Top 20: Ann Arbor taxpayers in 2011
The start of the year is tax season in the Ann Arbor assessor's office, where David Petrak and his staff are working on the 2012 assessments for property in the city limits.
By early March, property owners in Ann Arbor will receive any changes to their taxable values, which in turn will affect the amount they'll be taxed.
Those notices should go out during the first week of March, Petrak said.
I've wondered recently how the city's tax base will fare this year, after two recent stories: the top-of-market apartment sales for two of the top 20 taxpayers in the city and the weekend's coverage of the 5-year anniversary of Pfizer announcing it would close its Ann Arbor campus.
It can take a while for taxable values to catch up with market values, but by 2011 the city was in the midst of a revenue post-recession value drop: Total property tax revenues in 2011 came in at $78.6 million, which was down $3.4 million — or 4.2 percent — from $82.1 million the year before.
How this year looks should help the city define its recovery. AnnArbor.com will have more coverage of this during the spring and beyond.
In the meantime, I thought I'd share list of the top 20 taxpayers in the city - and the link to the top 20 taxpayers going back to 2001.
In 2011, the top 20 taxpayers accounted for 7.88 percent of the city's taxable value - or $365,457,198 of the city's overall $4.6 billion in taxable value.
That compares with 2010, when the top 20 represented 8.17 percent of the city's tax base - or $383,476,379.
What's changed? Retail values, for one, due presumably to lower sales and higher vacancies. Two of the top three had value drops: Briarwood lost almost $3 million in taxable value, while Arborland lost about $4.5 million. Another retail center - Maple Village - lost $2.8 million in taxable value. And Ann Arbor Buick Service - known more commonly as Huron Village - lost about $400,000 in taxable value.
A full half of the list represents housing, and many stayed about the same. Drops were reported for Windemere and Lake Village, the two that just sold (and likely will see a higher assessment based on that). Small jumps were seen at Ann Arbor Campus Housing, McKinley, Greenbriar. Small drops include Glacier Hills.
Office buildings fared well: the former 777 Building on Eisenhower was the top of that sector on the list at $27,631,600, showing a value jump from its sale out of the Transwestern portfolio. The McMullen portfolio also shows a $130,000 value jump.
The biggest office drop is also predictable: Phoenix Drive LLC went from $14,064,609 in taxable value to $10,930,823. The former Borders headquarters had been devalued by vacancy before the company complete abandoned the building as part of its bankruptcy in 2011.
Here's the list of the largest taxpayers in 2011. For comparison, here's the historical list going back to 2001.
Source: City of Ann Arbor