Preliminary figures show property values in Tulsa County are up 3.5% from last year, despite worries about the economic impacts of the coronavirus pandemic.
Tulsa County Assessor John Wright said commercial property accounts for about one-third of countywide valuation, and businesses in all sectors were taking a hit from decreased hours or total closures.
"So, the concern I had is the commercial sector might take a significant drop in valuation. I know that we adjusted much of the hospitality sector down from 15% to 30% of valuation based on their lower level of economic activity," Wright said.
Because of those concerns, Wright's office warned local school districts to prepare for a drop in a primary funding source. But the total valuation of nearly $6.8 billion released today continues a slow, steady growth trend going back a decade.
"So, what is really the signal that I'm trying to communicate is the work of our office has contributed to a tremendous stability as far as this component of public funding is concerned for the schools, the career tech, community college, the city-county library, city-county health department," Wright said.
Local property tax funding accounts for around 50% of some districts’s budgets.
The countywide property valuation must be approved by the county excise board.