The rental market closed out 2023 with a fifth straight month of negative rent growth, as the nationwide median rent fell by 0.8 percent to $1,379.1 The recent declines are in line with the rental market's typical seasonal pattern, as fewer renters are looking to move at this time of year, although this year's dip has been a bit sharper than what we normally see.
Today, Florida Commissioner of Agriculture Wilton Simpson, Senator Jay Collins, and Representative Danny Alvarez announced the filing of a joint resolution, HJR 1251 and SJR 1560, to amend the Florida Constitution to eliminate multiple taxation of agricultural production by annual local property taxes. The proposed constitutional amendment creates a total tax exemption of tangible personal property – such as farm machinery, equipment, and implements – on property classified as agricultural.
Soaring home values have increased property taxes for millions of homeowners in recent years, prompting action from state lawmakers to lighten the burden. “The biggest problem was they just went up so quickly. … I think that's one of the reasons why it became this rallying cry from the people asking for tax relief,” said Idaho state Rep. Jason Monks, a Republican.
The McLean County Board of Review has reduced the assessed value of Eastland Mall by a couple million dollars — from $8.7 million to $6.7 million. The assessed value is one third of the estimated market value of a property and is used to compute property taxes owed to government bodies such as municipalities, townships, and school districts.
Today, on the first day of the 2024 legislative session, Governor Laura Kelly joined Republican State Senator John Doll and Rob Olson, Independent State Senator Dennis Pyle, and Senate Democratic Leader Dinah Sykes to unveil a comprehensive tax cut proposal that would save Kansans more than $1 billion over three years.
Gov. Jim Pillen laid out an ambitious goal Monday of reducing local property taxes by 40% while providing few details on how the state would do that. One week after floating a much-panned idea of raising state sales taxes, the first-term Republican called a press conference to discuss the “growth and impacts of skyrocketing property taxes” in Nebraska.
The Court of Appeals will hear oral arguments on Tuesday in the case filed against the city and state by Tax Equity Now New York — a coalition of real estate developers, civil rights groups and homeowners alleging the tax system unlawfully discriminates against New Yorkers of color while favoring wealthy, white residents.