"From my perspective, it was a corroboration of my own personalviews and an account of what's going on in the marketplace. It wasreassuring to see my view of the world is shared by respondents tothe survey," John Michel, Grant Thornton Real Estate Tax partner,tells GlobeSt.com. "The tax authority tends to be reluctant toadjust property tax assessments down unless they are compelled todo so, but it surprised me that some real estate CFOs had notpursued property value reductions as aggressively as expected."

The national survey was given to 28 participants between March23 and April 4. Participating senior financial executives came froma mix of public and private middle-market companies, with revenuesranging from $100 million to $3 billion. The biannual survey is nowin its fifth year, making it the longest running survey of itskind.

Around three-quarters of respondents said they expected both theeconomy and their company's financial prospects to stay the same orworsen in the next six months. About 40% expected their company'sheadcount to decrease during that same time period. Despite theseemingly bleak picture the survey reflects, Michel says hebelieves the worst is behind us.

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