General Growth Properties Inc. (GGP)

[justthefactsmam]

good news/bad news


am sure the story about las vegas property value declines is playing out everywhere ggp owns properties but that's not all bad news in the short term. with declining property values comes the ability for property owners to appeal the amount of real estate taxes which they are paying.

while we are waiting for the values to recover, the reduced tax burden should flow to ggp's bottom line helping out the noi. as property values increase and the accompanying r/e tax increases, the underlying value of the property will drive up the asset values on ggp's balance sheet and the stock price should benefit as a result.



$12.5 billion in appraised value lost
By Buck Wargo (contact), In Business reporter

Fri, Apr 9, 2010 (3 a.m.)

The 25 largest taxpayers in Clark County lost a combined $12.5 billion in appraised value on their properties in 2010, according to new tax rolls released by the Clark County assessor’s office.

The value of appraised properties among the top 25 as of April 1 totaled $41.2 billion, down from $53.7 billion a year ago, a 23 percent decline. The numbers include land and buildings only and not the property inside the buildings.

General Growth Properties, which owns several malls and property in Summerlin, fell to No. 7 with $1.5 billion. It was No. 3 with $4.7 billion a year ago.