Empty or not... it's still evidently a Cash Cow for the Tax Collector...

Table	Use Code	2010 Market Value	2010 Assessed Value
Land	OFFICES	872071	252900
Imp	OFFICE	7184817	2083600

"http://land.elpasoco.com/ScheduleDisplay.aspx?schd=6412402005

Who's paying those taxes? Whoever the suckers were that ended up underwritting this mess, that's who:

"3. Purchase, Sale and Delivery of Offered Securities . On the basis of the representations, warranties and agreements herein contained, but subject to the terms and conditions herein set forth, the Company agrees to sell to the Underwriters, and the Underwriters agree, severally and not jointly, to purchase from the Company, at a purchase price of $24.35 per share, the respective numbers of shares of Firm Securities set forth opposite their names in Schedule I hereto."
"http://idc.api.edgar-online.com/efx_dll/edgarpro.dll?FetchFilingConvPDF1?SessionID=Eb1WWMSd7DlZ0fS&ID=6531324"

Got Bailout?