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As the economy softens, questions arise regarding its effects on the local real estate market--in particular, the impact on commercial property valuations and the arduous ordeal of abatements and formal value disputes.
In light of this, the Boston Business Journal recently asked attorney John M. Lynch of the law firm Lynch, DeSimone & Nylen, a practitioner in the area of real estate valuation and taxation, to respond to some questions to determine how commercial property owners will be affected by this shift in the economy and to explain the process for seeking relief from property overvaluation.
BBJ: It's a question that gets asked time and time again. But what are some of the things we can expect now and over the next couple of years in terms of commercial property values?
Lynch: During the first quarter of 2001, in an attempt to jump-start a slowing national economy, the Federal Reserve announced a surprise cut of 50 basis points in the key federal-funds rate on Jan. 3. It quickly followed by cutting an additional 50 basis points on Jan. 31 and another 50 basis points on March 20. These recent initiatives by the Fed …