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Industial Assessed Values Down

April 12, 2010 By

The 2010-2011 tax rolls have been published by the Clark County assessor’s office, and they show that Las Vegas industrial space has been the poorest performing category in commercial real estate.

The assessed values for all property in Clark County fell 26 percent from $90.8 billion in 2009-2010 to $67.1 billion, and within this the assessed value of industrial land fell 20.5 percent from $3.1 billion to $2.5 billion. This is a sharper decline that in the commercial sector as a whole (down 15 percent), but it is still less of a decline that that of residential property, which dropped 26 percent from $48.4 billion to $35.7 billion.

Industrial assessed values fell 22.2 percent in Las Vegas, 22.2 percent in North Las Vegas, and 19 percent in Henderson. It is typical for changes in commercial real estate pricing to trail those in the residential sector, whether they will see the same steep declines of Las Vegas residential remains to be seen.

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$12.5bn of Appraised Value Wiped Out

April 12, 2010 By

The Clark County assessor’s office published a list of the 25 largest taxpayers in Clark County, and it showed that in 2010 these properties have lost $12.5 billion in appraised value. Las Vegas real estate taxes are down. The total appraised value of $41.2 billion includes land and buildings, and is a 23% decline on the $53.7 billion value of last April. These declines in commercial real estate follow the collapse in residential values.

Despite the decline in appraised values local governments are not going to see a decline in values. This is because the taxes on commercial properties were capped at an annual 8% rise back in 2005. Values haven’t dropped so far that the post-2005 taxable base has been eroded. As a result of this legislation newer owners are paying a disproportionately higher amount of tax than those that had large portfolios pre-2005.

  1. MGM Mirage
  2. Harrah’s Entertainment
  3. NV Energy
  4. Las Vegas Sands Corp.
  5. Boyd Gaming
  6. Wynn Resorts
  7. General Growth Properties
  8. Station Casinos
  9. Universal Health Care
  10. Basic Management
  11. World Market Center
  12. McCarran Center
  13. Camden Property Trust
  14. Olympia Group
  15. Greenspun Companies
  16. Treasure Island Ltd.
  17. Harsch Investment Properties
  18. Marnell Corrao Associates
  19. Nevada Property
  20. Hospital Corporation of America
  21. Gaughan South Limited
  22. Olen Properties
  23. Wal-Mart
  24. Goldman Sachs Group
  25. Crescent Real Estate Equities

The MGM Mirage figures are skewed by a couple of factors: the sale of Treasure Island, and City Center coming online. Putting these two factors together MGM’s appraised value of $16.3 billion is a 4 percent increase on 2009’s $15.7 billion. The assessed value, on which taxes are applied, is $5.5 billion. Harrah’s Entertainment also has a significant change – it acquired Planet Hollywood – but despite this its appraised value of $5 billion was still below its $7.3 billion of a year ago.

Some companies have dropped off the Top 25 Las Vegas Real Estate Taxes list altogether. Turnberry Associates were ranked No.10 in 2009, but having lost Fontainebleau Las Vegas have seen its appraised value fall to $257 million. Other disappearing acts include Focus Property Group, Trump International and Triple Five Development.

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