Daily NAPTA Update 3.1.2023

Posted by Diane Macri | Mar 01, 2023


Brookfield Sees $825M Wiped From Value Of Office Portfolio, But Shows Debt Market Is Open
Business Insider 
Brookfield's property division saw the net value of its office portfolio drop by $825M last year, due mainly to the impact of rising cap rates. But it also managed to raise new debt recently in spite of the volatility in financing markets.

Commercial Property Pricing Fell Fastest In 13 Years Last Month
Business Insider
Prices for commercial properties fell at the most rapid pace since 2010 in January, with prices of apartments sinking most sharply month-over-month, a new report shows.

Apartment Rents Down 3.5% Amid Huge Wave Of New Construction
Business Insider
Apartment rents are continuing their decline as a half-million new units are getting set to hit the market this year. Apartment renters paid 3.5% less for new units in January than they did in August, marking the sixth consecutive month of falling rents, according to Apartment List data reported by The Wall Street Journal.


Atlanta office properties trigger concerns as market distress spreads
Atlanta Business Chronicle
The properties are Midtown I and II, Buckhead's Tower Place 100, The Biltmore in Midtown and 1117 Perimeter, according to financial filings reviewed by the Chronicle. Wildwood Center and Platinum Tower, both in Cobb County, have also been flagged on loan servicer watchlists in recent months. The landlords on all six properties either declined or did not respond to repeated requests for comment.


'Compromise': New version of self-storage unit tax bill gets the approval of Ada Assessor, moves to House floor
Boise Dev
A bill capping the tax value for self-storage units, nursing homes and car washes died on Monday and a new, watered-down version headed to the house floor in its place. The House Revenue and Taxation Committee voted to return HB 100 from Rep. Dustin Manwaring, R-Pocatello, to the committee and introduce a new RS he put together instead.


Amazon to dispute property tax assessment on Bondurant warehouse
Amazon is pushing back on its Polk County tax bill. The company plans to dispute the property tax assessment on its Bondurant warehouse at a hearing in April. Assessor's office records show Amazon believes the site is worth about $70 million less than the Polk County estimate.


New La. bill would remove tax exemption status for non-profit ‘slumlords'
Legislation was filed Tuesday (Feb. 28) seeking to remove the tax-exempt status of non-profit organizations that own property in Louisiana if that property is found to be a danger to public health or safety. The legislation was filed as a result of a series of Fox 8 Defenders reports on The Willows, Parc Fontaine, and the Bellemont Apartments. 


Murphy unveils $53.1B budget, renewing property tax rebates
New Jersey Democratic Gov. Phil Murphy on Tuesday unveiled a $53.1 billion budget for fiscal year 2024, about 5% more than the spending plan he signed for the current year, proposing more school aid, a renewed property tax rebate program and billions more for public pensions, transportation and other projects.


Texas Oil and Gas Producers Want Their Tax Break Back
Capital and Main
With the March 10 deadline for new bills in the Texas Legislature fast approaching, pressure is mounting to come up with a replacement for Chapter 313, a recently expired program that helped oil and gas companies, chip manufacturers and other industries secure billions in tax abatements through local school districts.

Court likely to conclude that county attorney can't serve as legal counsel to appraisal district, AG opines
Southeast Texas Record
A court would likely conclude that the Texas Tax Code does not authorize a county attorney to serve as legal counsel to the tax appraisal district, according to a recent opinion by Attorney General Ken Paxton.

Appeals court decision draws widespread condemnation
The Austin Bulldog
Attorneys and organizations representing major commercial property owners—and even two state lawmakers—are so alarmed they have filed amici curiae briefs that criticize the appellate court's opinion and seek to reverse it. Although not parties to the litigation they have strong interest in the case and have shared insights they hope will influence the Texas Supreme Court if it hears this case. 


Mortuary Of Dead Bills Leads To Pointing Of Fingers At Wyoming State Legislature
Cowboy State Daily
The Wyoming Legislature killed nearly a dozen bills on Monday, signaling legislators are narrowing their focus as they wrap up the 2023 session. Monday was the deadline for bills to receive their first reading in the second house of origin. The State House let nine bills expire without receiving a first reading, while in the Senate two met their demise.

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