Daily NAPTA Update 3.21.2023

Posted by Diane Macri | Mar 21, 2023


Industrial Real Estate Market's New Demand Driver Changing Space Requirements
Industrial became the belle of the commercial real estate ball after the pandemic supercharged e-commerce demand and led Amazon to accelerate its already-voracious warehouse expansion. But that party couldn't last forever.

Atlanta Winning Data Center Business Fleeing Power Problems In Northern Virginia
Atlanta's available data center capacity was cut in half last year, shrinking to a new record low as digital infrastructure providers descended on the region because of its cheap, available power — an issue that has bedeviled Northern Virginia, long the dominant hub for data centers.


Broken Windows, Falling Glass Prompt A Shelter-In-Place Order In Downtown San Francisco
Workers at San Francisco's fourth-tallest building, the skyscraper at 555 California St. in downtown were ordered to shelter in place Tuesday, after two windows cracked, with one shattering completely and raining glass down on the streets below for several hours. 

Property Tax Rate Dispute Merits California Supreme Court Review
Pillsbury Law
For years, some California counties have been imposing disproportionately higher property tax rates on centrally assessed property despite the state constitutional mandate that this property be assessed like locally assessed property.

Report: California Legislature considering three dozen new taxes and fees
The Center Square
In a Tax and Fee Report generated by the California Tax Foundation, it was revealed that, since the return of the Legislature on Jan. 4, California lawmakers had considered various bills that would raise annual taxes and fees by more than $185.6 billion.


Unpaid water or property tax bills can mean lead to foreclosure in CT. Lawmakers eye change
CT Insider
An exorbitant statewide 18 percent interest rate on delinquent property taxes is threatening homeownership, a coalition of Democrats and Republicans on the legislative Planning and Development Committee agreed Friday, approving legislation that would cut the rate to 12 percent.


Chicago's Black wards contribute more, receive less funding from Tax Increment Financing, new report finds
Heartland Signal
Majority Black wards contributed nearly half of the record-breaking $2.3 billion sitting in Chicago's Tax Increment Financing (TIF) accounts as of January 2022, a new CivicLab report found. But the city's 18 Black wards received less TIF funding in 2021 than the city's 14 majority white wards, which contributed less than a third of that money.


Top Montgomery County lawmaker speaks out on controversial property tax hike
A controversial property tax hike in Montgomery County is getting the yellow light from a top lawmaker. When Montgomery County Executive Marc Elrich announced his 10-cent on the dollar property tax hike last week aimed at increasing school funding. The revenue would all go toward fully funding Montgomery County's Public Schools.


Office-to-Resi to Bring 1,500 Homes to Downtown Dallas
The Real Deal
A series of adaptive-reuse projects are projected to produce about 1,500 residential units in Downtown Dallas over the next two years. Rather than adding to the development of new buildings, investment firms and developers are looking to reshape older ones to fill a void in the central business district's residential scene.

Texas Senate committee OKs proposals to lower school taxes, increase state funding share
Austin American Statesman
The Senate Finance committee this week approved a package of bills that could deliver $16.5 billion in property tax relief, including lowering how much Texans pay school districts, and forwarded the proposals to the full Senate for a vote. The bills drastically cut how much Texans will pay in property taxes to local school districts and shift the financial burden to the state to make up through other means, such as sales tax.

State Representative Hugh Shine building support for HB1613
KDH News
In an early morning legislative update Monday, District 55 state Rep. Hugh Shine held an informal discussion to explain a bill he has introduced in the Legislature, and how cities and counties can recoup losses from homestead exemptions for 100% disabled veterans.


Seattle City Council may extend property tax exemption for five apartments
The Center Square
The city of Seattle's Multifamily Tax Exemption is a 12-year property tax exemption that is set to expire at the end of 2023. The new bill would extend the sunset date to the end of 2024. The program is authorized by Washington state and is implemented locally. Seattle first initiated the tax exemption in 1998 and has been reauthorized six times since then.

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