Daily NAPTA Update 12.05.22

Posted by Diane Macri | Dec 05, 2022


Assessor's appeal against decision that vandalised industrial premises had little value refused by Inner House
Scottish Legal News
It was argued by the appellants that the committee was wrong to focus on whether a potential tenant would still have a use for the premises. The respondents, Lloyds Banking Group plc and Bank of Scotland plc (collectively Lloyds), and Sky UK Ltd, maintained that the committee had been correct in its determination and that the correct questions had been asked.


U.S. oil refineries pay property taxes 5 times higher than what N.B. refinery pays
CBC News
A soon to be published study on levies and taxes paid by the petroleum industry in the United States shows property taxes charged on oil refineries south of the border average several million dollars more than what the Irving Oil refinery in Saint John has been paying.


Credit rating agency warns recession could trigger property tax hikes
The Highland County Press
"Local governments may face slowed growth or possibly contraction in tax revenues associated with real property valuations, which may trigger expenditure controls or revenue-raising measures to preserve budgetary stability," Fitch Ratings Senior Director Michael Rinaldi said.

These 49 housing markets to see home prices fall over 15%—this interactive map shows Moody's updated forecast for 322 markets
A historic mortgage rate shock with the average 30-year fixed mortgage rate jumping from 3% to 6% this year following the Pandemic Housing Booms 41.3% run-up in U.S. home prices in just over two years has simply pushed many would-be buyers to their breaking point. 


Florida mulls reversal of Disney special tax district decision
Yahoo Finance 
Florida lawmakers could possibly reverse the state's decision to strip Disney (DIS) of its special self-governing status. According to a report from the Financial Times, state lawmakers are working on a compromise that would "allow Disney to keep the arrangement largely in place with a few modifications." The report added that Bob Iger's return as CEO is fueling sentiment around a resolution.

Record-Breaking 57 Companies Relocated Or Expanded Into Miami-Dade This Year
Miami-Dade has had its best-ever year for recruiting companies to open offices in the county — and many more are on the way. Fifty-seven companies either relocated or expanded in the county in 2022, and 150 companies are in the pipeline, the Miami-Dade Beacon Council said in its annual report released Thursday, the Miami Herald reports.


Iowa lawmakers will tackle property taxes in 2023, committee leader says
The Gazette
Property taxes will be under the microscope when state lawmakers return for their annual work next month, a key legislator said Friday. The Republican majorities at the Iowa Capitol have in recent years passed multiple cuts to state income taxes. Dan Dawson, a state senator from Council Bluffs who chairs the Iowa Senate's committee on tax policy, said property taxes are next.


Property tax breaks eyed as panel examines ways to get rid of income tax
Louisiana Illuminator
A panel of state lawmakers is studying the possible elimination of personal and corporate income taxes in Louisiana. One option it's probing to offset the loss of state income tax revenue is to replace it with the money that goes toward tax incentives, ranging from property tax breaks given to nonprofits to huge industrial incentives.


Truesdale offering compromise on tax abatement for Refresco
Warren County Record
The city of Truesdale is willing to offer an “olive branch” to beverage bottling company Refresco in the issue of property tax abatements. City leaders had initially balked when Refresco (which purchased the Truesdale Coca-Cola plant in 2021) asked Truesdale to reduce the taxes owed on $22 million-worth of equipment that the company wants to purchase in order to expand its production line and hire more employees.


Do farm and ranch property taxes just keep going up? Yes and no
North Platte Telegraph
Nebraska's farmers and ranchers, and the state leaders they complain to, are intimately familiar with rural residents' beef about agricultural property taxes. They face heftier tax bills than homeowners or many business owners — no matter what they get for their crops or livestock — because they must own lots of land to produce them.


Is The Chautauqua Mall The Only Big Box Store To Be Assessed For Too Much?
Post Journal
As the town of Busti, village of Lakewood, Chautauqua County and Southwestern Central School District figure out how much of the roughly $400,000 in tax overpayments they will individually pay back to the mall's owner, it seems a safe bet that other major commercial parcel holders will take notice of the mall's successful and lengthy effort for a property reassessment.


Texas Is About To Record Its Worst Year For Headquarters Relocations Since 2017
When Elon Musk announced he would bring his Tesla HQ to Texas, it seemed to cement the state's reputation as the king of corporate relos. Just a year later, that title is being called into question as the state prepares to log its lowest number of headquarters moves since 2017.


Vermont property tax rates slated to rise despite ‘sizable' education fund surplus
Vermont's education fund, the pot of money that finances the state's schools, is brimming with a surplus of nearly $64 million. But despite that windfall — caused primarily by lower-than-expected spending on special education and leftover funds from the previous year — Vermonters' property tax bills are slated to grow in the coming year.

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