As property values decline meaningfully in the wake of interest rate increases, some of the largest office markets in the U.S. face heightened risk of shock to municipal finances due to greater reliance on property taxes for revenue, or pre-existing challenges that will be amplified amid a slowing economy.
The results of Denver's midterm elections have been certified. Among ballot questions, Denver voters approved shifting responsibility for sidewalk maintenance from homeowners to the city and a requirement for multifamily residences, non-residential establishments and food waste producers to offer recycling services.
A St. Petersburg man was accused of making verbal threats against the Pinellas County Tax Collector's Office. According to an arrest report from the Pinellas County Sheriff's Office, David Patrick O'Hara, 38, allegedly posted audio clips to Facebook, Instagram and NextDoor threatening the Tax Collector's Office on Nov. 24.
A new survey found 40% of Illinois' small businesses were unable to pay rent on time or in full during November, up 8 percentage points from October as the state's most prolific job creators grappled with higher rent prices, inflation and reduced consumer spending.
The Cook County Treasurer's Office released a scathing report this morning explaining why property tax bills have gone through the roof. Why it matters: The report says Chicago homeowners' median tax bill went up nearly 8% since 2020. Many residents already felt the sticker shock when bills went online in November, but others haven't yet seen them. The bills are being mailed to homeowners today.
Axios Twin Cities
What's happening: The 30-story LaSalle Plaza in downtown Minneapolis is scheduled to go to auction next week after the previous owner, the Teachers' Retirement System of the State of Illinois, avoided foreclosure by transferring the building to its lender, Northwest Mutual.
There's a property tax form - the M1PR - that Minnesota homeowners can fill out for a "special refund" of up to $1,000 if their property taxes go up more than 12 percent in a year, regardless of household income. In St. Paul, officials are spreading word that 2023 will be a good time for many to use it.
In a unanimous vote, Clay County Commissioners accepted former tax assessor-collector Maribel Longoria's resignation after she was charged in August with misapplication of fiduciary funds over $300,000. “It was negotiated with our county attorney and our district attorney.
The Texas Tribune
If Gov. Greg Abbott's dream of a historic property tax break for Texans is to become a reality in the 2023 legislative session, the Republican-controlled Legislature might have to break the state's constitutional spending limit for the next two years. The question is: Would they dare?
The Legislature is constitutionally limited in how it can spend the surplus over the next two years, allowing lawmakers to tap into just $12.5 billion of those funds. There is a little bit of wiggle room if lawmakers get “creative,” Patrick said, but he stressed that the Legislature should build up the state's reserves and fortify its rainy day fund.
Dallas Morning News
Robert Choate of Little Elm received a letter from the government that gave him pause. It was from the Denton Central Appraisal District, and it asked how much he paid for his house this year when he moved from Frisco. He believed it to be some kind of trap. He's right about that.