Property values in city drop for 2d year

On the downside, the report found a 2.2 percent drop in the total value of two- and three-family homes, an indicator of the ongoing foreclosure crisis. The total value of Boston’s business properties, including commercial buildings and industrial plants and equipment, also declined by 2.4 percent.

However, during the past year, the total value of all condominiums went up by 3.6 percent, largely because of a notable rise in the number of luxury condominium units in the Seaport and downtown districts, as well as continuing conversions of rental apartments into condo units. The expanding condo market meant total residential values citywide grew by .5 percent.

And while the total value of 50 tower buildings dropped 5.7 percent in the past fiscal year — leading the way were 99 Summer St. (down 15.4 percent) and 150 Federal St. (down 12.4 percent) — some relatively new office buildings gained taxable value. For instance, 1 Marina Park at Fan Pier and Atlantic Wharf, also known as Russia Wharf, together added $123.4 million in new value.

Samuel Tyler, the longtime president of the research bureau, said he found the study’s results a basis for cautious optimism.

“Given the economic climate, these results are not surprising,’’ he said. “But it also shows the importance of new growth.’’

The study offers a sobering reminder that city revenues are deeply tied to property values but is not meant as a snapshot of today’s market. Tax rolls are based on data collected roughly a year earlier; this report on the current fiscal year, which ends June 30, is based on values determined in January 2010.

The president of the Boston City Council, Stephen Murphy, said the study contains a number of encouraging signs, particularly in waterfront development. Both he and Tyler cited the recent decision by the Cambridge-based pharmaceutical company, Vertex, to relocate to Boston’s Fan Pier section.

“That’s the frontier,’’ Murphy said. “That’s the key to our financial viability.’’