NATIONAL
Record Apartment Development Stalls Rent Growth For Priciest Properties
BisNow
A wave of construction in 2023 put the brakes on apartment-sector rental growth, and further development is expected to do the same in the short term in 2024 even though demand is strong, according to CBRE's fourth-quarter U.S. multifamily report. Multifamily completions totaled 140,900 units in Q4, bringing the total for the year to 416,500, the highest since CBRE began tracking the market in 1996.
Freddie Mac Economists Share Expectations for 2024
Freddie Mac
In 2023, the economy exhibited tremendous resilience. Though in our estimation the economy appears to be on track for a soft landing, indicators suggest economic headwinds seen last year will persist and continue to affect the housing market, whose performance is inextricably linked to interest rates and supply and demand forces.
Multifamily Construction Timeline Hits Record 25-Month High
CoStar News
Over the past nine years, the time it takes to construct a multifamily building increased from 18 months to just over two years, compounded by supply chain issues and work stoppages during the pandemic. The data show a bump in completion times, particularly in the second half of 2022 and beginning of 2023. However, construction timetables also rose in 2016 and 2017, slowly gaining momentum until the start of the pandemic.
Colorado Politics
Two groups at the opposite ends of major tax policies in past years have banded together to push for a ballot measure to reduce residential and business property tax rates down to roughly 2022 levels and cap future revenue growth to no more than 4% year over year. Under the proposal, which was filed Friday, only a vote of the public would allow a local government to collect above the 4% cap in new property tax revenue in a year.
CONNECTICUT
Macy’s assessment to drop by $2M at Danbury Fair mall in court deal; city will collect less in taxes
News Time
Big retailers are still struggling in the post-COVID world of online shopping. The agreement, authorized by Danbury's City Council and representatives of Macy's, reduces the anchor store's 2022 assessment from $12.6 million to $10.5 million not only for 2022 but also for subsequent tax years until the city's next revaluation in 2027, assuming the anchor store does not undergo any major changes.
ILLINOIS
Cook County panel turns down Bears’ tax appeal, but decision isn’t final
Daily Herald
The Cook County Board of Review on Wednesday endorsed county Assessor Fritz Kaegi's valuation of the Arlington Park property, which could stick the Chicago Bears with a tax bill millions above what they had hoped. But the unanimous decision of the three-member elected panel isn't final; the board is giving the Bears and three Arlington Heights-area school districts until Saturday to return to the negotiating table to hash out an agreement that could arrive at a lower figure.
KENTUCKY
Property tax bills could be frozen for Kentucky homeowners 65 and older
Courier Journal
A constitutional amendment that would prevent property tax increases for Kentucky homeowners who are 65 years old and older could be on the November ballot. Senate Bill 23 is a constitutional amendment that is meant to help Kentucky seniors who are struggling with rising tax bills on their homes by freezing the property values of their homes for tax purposes once they turn 65.
MASSACHUSETTS
Rent growth puts Boston the top market for apartment investors
Boston Business Journal
Boston is also #1 in risk-adjusted returns for apartment holdings. One of the biggest reasons that investors can anticipate so much bang for their buck? The lack of competition from new development.
PENNSYLVANIA
Pennsylvania did we already send this one out yesterday
CBS News
The giant office towers Downtown aren't worth what they once were and that spells trouble for the city of Pittsburgh and its public schools. In assessment appeal after assessment appeal, some Downtown skyscrapers' values are being cut in half, along with the taxes they need to pay to the city, county and school district.
WYOMING
Constitutional amendment to change property tax classes fails in the House
Wyoming News
A joint resolution to amend the Wyoming Constitution, which would have established a maximum increase in annual residential real property values, if approved by voters, died on the House floor Tuesday. House Joint Resolution 1, "Property tax-classes of property and residential value," would have also increased the number of property tax classes from three to six, but failed in a 34-27 vote.
Property tax cuts won’t be on the 2024 ballot in Wyoming
WYOFILE
Property tax cuts won't be on the ballot in Wyoming this year. The Wyoming Secretary of State's Office confirmed Tuesday that the committee pushing a property tax cut ballot initiative had not filed signatures by the deadline to get the measure on the 2024 ballot. Signatures have to be filed before the start of the legislative session of the year applicants wish to put their measure up for a vote. This year's session started Monday.