdown in new construction.
The decrease in the preliminary tax roll -- from $174 billion in 2009 to $166 billion this year -- is bad news for cities and school districts, which rely heavily on property taxes for revenue. Many North Texas governments are facing huge projected budget shortfalls. Dallas County's is $60 million, while the city of Dallas is looking at a $130 million budget gap.
For most homeowners, however, the drop in valuations will mean lower property tax bills. Only 20 percent of those receiving reappraisal notices this year saw higher valuations.
The drop in overall property value will only grow worse in coming weeks and months, as property owners challenge their initial assessments. For the first time this year, homeowners can file protests online. Link
