[IG_Semmelweiss]

>>> Property taxes are not calculated that way. The property tax rate for a given year is backed into (a "mill rate") based on approved dollars of spending divided by total property value. If total citywide property value drops by 50%, the property tax rate doubles that year.

When the LLCs that own the commercial buildings declare themselves bankrupt, and walk away from the asset and throw the keys on the table, who pays the 50% increase ? The banks?

Will banks own a 50% increase in property taxes ?

What about residents ? Renters ?

[Schiendelman]

I think you're starting from two flawed assumptions.

1. Most of our largest buildings are owned by large companies. For instance, Gaw Capital owns Columbia Center. Blackstone owned US Bank Center, until it was bought by Spear Street Capital.

2. You could delete downtown and citywide property value wouldn't drop by 50%. Nothing's moving that fast, I'm just using simple math to explain mill rate.