State Senate votes to advance property tax increase for Vestavia
Vestavia Hills residents could soon be voting on whether or not to raise their property taxes after the Alabama Senate voted on Thursday to advance legislation authorizing the school system to hold a referendum on raising ad valorem taxes. Senate Bill 63 (SB63) is sponsored by State Sen. James T. “Jabo” Waggoner Jr., who chairs the powerful Senate Rules Committee.
Valuations for Office Buildings in L.A. Drop 39%
West Side Today
In the city of Los Angeles, on the eve of Measure ULA taking effect, office sales have dropped significantly in the first quarter of this year as reported by The Real Deal.com. The totals are $154 million versus the $659 million from the same period last year. These figures come from Yard Matrix, a firm that examines the data related to commercial real estate sales and research.
Gov. Little: “Let's get property tax relief done right.”
Governor Little vetoed House Bill 292 today, the so-called “property tax relief” bill passed by the Legislature. “Idaho stands apart from every other state because we focus on making taxes fair, simple, predictable, and competitive. House Bill 292 is not a simple bill. House Bill 292 is a hodgepodge of policy items intermingled with property tax relief,” Governor Little said.
Why tax expert, former state rep says Arlington grandstand's days could be numbered
While the Chicago Bears haven't officially said if or when the stately Arlington Park grandstand built by Dick Duchossois will be demolished, its days are likely numbered, according to one expert. Ed Sullivan said it only makes financial sense that the Bears would tear down the six-story grandstand, as the NFL franchise seeks a massive property tax break from state legislators.
Michigan Property Tax Break Meshes With Utah's, High Court Says
A Michigan couple is entitled to a tax break for their principal residence in the state even though they claimed exemptions in Utah for rental property, the state high court ruled. Michigan's principal-residence exemption allows taxpayers to avoid local school district property taxes on their homestead, but not if they have claimed a “substantially similar” exemption in another state.
School officials suggest lifting cap on property tax hikes to boost school funding
New Jersey Monitor
Local school officials asked Assembly lawmakers on Monday to temporarily loosen a state cap on property tax hikes in a bid to head off sharp cuts to state school aid in more than 150 New Jersey districts. More than a quarter of New Jersey's districts are facing $157 million in collective cuts as New Jersey continues to redistribute school aid under a 2018 law that has become known by its bill number, S2.
Another Staten Island official jumps into fray after condo loses pool, tennis court in tax saga
Borough President Vito Fossella penned a letter to the city's Department of Finance (DOF), as borough officials probe a strange and complex tax saga that cost a Mariners Harbor condominium complex its pool and tennis court. A tax lien was sold in 2015 for the former communal space, located off Lisk Avenue among 300 homes in the City West condominium complex.
Tax Break for Hospitals Under Construction
The North Dakota State Senate has passed a bill to exempt hospitals and nursing homes from property tax during construction. House Bill 1438 would exempt public hospitals and nursing homes from paying taxes on their undeveloped properties of up to 50 acres for up to 10 years. The exemption would continue when construction of the charitable building begins.
Here are three fixes for Pa.'s school funding dilemma | Opinion
Sans a state Supreme Court reversal, “If the Legislature wants to focus on reducing the wide disparities in per student funding across school districts it must address a principal cause, i.e., the vast differences in population, property values and incomes among the school districts,” says Jake Haulk, president-emeritus of the Allegheny Institute for Public Policy.
Lt. Gov. Dan Patrick says he won't compromise with House on Senate's property tax cut plan
Dallas Morning News
In an interview with The Dallas Morning News, Patrick said the Senate plan to reduce property taxes, which largely involves raising homestead exemptions, is superior to the House counterpart that would give Texans a tax break through appraisal caps.
Office Defaults, Foreclosures Expected To Escalate In Dallas
Owners and developers of office product in Dallas are battening down the hatches ahead of what they predict will be an especially turbulent back half of 2023. Funding for office projects — both new and existing — has been limited for many months now, and recent failures in the banking sector are expected to further constrain liquidity.