Daily NAPTA Update 2.8.23

Posted by Diane Macri | Feb 08, 2023


‘We are in peril': How skyrocketing property taxes are threatening the future of one Chicago neighborhood
Sticker shock doesn't begin to describe the feeling for many homeowners in Pilsen who opened their property tax bills at the end of the year and saw they owed three times more than they were expecting. “As soon as the bill came out I panicked,” said Olga Andrade.


REPORT: 3 Of Philly's Most Prominent Office Buildings May Be Underwater On Their Loans
The 207K SF former GlaxoSmithKline headquarters at 5 Crescent Drive in the Philadelphia Navy Yard and the 1.8M SF former Centre Square complex now known simply as 1500 Market St. both have loans that were transferred to special servicers in the back half of last year, according to a report released Wednesday by Morningstar Credit Information & Analytics.


Industrial's Golden Child Has 130% More Sublease Space On The Market Than A Year Ago
Industrial sublease availability in Dallas-Fort Worth increased dramatically over the past 12 months, signaling a normalization of demand following an unprecedented flurry of activity. There was 5.2M SF of industrial sublease space on the market as of the fourth quarter of 2022, up 131% from one year prior, according to a report from Cushman & Wakefield.

Texas 'Robin Hood' law: Bill looks to repeal state recapture law
Texas' recapture system required the state to remove local property tax dollars from districts with the highest levels of property wealth per student in an effort to provide more equal per-student funding across the state. In 1994, the State removed $127 million from 34 school districts in order to equalize funding for public education.


HB 3: Lawmakers advance bill that would change wind farm tax policy
House Bill 3 returns legal authority of assessing the ad valorem valuation of wind and solar energy installation farms to the state Department of Revenue. The authority now resides with county assessors after a similar bill failed last year. For the previous decade, the Wyoming Department of Revenue conducted the valuations.

About the Author

Experienced Attorneys. Specialized Expertise

We are proud of our NAPTA network of property tax attorneys who have made our membership a trusted source of expertise.