Gregg County Property Values Drop Slightly

LONGVIEW — Gregg County property values dropped less than 3 percent in estimates released Thursday by the Gregg Appraisal District. That according to KETK and the Longview News-Journal. Oil and gas property values dominated the small overall drop by plunging some 30 percent, Chief Appraiser Tom Hays said, adding, �That�s probably (happening) statewide. From what I�m hearing from chief appraisers, they all are looking at about 25 percent (mineral value) drops.�

Schools, cities and other taxing entities base their annual levies on property values set by the appraisal district. Gregg County�s overall taxable value is estimated at $7.8 billion, which is $217 million lower than the $8 billion figure on which this year�s tax rates were based. The small drop in values continues a trend of recent years after successive years of climbing values, Hays said.