The underlying subject property was formerly made up of two parcels that were legally consolidated in some of the appealed years, which raised novel issues about the land rate calculation. Further, while the landowner had appealed the subject property's assessment for some of the tax years, the municipality was the appellant in other tax years.
As the office market continues to see record high vacancies nationally, the sector is bracing for hundreds of millions of square feet of leased space to expire over the next few years. In 2024 and 2025, 217M SF of office leases in buildings backed by CMBS loans are coming due. That breaks down to 112M SF this year and 105M SF next year.
Office-backed commercial loans finished 2023 with a delinquency rate of 6.5%, up from 5.1% in the third quarter, according to the Mortgage Bankers Association. Across all commercial property types, 3.2% of loans were delinquent in Q4 of 2023, the MBA said, up from 2.7% in the quarter before. Office-backed loans had the highest delinquency rate, followed by hospitality with 6.1%.
Companies are increasingly keeping their headquarters put. As of October, only 18 companies had publicly announced relocations last year, according to a December report from CBRE, putting 2023 on track to see the slowest relocation volume in at least five years. CBRE's report, first reported by CoStar, identified 465 corporate moves since 2018.
If passed, this legislation will likely have negative economic impacts on our mountain communities due to a reduction in the bed base. The huge majority of STR units are in professionally managed, purpose-built condominiums (4,701 purpose-built units in Vail, Avon, and Beaver Creek alone). This isn't rentals in neighborhoods; we're talking about our visitor bed base — the bed base that drives our economy.
A new bill that would bust taxes for Kansans is headed to the desk of the Governor after it was passed in both the House and Senate. On Wednesday, Jan. 17, leaders in the Kansas Legislature said the state is now one signature away from well-deserved tax relief. The House and Senate both voted to pass the bipartisan House Bill 2284 and have now sent it to Governor Laura Kelly's desk for approval.
Some Washington County homeowners will see double-digit jumps in their property taxes this year, including a few communities facing some of the largest increases in the metro area. Among them: Afton, West Lakeland and Baytown Township, a small community where property taxes could jump by 22% this year. In all three communities, the tax increases are driven by local levies, rising home valuations, and newly approved school bond referenda.
New York's office vacancies may have reached new record highs, but the downbeat sector's market value has actually gone up, according to a study by the New York City Department of Finance.
Representative Jim Kasper, (D46) Fargo, and End Unfair Property Tax Chairman Rick Becker have announced a coalition of dedicated public servants including legislators, former legislators, and 2024 legislative candidates have joined to publicly endorse a crucial initiated measure aimed at implementing much needed reform of the property tax system, providing substantial permanent tax relief, and advancing the prosperity of North Dakota and all its residents.
Frustration is growing for many homeowners receiving their property tax bills and experiencing sticker shock. The new property tax bills are being mailed out now, with these increases being the largest in recent memory. Some people are even seeing a jump of 40 to 50%. The tax update will last for three years and will add to the burden of people already dealing with inflation.
VIDEO - Austin is the first city in Texas to approve such a resolution.
The Real Deal
A foreclosure auction has been scheduled for a Class-B Houston office building, spotlighting the growing wave of distress in the Bayou City. Starwood Mortgage Capital has initiated foreclosure proceedings on the eight-story, 130,000-square-foot Spectrum Office Building at 5858 Westheimer Road in Houston's Galleria area, Bisnow reported.