Property values in Harris County, including Houston, are expected to decline by 1.1% to a total of $270.2 billion, the Harris County Appraisal District said last week.
Harris County has developed a $1.23 billion budget for 2012 based on earlier expectations by the district that assumed a 2.7% decline in total valuations.
Houston officials said the lower-than-expected decline will reduce the city’s projected revenue shortfall in fiscal 2012 to $80 million, some $46 million lower than earlier predictions.
Chief appraiser Jim Robinson said 74% of homeowners will see no change in their valuations, with increases on 6.7% of residential properties.
Property values within the Houston Independent School District will fall 0.9%, the appraisal district said, with a 1.2% drop for the city of Houston.
Commercial property valuations are up 2.1% to $61.8 billion.