Story perspectives

Portland's Office Building Values Plummet, Tax Revenues Decline

2/10/2026

Summary

Story summary

Commercial real estate downturn in Multnomah County, Oregon slashes property values and tax revenues, as Portland's 20 largest office buildings fall from $3 billion to $986 million since 2019.
Appeals from property owners are increasing, further straining budgets.
Economists forecast continued declines in property values, widening budget gaps in local schools and governments.
Changes to the state's property tax laws would require voter approval, despite opposition from anti-tax advocates.

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Story summary

Commercial real estate downturn in Multnomah County, Oregon slashes property values and tax revenues, as Portland's 20 largest office buildings fall from $3 billion to $986 million since 2019.
Appeals from property owners are increasing, further straining budgets.
Economists forecast continued declines in property values, widening budget gaps in local schools and governments.
Changes to the state's property tax laws would require voter approval, despite opposition from anti-tax advocates.