Daily NAPTA Update 01.16.2024

Posted by Diane Macri | Jan 16, 2024 | 0 Comments

Build-to-Rent Units Move Into Master-Planned Communities

Multi-Housing News

Master-planned communities have been enjoying a resurgence because they are designed with lots of room to spread out, while also providing an ecosystem that supports the career interests of like-minded people and a network for job hunting. The classic choices include buying a house, townhouse or condo—or renting an apartment. Single-family rentals are now becoming part of the mix.

Owners saddled with half-empty office buildings as hybrid work trend continues

CBS News

Looking for signs the U.S. economy can continue to stave off a recession? Avert your gaze from commercial real estate. City office buildings are in trouble. For a century, the towers have been propped up by two pillars. One, workers filling the buildings all week. Two, money flowing freely in the form of loans to borrow, buy, and build. As hybrid work hardens from trend to new normal, office occupancy rates have hit all-time lows.

Anchorage property values jump 9.2% in latest city assessment

Anchorage Daily News

The e Municipality of Anchorage is mailing residents “green cards” this week, the notices letting property owners know the value that their houses, condos and other buildings are assessed to be worth. And, continuing a years-long trend, property owners can expect the number to go up. 

State lawmakers seek to limit property tax increases as home values soar

The Columbian

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.

Bill to establish property taxes on forest & fruit tree reservations

Sierra Club

Currently the Iowa Code gives a property tax exemption for woodlands that are at least two acres and have no less than 200 trees per acre. There is also an exemption for fruit tree reservations. A bill has been introduced in the Iowa Senate - SF548 – that would repeal the property tax exemption on forest reservations and begin assessing property taxes on the land. This bill should be opposed by our legislators.

Non-profit and property tax exempt status lands DMC Board of Review in court with SEIRMC


A dispute over the non-profit status and subsequent property tax exemption of certain properties owned by the Southeast Iowa Regional Medical Center has landed in Des Moines County district court. The pending litigation has left Des Moines County in a quandary as it begins to craft a budget for the FY24 year. The amount of money it will receive from the hospital organization in property taxes varies widely from a potential high of $700,000 to $240,000.

Another class of Louisiana homeowners in line for tax break


A new property tax break could become available to certain Louisiana homeowners this year, illustrating a trend of offering more and more relief to special classes of taxpayers but with little public understanding of how much money they are saving and how much is no longer available to deliver public services.

Study Says Maine Residents Carry Highest Tax Burden in Nation


There's a famous idiom that goes something like "nothing in this world can be certain except for death and taxes". Taxes are simply a part of life for almost everyone, no matter how much you attempt to avoid them. According to recent study shared by Visual Capitalist, Maine just happens to carry a tax burden heavier than any other state in the entire country. 

Property values surge in Ocean City, bringing higher tax bills with them


The value of real property in Ocean City has witnessed an increase of $4 billion since 2021, as reported by the State Assessment Office. This substantial surge has not only sparked a boom in property values but also raised concerns among homeowners about the impending impact on property taxes.

Outside Mississippi, legislators reacting as soaring property values hike property taxes

Magnolia Tribune

In Mississippi, when state government aims to implement tax reform the sights are usually set on individual or corporate income taxes, sales and use taxes, insurance premium taxes or so-called “sin” taxes on gaming, tobacco, liquor and beer. After all, those categories of state taxes generated over 99 percent of all state General Fund receipts in Fiscal Year 2022 representing some $7.189 billion in total receipts. 

Where money from higher property taxes is going


As property values increased dramatically last year and tax bills hit mailboxes in recent weeks, some Bozeman and Gallatin County residents are wondering where their property tax money is going. Representatives from the city and Bozeman School District spoke during a virtual forum Friday hosted by the Osher Lifelong Learning Institute at Montana State University about some recent voter-approved levies and how public institutions are using tax dollars. 

Property Taxes Could Come Crashing Down Under Democrat Proposal


A Nebraska Democrat is trying to tackle the state's pricey property tax bills with an unorthodox legislation that would throw local counties into the real-estate business and likely limit excessive valuations. The unconventional proposal was made on Friday by Senator Eliot Bostar of Lincoln, a 36-year-old Democrat who was elected in November 2020. 

