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Downtown office market slump now reducing Multnomah County assessed values, budget staff say
Summary
County analysts reported an $8 billion decline in downtown commercial real market values between 2019 and 2024 and warned that office high‑rise losses have begun pushing real market value below maximum assessed thresholds, which translates into slower property‑tax assessed value growth for the county.
County budget staff told the Board that downtown commercial and office market declines are materially affecting property‑tax assessed values and therefore the general fund outlook.
"It's almost an 8,000,000,000 decline $8,000,000,000 decline in real market values," Jeff Renfro said when summarizing the downtown core analysis. He said office high‑rises account for nearly half of that decline and that the mechanics of Oregon's maximum assessed value rules mean falling real market value can quickly translate into lower assessed value when market…
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