OKC MAPS Economic Impact - Full Report

OKC MAPS PROJECTS – 25 YEARS

3. Not all market valuations are updated by the assessor on an annual basis and reflect only the most recent valuation assigned by the assessor. Properties that are subject to constitutional annual limits on value increases may be assessed at a level well below the current market value. 4. While real property tends to increase in value over time, personal property valuations tend to depreciate annually and decline over time, thereby reducing the overall valuation of a property. 5. Valuation changes can reflect new construction, remodeling, tenant fixtures, land revaluations, demolition, and other activities. 6. Valuations are reported for each tax year, which typically correspond to the prior calendar year. 7. The estimates reported exclude the value of assets in the study area that are centrally assessed by the Oklahoma Tax Commission (e.g. pipelines). Rising Downtown Property Values . Figure 37 details assessor determined market valuations in the study area at two-year intervals from 2009 to 2017. Across all tracts in the study area, market value nearly doubled (92% increase) from $2.03 billion in 2009 to $3.91 billion in 2017. Again, this property is primarily privately owned and does not include the increased valuation of publicly owned property. For perspective, the $1.88 billion gain in assessed property valuation since 2009 is slightly higher than the $1.81 million in total public expenditures on all MAPS programs approved to date. Valuations also increased in each two-year interval across the full period. The largest gains occurred in the 2011 to 2013 period (49% gain) and the 2015 to 2017 period (17% gain). Smaller, more inflation-like, gains were posted in both the 2009 to 2011 period (3% gain) and the 2013 to 2015 period (7% gain). The increased valuation in the study area is approximately triple the 31% increase in market valuations countywide in the period. Due to faster growth in the downtown study area, the share of total county property valuation located in the study area increased from 4.0% in 2009 to 5.9% in 2017. Stronger downtown property valuation growth since 2009 is also consistent with relatively stronger gains in population, housing development, business formation, and job growth in the study area. Figure 38. Total Market Value of Assessed Property in Study Area

0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5

$Billions

3.91

3.34

3.12

2.09

2.03

2009

2011

2013 Tax Year

2015

2017

Source: Oklahoma County Assessor and City of Oklahoma City Planning Department

Widespread Gains . Across the full 2009 to 2017 period, property valuations experienced at least double- digit growth in every Census tract in the study area. Figure 38 summarizes total valuations for each tract

69

Made with FlippingBook - professional solution for displaying marketing and sales documents online