Daily NAPTA Update 07.01.2024

Posted by Diane Macri | Jul 01, 2024 | 0 Comments

Walgreens Plans Major U.S. Store Closures; Shares Tumble


Walgreens Boots Alliance Chief Executive Tim Wentworth is taking the struggling chain in a new direction, planning to close a substantial number of poorly performing stores and pulling back on the company's plunge into the primary-care business. Shares of the pharmacy chain plummeted 22.16% to $12.19 on Thursday.

Placer.ai: Mall traffic inches closer to pre-pandemic levels

Chain Storeage

The American mall's traffic recovery from COVID-19 is proceeding at a healthy pace, according to a new white paper from Placer.ai. During the heart of the pandemic, visits to all mall types tracked by the foot traffic analytics provider's Mall Index were between 10.7% to 15.3% lower than they were in 2019.

Multifamily Supply Wave Recedes as Construction Stages Retreat


In Austin, apartment completions are projected to increase from 21,000 units added in 2023 to 23,600 units in 2024. At the same time, Tampa's forecast shows an increase in projected completions from 7,200 units in 2023 to 10,100 units this year, and San Antonio's additional supply will increase from 7,900 units in 2023 to 10,600 units in 2024.

San Diego County properties now valued at record $768 billion

San Diego Union Tribune

Land in San Diego County is now worth more than ever. San Diego County's assessed value of all taxable property — including residential, commercial and industrial land — is now $768 billion, the Assessor's Office said this week. The figure represents an increase of 5.58 percent between Jan. 1, 2023, and Jan. 1, 2024, and is the highest in county history.

Sonoma County's record-high property assessment: a double-edged sword

The Sonoma County Gazette

Sonoma County's net assessment roll has reached an unprecedented high of $120.5 billion, marking a 5.22% increase from last year's roll. This growth, driven by a robust housing market and inflation, means significant revenue for essential public services like schools, community colleges, and infrastructure.

New estimates show 10.6% annual hike in Palm Beach's property values

Palm Beach Daily News

Palm Beach property owners — and taxpayers — continue to feel the after-effects of the recent real estate boom that sent values of mansions, houses, condominiums and commercial buildings soaring like a Fourth of July bottle rocket. The latest evidence? Total market values in town jumped about 10.6% — to $54.68 billion — last year.

Florida Supreme Court rules Pinellas can be taxed on Pasco land


A divided Florida Supreme Court on Thursday ruled that Pinellas County can be required to pay taxes on land it owns in neighboring Pasco County, rejecting arguments that counties are immune from property taxes outside their borders. Justices, in a 4-2 opinion, upheld a 2019 decision by the 2nd District Court of Appeal that said Pinellas County could be taxed on 12,400 acres it owns in Pasco County.

New estimates show 10.6% annual hike in Palm Beach's property values

Palm Beach Daily News

The new figures also show that the property appraiser's estimated market values in Palm Beach have more than doubled since the coronavirus upended the island's real estate market about four years ago. For the 2020 tax rolls, which were based on 2019 property data, the preliminary value estimates for Palm Beach real estate clocked in at $24.7 billion.

Ron DeSantis Faces Rebellion Over Florida Housing Bill: 'This is Peanuts'


Even Floridians who support a move to lower property taxes in the state say that the proposed bill, signed by Governor Ron DeSantis last week and on the ballot in November, is too little compared to the skyrocketing housing costs they're facing. However, he said that the move is "peanuts compared to our insurance and [homeowners association] wild increases."

Tax assessments increase with property sale prices


In January, a local attorney took 12 property assessment appeals for his clients to the Coweta County Board of Equalization. He said the appeals were a wild ride, much different than previous years. "The room was full of elderly people" said James Clifton, who handles assessment appeals all over the region.

Appealing tax assessment won't freeze values starting next year


While the legislation should help property owners in counties like Fulton, DeKalb and Forsyth, it will also quietly remove what some deem a loophole that has benefitted taxpayers who know the ins and outs of the property assessment process. The coming days and weeks will likely represent the last chance homeowners have to lock in their property values without much of a fight.

Treasurer Maria Pappas analysis shows record-high property tax increases for south suburban homeowners

The Lansing Journal

Homeowners in many south and southwest suburbs will have to pay a lot more in property taxes as the median tax bill jumped a record 19.9% in the region, according to an analysis released June 27 by Cook County Treasurer Maria Pappas. The biggest increases in homeowners' tax bills occurred in 15 south suburbs where taxes soared 30% or more.

Boston office slump sets up US$400 million burden for residents

Business Times

The proposal would allow Boston to temporarily increase the tax rate ceiling for commercial properties in order to offset a historic slump in office building values. It's drawn sharp opposition from the real estate industry and received a lukewarm reception from key Massachusetts lawmakers.

Jackson County homeowner waits months to appeal 800 percent increase


Dean Wilson, an Oak Grove homeowner, is among thousands in Jackson County still appealing last year's property assessments after his home's value skyrocketed from $55,000 to $532,820. Wilson lives in a church built in the 1800s. Advertisement Despite the age and condition of his home, Jackson County increased the property's value significantly last year.

Ryan passes bill to end 'exorbitant' late fees for property taxes


New York State Sen. Sean Ryan announced his legislation (S.967A) to reduce delinquent property tax interest rates has passed both houses of the New York State Legislature. The bill changes the guidelines dictating the amount of interest counties may charge homeowners who are behind on their property taxes.

‘End Unfair Property Tax’ turns in signatures to Secretary of State


A group calling itself the “End Unfair Property Tax Sponsoring Committee” turned in its signatures to the Secretary of State Friday. Their goal: to get a bill onto the November ballot that would put an end to the property tax in the state. The committee needed to obtain a total of 31,164 signatures; they ended up getting a total of 40,759 from all over the state, with many coming from Minot and Bismarck.

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