EU orders Italy to recover unpaid property taxes by the Catholic Church
The European Commission has ordered the Italian government to recover from the Catholic Church tax arrears on its vast property portfolio, in a move potentially worth hundreds of millions of euros. The request, which results from a longstanding controversy between Brussels and Rome, could trigger friction between the Vatican and Italy's new rightist government.
Report finds $860 million lost in homes seized by government
Local governments or lienholders have taken more than 8,950 homes with more than $860 million in equity from 2014 to 2021 under laws that allow them to seize properties for unpaid property taxes, according to a new report. Pacific Legal Foundation, which is working to ban the practice, found that taking property to pay property tax debts can be ruinous for people with small tax debts.
Multifamily Investment Sales Plunge 71% In January
Multifamily investment sales nationwide cratered in January 2023 compared with a year earlier, dropping 71% to a total of $6.2B, Multifamily Dive reports, citing MSCI data. Investors pulled back because of the higher cost of capital, combined with dropping demand for apartments among renters.
Stanford Sues County for Tax Exemptions on Faculty Homes
Inside Higher Ed
Stanford University has filed a lawsuit against Santa Clara County seeking a tax exemption for faculty homes located on its campus, Palo Alto Online reported. The lawsuit covers approximately 900 residences—both single-family homes and condominiums—in a 450-acre area on campus known as the Faculty Subdivision.
Colorado property taxes likely to skyrocket next year
The Denver Post
Colorado homeowners, no longer protected by the Gallagher Amendment, face unprecedented and unsettling increases in their property taxes next year as the run-up in home prices during the pandemic works its way into the state's tax base.
New Remedial Bill Concerning Connecticut Property Tax Exemption for Manufacturers in Certain Municipalities
Connecticut has adopted a variety of property tax exemptions for certain specified uses of real and personal property, including property used in manufacturing. The prerequisite filing obligations and deadlines associated with a number of these exemptions have, on occasion, been inadvertently missed by otherwise eligible taxpayers.
Larry DeBoer: Solar energy projects and property taxes in Indiana
Utilities are building a lot of solar energy projects in Indiana. Fields of solar panels will become a common part of our landscape. This may help avert some consequences of climate change on the planet. But what are the local consequences?
Detroit property owners fight assessment, get tax bills reduced
Detroit Free Pass
This year saw an almost 20% increase in the number of claims filed to have Detroit property tax assessments reconsidered over the last year. Owners of nearly 2,000 parcels across the city believe they were overassessed and filed paperwork with the city assessor, in an effort to reduce their property tax bills and even avoid tax foreclosure.
Lawmaker wants different property tax assessment on big box stores
“Dark store theory,” a commonly used but disputed form of property tax evaluation for big box retailers, is being taken on again by an Upper Peninsula lawmaker who has been a champion of the issue in the past. Sen. Ed McBroom, R-Waucedah Township, recently introduced legislation that would put into use an assessment standard called “highest and best use.”
Nevada Cuts Tesla A $330 Million Dollar Tax Break
During a meeting on Thursday, the Governor's Office of Economic Development (GEOD) voted unanimously to approve a $330 million tax abatement over 20 years for Tesla. The automaker already has plans to spend another $3.6 billion in Nevada as it adds two new factories to its complex. Once done, they'll build both the Tesla Semi and new 4680 battery cells.
Oregon lawmakers consider making it easier to convert office space into homes
The idea of the bill is straightforward: turn empty, boarded-up commercial or office buildings, many vacated during the COVID-19 pandemic, into much-needed housing units. The upside is desperately needed housing and hopefully more vibrant and safe downtowns. But the conversions would be costly, and turning a building that has two toilets into one with 12 also stresses existing infrastructure.
"Eye-popping" executive salaries led these hospitals to lose their property tax benefits
Bad behavior from nonprofit hospital systems has been making headlines, leading many to ask whether their tax-exempt status deserves more scrutiny. In Pennsylvania, school districts are pushing back against one nonprofit health system, arguing that it acts more like a for-profit. The school districts recently received a victory in court when these hospitals' tax exempt status was revoked. Could other hospitals be next?
Harrison files bills to abolish property taxes
Waxahachie Daily Light
Friday, State Rep. Brian Harrison (R-10) proposed a constitutional amendment to get rid of property taxes in Texas within five years. “Never-ending property taxes are unethical, confusing, inequitable, incompatible with private property rights, and must be abolished,” Harrison said.
Washington Co. Appraisal District Appealing ‘Invalid' Appraised Values In Brenham Isd
The Washington County Appraisal District is appealing the state's findings from a property value study that deemed Brenham ISD's appraised values were too low. Per a release from the appraisal district office, the Texas Comptroller released preliminary property value study results on January 31st.
Tarrant Appraisal District accepts board chair's resignation, but legal questions remain
Fort Worth Report
Kathryn Wilemon led a special meeting March 3 to discuss the future of the Tarrant Appraisal District board of directors — more than a week after announcing her resignation as its chair. The board voted 3-1 to send a notice of vacancy to the eight taxing authorities who initially elected Wilemon, in effect accepting her resignation and setting itself up to find her replacement.
Amazon hits pause
Amazon is pausing construction on its sprawling second headquarters in Arlington, Virginia, the company confirmed to Axios' Jacob Knutson today. Driving the news: The stoppage comes as the tech giant has announced sweeping job cuts in the wake of slowdowns in consumer and corporate spending.
Bucks, city settle lawsuit over former Bradley Center site tax bills
The City of Milwaukee will pay $26,151 to a Milwaukee Bucks affiliate to settle a lawsuit claiming an excessive property tax bill tied to the former Bradley Center. That's according to a newly filed resolution that will need Common Council approval. The proposed settlement is the result of a 2021 lawsuit filed against the city by MKE BLK23.