Daily NAPTA Update 12.20.2023

Posted by Diane Macri | Dec 20, 2023 | 0 Comments

The Great American Warehouse Building Boom Is Over

The Wall Street Journal

Higher interest rates are choking off construction of warehouses that feed America's growing e-commerce appetite, putting an end to a building boom that remade vast swaths of the country. Over the past decade, warehouses became an investor darling as investors such as Blackstone and Singapore sovereign-wealth fund GIC bought up vast portfolios. 

Jonesboro Dillard’s appeals tax assessment

K8 News

Dillard's in Jonesboro is appealing a decision after Craighead County stated the property was worth $6,812,910 in 2023. However, Dillard's said the property is worth about $2.4 million less, citing its “true market value” of $4,350,000 or less. In the appeal filed in Craighead County court on Friday, Dec. 15, Dillard's Dollars Inc.'s appealed Craighead County Judge Marvin Day's judgment he entered on Nov. 30th.


Illinois Policy

The house used in “Home Alone” is one of Illinois' more famous spots, but while the “Wet Bandits” won't try to break in this holiday season, Illinois property taxes still rob from the owners. This year, the owners of 671 Lincoln Ave. in Winnetka, Illinois, will pay $50,066 in property taxes, a 57% increase from the previous year's bills. The county estimate for the property's value is $2,328,140. 

Richfield Public Schools board OKs Best Buy's property tax cut

MPR News

The Richfield school board Monday night voted unanimously to approve a move that could lower property taxes on Best Buy's corporate headquarters in the city. The school board approved terminating a 20-year-old agreement that set a minimum property value for the headquarters complex. The Star Tribune reports the vote follows similar approvals by the city of Richfield and Hennepin County. 

Attorney General Bailey Files Suit Against Jackson County Tax Assessor for Illegal Property Assessments

Attorney General Office of Missouri

Today, Missouri Attorney General Andrew Bailey filed suit alongside the State Tax Commission against Jackson County for its failure to follow the law in assessing and levying taxes. The lawsuit alleges Jackson County caused significant economic harm to residents when it dramatically and illegally increased property owner's assessments which resulted in undue taxes. 

The High Price of Empty Office Space: Billions in Tax Breaks, With More to Come

The City

Back when the opulent Hudson Yards district on Manhattan's West Side was still a rail yard, Mayor Michael Bloomberg's budget director was asked why he thought tax breaks were necessary to start up the project. Mark Page had a simple answer for his audience of investors and analysts: Tax breaks were expected. “Page said developers in New York were accustomed to receiving tax breaks and felt entitled to them,” The Bond Buyer noted.

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