Daily NAPTA Update 12.04.2023

Posted by Diane Macri | Dec 04, 2023 | 0 Comments

Houses Too Expensive to Buy Underpin Lofty Rents

The Wall Street Journal

Big public companies that rent out single-family homes are beating the rest of the rental market this year, thanks to tenants who are paying large rent increases on the sorts of homes they increasingly can't afford to buy. Landlords Tricon Residential, Invitation Homes and AMH, which together own about 180,000 rental homes, each posted rent increases greater than 6% for the third quarter over the same period a year prior.

Count It Up: L.A.’s Property Values Climb to Near $2 Trillion, Assessor Reports

Commercial Observer

Prang's office's annual report released this week reported growth in the assessed value of taxable property for the 13th consecutive year. This year's assessment found an annual increase of more than $111 billion — over 5.9 percent — bringing the net value of the county's taxable property to $1.997 trillion. All 88 cities in the county recorded an increase in assessed valuation compared to 2022.

What Delaware homeowners can expect as property reassessments near finish line

Delaware Public

In 2020, a Chancery Court judge ruled the state's property tax system unconstitutional as part of an education funding lawsuit. To settle their portion of that lawsuit, all three counties agreed to conduct property reassessments; the first in over three decades. The new assessments are now moving toward completion, leaving many homeowners wondering what to expect when they're finished.

New Miami-Dade property appraiser election will be a partisan contest

CBS News

A Republican former Miami Mayor Tomas Regalado wants to be the next Miami-Dade Property Appraiser "because I think the most consequential crisis that we have now is housing," said 76-year-old Regalado. Democrat Marisol Zenteno, who ran in 2020, has decided to run again "because the office has not improved, we still have so many inefficiencies," said the 57-year-old, who has not held a political office before.

New Orleans City Council to take up Shell tax break proposal amid rising property cost concerns


The New Orleans City Council is considering a proposal to grant Shell Oil a 15-year property tax exemption, part of the company's Payment in Lieu of Taxes, or PILOT, application. However, this proposal is facing opposition from housing advocates. A PILOT agreement lets a company make alternative payments instead of traditional property taxes, often to spur development or maintain a business presence in a community.

Benton board agrees to reinstate tax abatement for resident contending with CMP substation noise

Central Maine

The Board of Select Persons this week voted unanimously to reinstate a 20% property tax abatement for one of nine residents who has put up with a constant buzzing noise generated by a nearby Central Maine Power substation. The board signaled a willingness to approve abatements for the other eight homeowners as well.

Analysis tests theory: Do ag valuations, taxes rise without end?

Star Herald

It's no secret in largely rural Nebraska that property tax gripes take a different shape outside cities and villages. The state's farmers and ranchers typically pay far higher tax bills than their in-town neighbors. They can't hope to make money raising crops or cattle on a single property. In the eyes of many Nebraska agricultural producers, property tax bills — and the taxable valuations underlying them — do nothing but go up.

Not seeing property tax relief despite Texas' historic tax cut? Here's why


Some Texans are still not seeing property tax relief, despite Governor Greg Abbott signing a historic $18 billion property tax cut bill that voters approved earlier this month. Don Zimmerman with the Travis County Taxpayers' Union is one of the millions of homeowners who saw his property tax bill decrease because of the 2023 tax relief plan.

Tax cuts, teacher pension increases at stake after misinformation-led challenge to 2023 election

Texas Tribune

Lawsuits based on false claims about voting equipment could delay millions of dollars in cost of living increases for retired teachers expected to arrive in January. The lawsuits also threaten to hold up state property tax cuts for homeowners — arguably Republicans' signature policy achievement this year. Voters widely approved both policies this fall. 

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