Low natural gas prices again hurt East Texas property values
POSTED: Wednesday, May 9, 2012 - 12:00pm
UPDATED: Wednesday, May 9, 2012 - 12:14pm
Longview, TX — Gregg County property values are continuing to decline, according to estimates released Tuesday by the Gregg County Appraisal District.
The 4 percent drop in estimated values follows a 3 percent decline this past year — largely accountable both years to falling natural gas prices, said Chief Appraiser Tom Hays.
If the estimates hold, local taxing entities could have to increase tax rates to maintain revenues.
The estimated 2012 values, which won’t be certified until mid-summer after challenges are worked out with property owners, are about $7.9 billion countywide.
That includes 270 new homes added to the tax rolls since 2011.
Certified values this past year settled in at a little more than $8.2 billion.
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