Daily NAPTA Update 10.10.2023

Posted by Diane Macri | Oct 10, 2023 | 0 Comments


BC Assessment offers to halve Honeymoon Bay property value, owner says no
Cowichan Valley Citizen
BC Assessment has offered to dramatically lower the value of one waterfront property in Honeymoon Bay during an ongoing appeal process. Shelley Robinson's home and property were initially valued by BCA at $2,234,000, but BCA, an independent body that provides annual value assessments on all properties in B.C., is now recommending $1,111,000 as the property's value, a difference of a whopping $1.123 million.


Apartment Construction Surges To Levels Not Seen Since 1980s, Weighing Down Rents
Apartment construction during the third quarter reached its highest level since the 1980s, not only putting a lid on rent increases but also helping push down rents in some hot markets, according to a report by RealPage. More than 128,100 new units came online in Q3, while a bit more than 90,800 units were absorbed. Occupancy dropped slightly during the quarter — by 10 basis points, coming in at 94.4%, roughly the market's long-term average.


Juneau city hall bond issue fails
Must Read Alaska
The Juneau voters have spoken — again. The majority have voted no on a bond issue desired and pushed by the Juneau Assembly, for the second year in a row. The no vote was 3,789. Yes votes totaled 3,395 as of the numbers released on Friday evening by the Juneau election office. The Assembly had earlier this year approved a $50,000 appropriation for the city to use to try to lobby voters to approve the ballot measure that city leaders want. 


Trump's $2 Billion Estimate of Mar-a-Lago Backfires in Court
A legal and financial tussle has ensued, focusing on the discrepancy between the property's appraised value and the value claimed by Trump. This development could potentially lead to increased tax obligations for Trump. Donald Trump placed the value of his Mar-a-Lago property between $426.5 million and $612.1 million, a figure far exceeding previous estimates. 

Sea rise means Florida towns may lose billions in property tax revenue
Fast Company
Climate change is affecting communities nationwide, but Florida often seems like ground zero. In September 2022, Hurricane Ian devastated southwest Florida, killing at least 156 people and causing an estimated $113 billion in damage. Then Hurricane Idalia shut down the Florida Panhandle in September 2023, augmented by a blue supermoon that also increased tidal flooding in southeast Florida.


'Maybe This Is The New Normal': Investor Buys Downtown Boston Office At 74% Discount
Kendall Capital, through the entity 33 West LLC, acquired an eight-story, 38K SF Class-B office building at 33-41 West St. for $4.1M from Dedham-based Bay Management Corp., according to public records. The deal was a 74% discount from the $16M price that Bay Management paid for the property in 2016, Banker & Tradesman first reported Monday.


Breaking news: Ex-Warren County assessor avoids returning to jail
Warren County Record
Former Warren County Assessor Wendy (Nordwald) Kozma was ordered to remain on probation and continue making restitution payments rather than be returned to jail to serve a 10-year-sentence. The decision was announced Oct. 6 by Osage County Judge Sonya Brandt. "Ms. Kozma being in prison doesn't do the victims any good," Brandt said. Brandt then ordered Kozma to make monthly payments of $1,200 toward her restitution.

Missouri group opens floodgates for counties freezing property taxes for seniors
The Black Chronicle
A flood of Missouri counties are attempting to freeze property taxes for seniors, and a nonprofit is opening the floodgates. Senate Bill 190, passed by the General Assembly in May and signed into law by Republican Gov. Mike Parson in July, allows counties to grant a property tax credit through an ordinance or by a vote. Taxpayers who are eligible for Social Security retirement benefits, own a home and pay property taxes can receive a credit. 


Manhattan Office Leasing Sinks 30% Despite String Of Big Deals
This summer in New York, typically a time of feeble leasing, was particularly lackluster this year — even with some blockbuster deals signed. Some 6.3M SF of leases were signed in Manhattan in the third quarter, per Savills data released Monday, marking a 31% decrease from the same period last year. Availability increased by more than a full percentage point from last year to reach 19.6%.


Colin McNickle: Reassessment key to fixing property tax inequities
Once again, the great hue and cry in quarters both government and political has become that conducting a property reassessment in Allegheny County would be an immorality bordering on a public policy atrocity that would only serve to gouge taxpayers and even retard economic growth.


Brokers Demand Closer Look At Landlords' Books As DFW Office Distress Sets In
Office tenants are asking to take a closer look at their landlords' books as a wave of distress threatens to upend the market. Landlords have in the past been reluctant to disclose financial documents, said Jihane Boury, vice chairman at Savills North America. But as interest rates rise and a wall of office maturities looms, savvy brokers are inquiring about those items upfront.

IOS Activity In DFW Slows As Stormy Economy Spins Sector Off Course
Demand for industrial outdoor storage in DFW continues at a rapid clip, but challenges on the financing side are keeping momentum at bay. The number of properties trading hands has plummeted over the last several months as IOS investors struggle to transact. Firms remain bullish on North Texas due to its centralized location and booming industrial market, yet a lack of liquidity and rising interest rates are stemming the flow of deals.

Texas Prop. 4 could cut hundreds from school tax bills
A constitutional amendment that could save property owners hundreds of dollars on their tax bills will appear on ballots in November as another piece of the state's $18 billion puzzle to relieve Texans of their property tax burden. Voters on Nov. 7 could approve Proposition 4, which touts a $100,000 school tax exemption for homeowners authorized by House Joint Resolution 2 in the 88th Legislature's second special session.


Utah State Tax Commission Submits Concerns Regarding County Assessor
ETV News
During the Carbon County Commission meeting that was hosted on Wednesday evening, the commissioners addressed the review of a letter that was received in June from the Utah State Tax Commission regarding Assessor Gillian Bishop and the assessor's office. The letter addressed concerns regarding the office and Assessor Bishop himself, citing that untold county resources have been spent trying to address the problem.


Staunton mistakes organization for property tax exemption
Staunton Assessor Charles Haney, said Valley Supportive Housing has been mistakenly classified as a property tax exempt by classification since around 2005. “I recognized that Valley Supportive Housing has purchased some more property. When I started looking at the code, I could not put a finger on a reason they should be exempt under the current code, 58.1-3606,” said Haney. 


Lawmakers pass bills to cap rising property values, give exemption to senior homeowners
Members of the Joint Revenue Committee passed three bills this week that address constituents' struggle with accelerated property tax increases. Wyoming has the 10th-lowest property tax in the country, but the Cowboy State's housing market crisis has driven up property values statewide. Average property tax increases, which are tied with property values, jumped by 10% from 2021 to 2022.

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