Daily NAPTA Update 3.24.2023

Posted by Diane Macri | Mar 24, 2023 | 0 Comments


Update on Remedial Bill Concerning Connecticut Property Tax Exemptions for Manufacturers & Not-For-Profit Organizations in Certain Municipalities
As an update to our recent post titled “New Remedial Bill Concerning Connecticut Property Tax Exemption for Manufacturers In Certain Municipalities,” which analyzed Raised Senate Bill 1136 (“SB 1136”); a related bill, Senate Bill 1234 (“SB 1234”), currently pending before the General Assembly's Finance, Revenue and Bonding Committee, would expand that opportunity to eligible manufacturers located in other municipalities.


City Commission Approves Ad Valorem Tax Exemption For Sysco USA
Plant City Observer
The City of Plant City has lured many large companies to set up shop within its city limits in recent years thanks to its close proximity to the coveted I-4 corridor that links Tampa and Orlando which in recent years has become one of the largest concentrations of distribution, logistics and manufacturing centers in the Southeast. 


Senate signs off on property tax overhaul
A complicated property tax overhaul is headed to Gov. Brad Little's desk. After an hour's debate Monday, the Senate overwhelmingly passed House Bill 292 — which promises up to $355 million in immediate property tax cuts, but also carries heavy short- and long-term implications for public schools.


Class-A Buildings Continue To Be A Bright Spot In Troubled Chicago Office Market
Chicago's office market is continuing to struggle with negative net absorption and record-high vacancy rates, though Class-A buildings are bucking the trend and the suburbs are weathering the storm somewhat better than the city.


Maine Republicans split in early talks on reining in property tax freezes for seniors
Bangor Daily
Legislative Republicans are at odds on how to handle a politically popular but logistically fraught program freezing property taxes for Maine seniors. Change is likely coming to the sweeping program championed by Senate Republicans and passed in the Legislature's rush to conclude work in 2022 as debate kicks off over how to wrangle the complicated politics of reining in a large benefit for all Maine seniors.


Committee advances property tax package estimated to provide $3 billion in relief over six years
Nebraska Examiner
A state legislative committee teed up for debate a package of proposals Thursday intended to provide Nebraskans with as much property tax relief as provided by a group of proposed income tax cuts. State Sen. Tom Briese of Albion, whose bill served as the home for the property tax relief proposals, said the property tax bills should provide more than $3 billion in relief over the next six years. 


Solar Incentives in NYC Are Among the Best in the Country
Did you know New York City is home to some of the best government incentives for installing home solar panels? It's true. Through federal, state, and local tax credits and rebates, homeowners can see up to 70 percent of their project costs covered. The federal government covers 30 percent of project costs through an income tax credit. 

The little-known upstate version of 421-a is … also unpopular with the Legislature
City & State New York
The fight over the controversial 421-a developer tax break in New York City has so far played a major role in the fate of Gov. Kathy Hochul's housing. The governor says a replacement is needed to spur 400,000 units of housing over the next decade, while the Legislature has shown it's not on their agenda.


Breaking down the property tax revaluations: residential vs. commercial
WFAE 90.7
It's been about week since Mecklenburg County released its property tax revaluation, the first since 2019. If you're a homeowner, you may have been shocked when you opened the notice that came in the mail. Residential property values increased by an average of 58% -- much more in some neighborhoods. 


Gregg County leaders say property tax legislation causing problems at local level
Higher expenses, lower revenues and the impact of possible legislation in the Texas Legislature were among the topics discussed Thursday at the State of the County event hosted by the Longview Chamber of Commerce. Gregg County Judge Bill Stoudt told the crowd at Pinecrest Country Club that the event wasn't a typical State of the County in which he would discuss county finances and projects. 

Texas Has the 6th Highest Property Taxes in the U.S.
America's homebuyers have had an extraordinarily difficult few years. Heavy demand and scarce inventory in late 2020 and 2021 led to record growth in prices, while a run of high inflation throughout the economy made it more difficult to save up for a home. As the Federal Reserve has raised interest rates to cool demand in housing and other sectors, the costs to borrow for a mortgage have also increased.


What's happened at the Wisconsin Foxconn since 2017
JS Online
In 2017 when the Foxconn Technology Group announced it was considering coming to Wisconsin, it sent a shockwave through the state, the country and the world. The business and technology industries suddenly had the state on their radars. Local politicians hustled to put a tax incentive contract together to lure the company to the state.

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