LONGVIEW - It’s not as bad as it could have been. Gregg County property values dropped less than 3 percent in estimates released Thursday by the Gregg Appraisal District.
Oil and gas property values dominated the small overall drop by plunging some 30 percent, Chief Appraiser Tom Hays said, adding, “That’s probably (happening) statewide,”
“From what I’m hearing from chief appraisers, they all are looking at about 25 percent (mineral value) drops,” Hays said Thursday.
Schools, cities and other taxing entities base their annual levies on property values set by the appraisal district.
Gregg County’s overall taxable value is estimated at $7.8 billion, which is $217 million lower than the $8 billion figure on which this year’s tax rates were based.
The small drop in values continues a trend of recent years after successive years of climbing values, Hays said.