Daily NAPTA Update 04.24.2024

Posted by Diane Macri | Apr 24, 2024 | 0 Comments

Apparel Retailer Express Inc. To Close 100 Stores In Bankruptcy


Fashion retailer Express Inc. has filed for Chapter 11 bankruptcy protection on Monday and says it will close more than 100 of its 530 locations. The company said it is closing about 95 of its Express locations and all 12 of its UpWest stores, while the remainder of its locations will remain open for normal business.

AI Is Making Older Data Centers Obsolete, Yet Upgrades Are Rare


Older data center inventory is being rendered obsolete by the high-powered computing equipment needed for artificial intelligence and other high-performance applications. But few providers are retrofitting older data centers to support these technologies.

Colorado lawmakers to introduce long-awaited property tax relief bill

Colorado Politics

The long-awaited major property tax bill will likely be introduced sometime early next week, giving it about a week to work through the General Assembly before its May 8 adjournment. This bill, however, will have had an advantage that previous bills, most notably the 2023 legislation, didn't have: a public airing of its concepts.

Missed email forces Jefferson County to add property taxes for 6,500 homeowners


A missed email almost cost Jefferson County special districts more than half a million dollars. Instead, thousands of taxpayers are now being asked to pay for the mistake. This error started when someone in the budget and finance department missed an email. That missed message left four special districts off of thousands of property tax bills, meaning people actually owed more money than they were told to pay.

Starwood To Convert K Street Office Building After Foreclosing On Brookfield


A vacant downtown D.C. office building is being delivered to its lender, setting the stage for a residential conversion. Starwood Property Trust filed a foreclosure affidavit Wednesday for 1200 K St. NW, seeking to take control of the 390K SF property from Brookfield Properties.

Maui County’s Property Tax Base Increases Despite Lahaina Fire

Civil Beat

The Maui County Council received welcome news Monday that despite the destruction of 2,146 structures in the Aug. 8 wildfires, the certified taxable value of property for fiscal year 2025 increased by 4.2% to $73.3 billion. That translates to about $1.2 million more than was projected in March under Mayor Richard Bissen's proposed budget, including his changes to tax rates and exemptions.

Ascension deputy assessor lowered his own tax bill, has been arrested, police say

The Advocate

Justin B. Champlin, the chief deputy assessor in Ascension Parish, illegally lowered the property tax assessment on his own property two different times in an apparent effort to save money, police said. Champlin was arrested Tuesday on one count of malfeasance in office and two counts each of injuring public records and computer tampering.

Marc Holliday: 40M SF Of NYC Offices Could Be Converted If Housing Bill Passes


In a call with investors Thursday, the head of Manhattan's largest office landlord said that the real estate investment trust played an “instrumental role” in a state office-to-residential conversion bill that he expects to be signed this weekend, a piece of legislation he called “transformative.”

South Carolina Senate wants accelerated income tax cut while House looks at property tax rebate

AP News

Once the spending plan passes the Senate, a group of three House members and three senators — likely including the leaders of each chamber's budget committee — is going to have to sort out the differences over the next month or so with the tax break and other items in South Carolina's $15.4 billion spending plan for next budget year.

Memphis mayor proposes 75-cent property tax increase


Memphis Mayor Paul Young proposed a $0.75 property tax increase while presenting his budget to the Memphis City Council on Tuesday afternoon. "I'm going to ask for a tax increase," Mayor Young announced last week. "Put it out there, straight and plain, so you hear it straight from me. No secrets. We're going to ask for it."

Almost all Tarrant Appraisal District systems back online after attack

Fort Worth Report

More security improvements are coming to the Tarrant Appraisal District, and systems are mostly back online after a cyberattack took them out of commission, Chief Appraiser Joe Don Bobbitt announced during an April 22 board of directors meeting. It has been nearly a month since the Tarrant Appraisal District was the victim of a ransomware attack by the hacking group Medusa.

Utah Justices Won't Boost Delta Aircraft Valuation


Utah's most populous county failed to show that a state law for valuing aircraft undervalued property belonging to Delta Air Lines and violated the state constitution, the state Supreme Court ruled…

Assessing assessments: How some city property owners question valuations amid rising prices

Richmond Biz Sense

In 2008, veteran local real estate developer Charles Macfarlane struck a deal with the City of Richmond to buy the former Manchester Post Office at 1019 Hull St. The agreement called for Macfarlane to convert the decommissioned postal building into office space. The deal also included covenants that Macfarlane wouldn't raze the century-old building.

Milwaukee property assessments going up across the city. What to know about value and property taxes

Milwaukee Journal Sentinel

Property assessments are arriving in Milwaukee mailboxes, and values across the city are going up. Citywide, values increased 17.4% from 2023 to 2024, according to the Assessor's Office. Assessed values increased in all aldermanic districts by at least 14% for residential properties and at least 10% for commercial properties.

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