In at least one Vancouver neighbourhood, the opposite seems to be happening, and Linda Hudson is perplexed. Article content Hudson is the third generation of her family to run Kerrisdale Cameras. The building, which her family owns, has been a fixture on West 41st Avenue in Kerrisdale Village since 1961.
As jaws began dropping last year in Osoyoos in response to a massive tax hike, a retired B.C. property assessor in North Vancouver began crunching numbers. Derek Holloway left BC Assessment in 2017 after 28 years there and has been on a mission ever since to raise public awareness about the drastic undervaluation of many commercial properties in the province.
Plummeting regional bank stocks are giving investors déjà vu, but the underlying problem this time around is the commercial property crisis. On Wednesday, the KBW Nasdaq Regional Bank index saw its worst day since the collapse of Silicon Valley Bank in March, ending the day down by 6%. The decline was led by New York Bancorp, which tumbled nearly 40% on Wednesday after posting a fourth-quarter loss of $260 million due to of sour commercial real estate loans.
A good retail space is getting harder to find with the vacancy rate for shopping centers nationwide at a 15-year low. Why it matters: The COVID-era doomsday predictions were wrong. What they're saying: We haven't seen the apocalypse everyone was expecting, Thomas LaSalvia, head of commercial real estate economics at Moody's Analytics, tells Axios. Retail commercial real estate is "back for good," per a recent report from Cushman & Wakefield, a real estate services firm.
On Wednesday, the KBW Nasdaq Regional Bank index saw its worst day since the collapse of Silicon Valley Bank in March, ending the day down by 6%. The decline was led by New York Bancorp, which tumbled nearly 40% on Wednesday after posting a fourth-quarter loss of $260 million due to of sour commercial real estate loans.
A proposal that would start the ball rolling toward eliminating property taxes in Florida was heard this week in a House committee. It seeks a study to determine how much money would disappear and how local governments might recoup that revenue elsewhere. “This bill (HB 1371) is about one thing. It's about starting down the road toward phasing out and eliminating Florida's property tax," said Rep. Ryan Chamberlin, R-Ocala.
A new State Auditor's report reveals Jackson County's property tax rate increased more than any other county in the state. The county saw an increase of 24.35%. The new number combines personal property and real estate taxes. Property taxes related to homes increased by 32.1%. The numbers are based on September data after assessment appeals were well underway.
Rockland County Business Journal
Eklecco/Pyramid, the owner of the Palisades Center in West Nyack, and the Town of Clarkstown, will face off in Rockland County Supreme Court later this month in a case that could severely impact both Clarkstown Central School District and Town of Clarkstown taxpayers. The Palisades Center is challenging four years of what it calls “illegal and inflated tax assessments.” If successful, it may be entitled to tens of millions of dollars in tax refunds, plus interest going back four years.
The Altamont Enterprise
It has far less in savings than its Suburban Council peers. Aside from facing all the same challenges as other local school districts — from the pandemic, inflation, and increased costs for transportation and health care — Guilderland has an added one: tax certiorari cases.
15.5% property tax hike being urged by county officials
Alamance County's commissioners were urged to move the goalposts this week as they reviewed their traditional approach to taxation at a yearly budget “retreat” with the county's top-ranking administrators. The adequacy of the county's property tax rate was ultimately one of the key issues to arise from this seven-hour huddle, which took place on Monday at a decommissioned bank building along South Main Street in Graham that has been repurposed to serve as the county's election office.
KMIT 105.9 FM
The South Dakota Senate defeated a bill to roll back property taxes on owner occupied, single-family dwellings to the way they were in 2020. However, like legislative attempts at property tax reform before it, questions about the specifics of the legislation helped to cripple it. Lawmakers raised concerns about the “fairness” of the tax. The rollback would only apply to homes that had been owned by the same person since 2020.
Following a long battle with cancer, Jasper County Tax Assessor Collector has died at the age of 73. Biscamp, who has served in the position for over 20 years, died on Friday at the Harbor Hospice here in Jasper surrounded by his family. A native of Evans, Louisiana, Biscamp was a longtime resident of Burkeville before moving to Jasper many years ago.
Wyoming state legislators are gearing up to address the pressing issue of Soaring Property Taxes, making it a top priority in the upcoming 2024 budget session. The session, beginning on Feb. 12, will primarily focus on shaping the state budget for the next two years, but there's a brief window to pass non-budget-related legislation.