Thirty percent of Harris County homes declined in market value this year, as the area’s overall tax base dropped for the first time in at least two decades, officials announced Thursday.
The reduced tax revenue will likely require substantial budget cuts for the 600 taxing entities in the county, including cities, school districts, community colleges and municipal utility districts.
Harris County tax rolls, buffeted by residential foreclosures and business failures, are expected to decrease more than $11 billion for 2010. The overall decline represents a drop of more than 4 percent from last year.
Jim Robinson, who heads the Harris County Appraisal District, said only 1 percent of residences, most of them in the Katy and Cypress-Fairbanks areas, rose in market value. Hardest hit were homes worth more than $1 million and those worth between $80,000 and $150,000.
Notices of the preliminary valuations for residences are being mailed to homeowners, who will have until June 1 to file protests.
On the Harris County tax table, apartments, industrial real estate and commercial properties led the decline. Apartments and commercial properties dropped 10 percent and industrial properties dropped 11 percent.