Polling indicates many Nebraskans oppose Pillen plan to offset property taxes with higher sales tax

1011 Nows

Nebraska Gov. Jim Pillen's proposal to shift more local property tax burdens onto the state sales tax appears to have landed like a thud with likely voters. A conservative pollster's survey this week of more than 800 likely voters indicated seven out of 10, or 70%-19%, opposed increasing the sales tax to provide property tax relief. 

Shock in Claremont as taxes surge


In his Wednesday, Jan. 10, report to the City Council, City Manager Yoshi Manale spoke about the local homeowners' third and fourth-quarter tax bills with a new tax rate and additional charges making up the difference from the first two tax bills. He said community members are in shock over the increase.

Commercial Real Estate’s Challenges Collide With NYC’s Tax Rolls

Commercial Observer

Tis the season. And not a jolly one. The New York City Department of Finance sent 1.1 million property valuations to owners earlier this month. It's the perfunctory New Year's tradition that kicks off a six-month window of wrangling over the city's math before the assessment roll is finalized and taxes come due in July.

Greece residents urge AG to investigate assessments


A group of about 200 Greece residents have signed onto a letter asking New York state Attorney General Letitia James to investigate the town assessment process. In a lengthy statement provided to WXXI, the petitioners argue that Greece's assessment process was compromised and used to benefit those in town offices, their family and friends. 

Wake home values 53% greater than 2020; many homeowners will pay more in taxes


Wake County residential property values are up 53% compared to four years ago, according to revaluation numbers posted Friday by the county. If the proposed revenue-neutral tax rate of $0.4643 per $100 of value is adopted by county commissioners later this year, some municipalities could see higher property tax bills. It includes homeowners in Apex, Cary, Fuquay-Varina, Garner, Morrisville and Wendell.

Editorial: Downtown property assessment declines are a doomsday scenario for city, schools

Pittsburgh Post-Gazette

It's impossible to overstate how badly Pennsylvania's system of real estate taxation works, and in particular how dire the situation is in Allegheny County. A coming wave of rulings on Downtown assessment appeals will not only obliterate the budgetary projections of the three taxing bodies — the county, the City of Pittsburgh and Pittsburgh Public Schools — but will also drain their current reserves. 

Officials challenge tax assessment of FedEx property in Hermitage


Local city and school officials believe the recently-developed FedEx property in Hermitage is worth more than its current assessed value, and plan to challenge the assessment. The 25,000 square-foot FedEx distribution center, located at 2978 S. Hermitage Road, Hermitage, opened for business last fall.

DFW Retail Centers Haven't Been This Full In 42 Years, New Report Shows


Retail in the Metroplex set a new record in 2023 as a dearth of new construction and rebounding tenant demand converged to create the highest occupancy in 42 years. Dallas-Fort Worth shopping centers of 25K SF or more were 95.2% occupied at the beginning of 2024, slightly outpacing the previous occupancy record of 94.8% in 1981, according to data shared at Weitzman's annual forecast event today.

Arlington property tax assessments are out; residential up, commercial down


Arlington, Virginia, property tax assessments for 2024 are being mailed out this week, and most homeowners will see another increase. Commercial property values rose overall, though that segment was held back by falling assessments of existing office buildings, whose values are being dragged lower by rising vacancy rates. 

Richmond mail delivery causing billing issues, residents say


Ken Davis Jr. and his wife have called their house in the Willow Lawn neighborhood home for more than 40 years, and every six months when the city real estate tax bill arrives, they write the check and mail it back. It is a habit they have grown accustomed to and, after paying real estate bills for decades, they have never once been late, Davis said.

What happens if you don't pay property tax on dogs in WV?


Have you ever paid personal property tax on your pet? If not and you live in West Virginia, you might have committed tax evasion without even knowing it. According to West Virginia Code, county assessors are responsible for collecting a head tax on dogs and cats. The tax is $3 for every dog that is older than six months, but in many cities, there is an additional municipality tax, which usually ranges from $1-5 more.

Initiative To Tax Wyoming Property At 50% Valuation Facing Growing Opposition

Your Wyoming News Source

A ballot initiative to provide dramatic residential property relief tax in Wyoming is drawing some vocal political backlash. State Rep. Clark Stith, R-Rock Springs, said he believes if the ballot initiative passes, it has the potential to eventually lead to a state income tax to support Wyoming's public schools. Wyoming is one of eight states without a state income tax.

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