Daily NAPTA Update 1.23.2023

Posted by Diane Macri | Jan 23, 2023


Prices of Existing Homes Fall 11% from Peak. Sales Hit Lockdown Low. Cash Buyers and Investors Pull Back Hard
Wolf Street
This is getting relentless: Sales of previously owned houses, condos, and co-ops fell by 1.5% in December from November, the 11th month in a row of month-to-month declines, and by 34% year-over-year, to a seasonally adjusted annual rate of sales of 4.02 million homes, roughly matching the lockdown-low in May 2020, and beyond that the lowest since the depth of Housing Bust 1 in 2010.


Gas rig tax dispute costs borough
A natural gas producer with roots in Homer is going on year three of fighting the state and Kenai Peninsula Borough on the property taxes he's paying for his platform in Cook Inlet. John Hendrix is president of HEX, which acquired a gas-producing unit and platform in the middle of Cook Inlet in a bankruptcy proceeding in 2020 when it purchased previous producer Furie Operating Alaska.


A new bill is being proposed in Florida to reduce taxes on affordable housing
A new bill (SB 220 and HB 229) is being proposed that would reduce taxes on affordable housing units in Florida. According to a press release from the office of State Representative Lindsay Cross, the bill could reduce Ad Valorem taxes on affordable housing units for certain projects. 


Hobart seeks law changes in wake of mall's tax appeal
NWI Times
City leaders are seeking assistance from the state in response to a significant portion of Hobart's property tax money being withheld to help fund a tax refund to Southlake Mall. Hobart, Lake County and other mall-taxing districts are on the hook for millions of dollars in refunds after the mall's successful appeal of a property tax assessment that covers several tax years.


GOP proposes new property tax bill looking to reduce and stop major increases
In an attempt to reduce and stop major increases to Iowans' property taxes, House Republicans laid out a new three-pronged proposal. Republicans said Iowan's uniform levy rate would decrease from $5.40 to $4.90. GOP lawmakers said they would fill the more than $100 million gap the tax cut left behind.


Missouri lawmaker pushes to lower state's personal property tax assessment rate
One Missouri lawmaker has renewed a push to decrease the state's personal property tax assessment rate. State Sen. Bill Eigel (R-District 23) recently introduced SB 8, which proposes the concept of annually reducing Missouri's assessment percentage of personal property taxes over the next half-century.


$9B plunge in NYC commercial real estate sets up brutal political fight over shrinking tax pie
New York Post
New York City's golden goose isn't just losing its feathers, it's coughing up blood, and the whole structure of government will need to adjust. Per the city Finance Department, the total value of Gotham's commercial real estate — offices, stores and hotels — is nearly $9 billion short of its most recent high. And it's likely headed down more, as companies downsize their office footprints and stores across the city close.


Chief appraiser rejects minimum acreage increase for agricultural valuation
The Devine News
A recommendation by the Medina County Appraisal District's agricultural appraisal advisory board to increase the minimum acreage to obtain an agricultural valuation from 10 to 20 acres has been rejected by Chief Appraiser Johnette Dixon for the time being. Dixon's decision followed MCAD's bi-monthly board of directors meeting Jan. 10 in Hondo.

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