"The annual gap over this window is not constant but slowly expanding as the new reality of commercial real estate trickles through the appraisal process and into the tax system," wrote Evan Horowitz, the executive director of cSPA and the report's author.
"The end result is a new normal where the city collects $400 million to $500 million less each year than the long-term trend implies, amounting to an annual reduction of roughly 10 percent of total revenues."
"Lower demand and prices for office buildings could force the city to reduce its assess..."
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