The net taxable value of the city grew for the fourth consecutive year, led by an increase in commercial assessments of almost 3 percent.
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The total taxable value of the city was $1,450,623,600 — up 0.65%, about $9.3 million, for 2022, compared with a 0.38% increase, about $5.5 million in 2021. The data come from the 2022 Union County Abstract of Ratables (PDF is accessible here), which breaks down all aspects of property assessments for 21 municipalities in the county.
Total assessed value peaked at $1,556,942,400 in 2008 — just before the housing market collapsed — and then proceeded to decline each year for a decade until bottomed out at $1.428,223,510 in 2018. The $1,450,623,600 in total assessed value this year is closest to 2017 when it was recorded as $1,450,963,700.
Two classes of properties saw assessments grow in 2022 and two classes saw assessments decline while one remained unchanged. Here’s a breakdown of assessments by major categories from 2020 to 2021:
- Class 4A Commercial — +2.57% — $129,002,250
- Class 2 Residential — +0.69% — $988,130,150
- Total Class 4 — +0.66% — $449,677,750
- Class 4B Industrial — 0.0% — $250,115,600
- Class 4C Apartment — -0.43% — $70,560,100
- Class 1 Vacant — -2.45% — $12,815,700
Total residential assessments were up 0.69% to $988 million, surpassing the totals from 2009-2011 and approaching the recent high of $994 million in 2008.
Industrial assessments were unchanged for the third straight year, remaining at $250,115,600. Since 2012, however, industrial property assessments have declined almost 15 percent, from $289,782,400. Over the same decade, apartment assessments grew twice as fast, by almost 30 percent, from $49.617 million to $70.56 million.
As a percentage of overall assessments, residential properties reached their highest level in recent memory, at 68.12 percent – up from 68.09 percent. The percentage has grown over the past 15 years from a level closer to 62 percent in 2007. Industrial properties make up the second largest portion of assessments, accounting for 17.24 percent this year, followed by commercial properties at 8.89 percent, and apartment assessments, at 4.86 percent.
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