Daily NAPTA Update 1.19.2023

Posted by Diane Macri | Jan 19, 2023


Retail Vacancy Lowest Since Before Great Financial Crisis
U.S. retail vacancy has reached new lows as retail fundamentals remain surprisingly strong, according to Cushman & Wakefield research. During the fourth quarter of 2022, vacancies overall dropped 20 basis points to 5.7%, the lowest that particular metric has been since 2007, just before the onset of the Great Financial Crisis, the company reports.

Chetrit, Facing Loan Default, Looking To Offload Over 8,000 Units
While an expected wave of distressed property sales hasn't yet hit, ripples are starting to emerge. New York landlord Chetrit Group is looking to sell more than 8,000 residential units it acquired across 10 states in 2019 as it faces default on a $481M loan it used to finance the acquisition, The Real Deal reports, citing a report by Trepp.


LA Apartment Owners Want To Sell, But Offers Aren't Matching Expectations
Los Angeles' multifamily market is seeing rising rents and dropping vacancy, but a number of factors from high interest rates to the city of LA's looming tax on real estate transactions are adding uncertainty to the market and have the potential to have noticeable impacts on LA multifamily investment in 2023.


Polis calls for more property tax relief
Gov. Jared Polis wants state lawmakers to deliver an additional $200 million in property tax relief over the next two years, bringing the total respite offered by the legislature over that period to $900 million, as Democrats and Republicans debate a long-term solution to rising tax bills resulting from skyrocketing property values across Colorado.


Many Lincoln homeowners see their property valuations increase between 10% and 30%
Journal Star
Karen Vincent expected her home's value to increase slightly, but she wasn't expecting the $60,800 increase she saw on the Lancaster County Assessor's website. Since she bought her home in southeast Lincoln in 2015, her assessed value has increased every two years, she said.


The Partial Myth of Texas as a Low Tax State
Texas has a reputation as a low tax state, but that reputation doesn't live up to reality for all taxpayers. For individual taxpayers, Texas is unquestionably one of the nation's lowest taxing states. Texas state and local taxes on businesses, though, are well above the national average and are particularly burdensome on capital-intensive businesses – the huge marquee projects that states aggressively compete for.

About the Author

Experienced Attorneys. Specialized Expertise

We are proud of our NAPTA network of property tax attorneys who have made our membership a trusted source of expertise.