Daily NAPTA Update 3.29.2023

Posted by Diane Macri | Mar 29, 2023 | 0 Comments


US home prices sink in West while East surges: ‘Never seen anything quite like this'
New York Post
A bizarre geographic split has emerged in the embattled US housing market – with home prices plunging across markets in the western half of the country even as they rise in the eastern half. All 12 major housing markets located west of Texas, as well as in the city of Austin, when posted year-over-year price declines in January, according to data from mortgage analytics firm Black Knight cited by the Wall Street Journal on Monday.


Higher taxes for Giants? Court says ballpark has to be reassessed due to error
SF Chronicle 
The Appeals Board had based its assessment on the projected amount that a future buyer would pay for Oracle Park. But the court said the board wrongly deducted sums the Giants might spend in the meantime — not just on routine maintenance, but to keep up with developments in market preferences, construction techniques and other changes needed to prevent “functional obsolescence.”


CT property owners could see higher taxes even with a cut in the state income tax
While the proposed cuts in Connecticut's state income tax are being cheered, the state's largest lobbying group for towns and cities said Monday the celebration may be premature because gains by taxpayers are likely to be largely erased by rising, local real estate taxes. The first reduction in the state income tax since 1996 would be a good move, said Joe Delong, executive director of the Connecticut Conference of Municipalities.


Gwinnett County Legislators Pass First Homeowner Property Tax Cut in 35 Years
State Representative Matt Reeves (R-Duluth), House Majority Leader Chuck Efstration (R-Dacula) and a group of bipartisan state representatives from Gwinnett County announced that the Georgia House of Representatives passed local legislation to create a property tax exemption for Gwinnett County residents.


Idaho House overrides Gov. Little's veto of property tax bill
Idaho Capital Sun
The Idaho House of Representatives voted Tuesday to override Gov. Brad Little's veto of a property tax bill, setting up a late-session showdown between the two chambers of the Idaho Legislature and Little. During its morning floor session, the Idaho House also voted to reject the Senate's new property tax counterproposal, which killed the Senate's attempt to answer Little's veto.


Contractor accused of bribing Cook County assessor staffer
Chicago Sun-Times
Alex Nitchoff of Lemont is accused of conspiring to bribe a key staffer handling commercial properties with home improvement goods and services, jewelry, meals and sports tickets in exchange for property assessment reductions beginning in 2017. Such assessments are closely tied to how property taxes are calculated.


Austin School Board okays tax breaks for $5 million Hormel childcare center
The Austin School Board has changed its mind on a 5-year tax abatement for a childcare center proposed by Hormel Foods. The board rejected the idea at its March 13 meeting but voted 5-2 Monday night to rescind that decision and approve tax breaks for the estimated $5 million project.


Bill would give landlords tax break for renting below market
Missoula Current
Supporters of a bill that would exempt Montana landlords from paying full property taxes if they rent their property below market value told the House Taxation Committee Monday that the bill could offer a much-needed solution to the housing crisis, and provide affordable housing for renters.


NY lawmakers want to end MSG's decades-long property tax exemption – it isn't likely
State legislators are closer than ever to scrapping a decades-long measure that has saved Madison Square Garden hundreds of millions of dollars in property taxes. But its success – part of ongoing budget talks – hinges on the support of Gov. Kathy Hochul, who's received significant financial support from the family that owns the massive arena above Penn Station.


Tax assessor consultant priced Quail Hollow as an 'average private course'
WFAE 90.7
A consultant working for the Mecklenburg County Assessor's Office rated Quail Hollow Club as only an “average type private course” — despite Golf Digest rating the south Charlotte club as one of the nicest in the nation. The designation will likely save the club tens of thousands of dollars on the club's tax bill, as Quail Hollow saw its tax value fall from $13.5 million to just under $10 million. 

What steeply rising property values mean for residents on one block in west Charlotte
WFAE 90.7
That means more of the tax burden is shifting to these homeowners and, indirectly, to renters in many of the city's Corridors of Opportunity — lower-income areas that have long been overlooked, and more affordable. And for residents in these areas, there's hope for more amenities and positive change mingled with anxiety about higher tax bills.


Progress: Harrison County housing market remains strong
All is well in the local housing market as home sales remain steady despite climbing prices and limited inventory. “Over last two and a half years, the local real estate market has been extremely good,” shared Brad Burris, longtime broker/owner of Century 21-A Select Group, located at 215 E. Travis St. in Marshall.


Vt. lawmakers consider shifting property reappraisals to tax department
Two-thirds of Vermont towns are overdue for home reappraisals this year, meaning they may not be paying their fair share into the state Education Fund. A bill up for debate at the Statehouse this week would shift who conducts those appraisals. Every year, about 16 of Vermont's 254 municipalities undergo a reappraisal process to make sure property values remain consistent across the state.

About the Author


There are no comments for this post. Be the first and Add your Comment below.

Leave a Comment

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.