Daily NAPTA Update 07.02.2024

Posted by Diane Macri | Jul 02, 2024 | 0 Comments

‘Feeding Frenzy’ For Restaurant, Retail Space Leaves Brokers Scrambling For New Locations


When Foxtrot, the chain of high-end neighborhood markets, shuttered abruptly in April, Retail Connection Managing Director Steve Zimmerman said he was fielding calls nearly instantaneously, with numerous brands clamoring for space. “There was a line out the door to go get them,” he said.

Why The Supreme Court Ruling To Limit Federal Agency Power Is A Big Deal For Real Estate


When the Supreme Court ruled Friday to scrap a decades-old precedent that gave federal agencies the power to interpret vague laws as they regulate businesses, it created an easier pathway for companies to challenge rules they don't like. The 6-3 decision overturning 1984's Chevron v. Natural Resources Defense Council limits the powers of dozens of federal agencies.

Redfin Reports Only 39% of Renters Make Enough Money to Afford the Median-Priced Apartment

Business Wire

The typical U.S. renter household earns an estimated $54,712 per year, 17.3% less ($11,408 in dollar terms) than the $66,120 needed to afford monthly rent for the median-priced U.S. apartment ($1,653). Only 39% of renters make enough to afford the median-priced apartment.

Chandler lowers property tax rate for 9th consecutive year


The Chandler City Council has lowered the city's primary property tax rate for the ninth consecutive year to help minimize the impact of increased property values. The one cent rate reduction brings Chandler's combined property tax rate to $1.0826 per $100 of assessed property value for fiscal year 2024-2025, which began July 1.

Impact of Long-Term Leasehold Interest on County Property Tax Assessment


Over objections from the appellants the Court confirmed and upheld the “plain language” of the statute characterizing any transfer of a lessor's interest in taxable real property as a “change in ownership” if the remaining term of the lease was less than 35 years.

Lake County property appraiser candidate refuses to withdraw name off ballot

Clermont Sun

The Lake County Republican at the center of a ‘dirty tricks' campaign at the ballot has said that he has no plans to withdraw his name from the race for property appraiser. Mark Jordan said that he did nothing wrong when he filed his papers to run, minutes after current Lake County Property Appraiser Carey Baker had filed as a write-in candidate.

Hicks: People prefer living where property taxes are high


There's almost nothing new under the sun in the way of tax-and-spending policy, so almost every proposal will come with reams of examples to compare it to and plenty of data on the experiences of other states. One way to do this is to skim through some of the proposals that have been floated in recent weeks.

KCK officials nix new property tax revenue; cuts predicted

Kansas City Star

Wyandotte County's elected leaders on Thursday chose to forgo any new property tax revenue for next year's budget, answering distress calls of residents and putting public services on the chopping block. Unified Government of Wyandotte County and Kansas City, Kansas, commissioners voted 9-0 to kill a resolution that would have allowed for a budget partially sourced on increased property tax revenue.

SEIZED AND SOLD: Despite governor’s order, hundreds of properties seized for unpaid taxes during pandemic

Monadnock Ledger

Like governors around the country, he used his executive powers to suspend mortgage foreclosures and issued a moratorium on evictions. And in the state with the highest property tax burden, he ordered municipalities to stop taking ownership of homes for unpaid taxes. Most obeyed; others didn't.

CVS Retains $5.26 Million NJ Property Tax Valuation on Appeal

Bloomberg Tax

West Orange Township's appraiser Mark Hendricks, who valued the property at about $9.47 million and higher for tax years 2015 to 2019, didn't review the sales contracts or speak to the purchasers and developers of the properties he compared to the disputed CVS retail store and pharmacy, the opinion said.

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