Daily NAPTA Update 3.7.2023

Posted by Diane Macri | Mar 07, 2023


Surrey, B.C. to hold public meeting on potential 17.5% property tax hike
A public meeting is being held on Monday to discuss Surrey's budget and the potential 17.5 per cent property tax hike. The proposed tax hike is a culmination of a few factors, according to the city, including the possible halt of the city's police force transition, global inflation, and other civic services.


Macy's And Nordstrom Make Push For Small-Store Strategies As Sales Flag
Big retailers have begun shrinking in size, hoping to curb the pullback in retail spending in the past year and bring stores closer to shoppers. Retailers like Macy's, Kohl's and Nordstrom all saw declines in consumer spending in recent earnings calls, with executives noting they'd had to rely on discounts to sell inventory at big mall locations, The Wall Street Journal reported.


Missouri Senate could vote to slash personal property taxes
A push to slash Missouri's personal property taxes is poised for a vote in the state Senate and could come with a steep price tag for local governments. State Senator Bill Eigel (R-Weldon Spring) is running for governor in the 2024 GOP primary. His proposal could bolster his credentials as a small-government fiscal conservative.


Property Tax Elimination Ballot Option Considered
The Dakotan
A North Dakota legislative committee heard testimony on a concurrent resolution attempting to place the option of eliminating property tax on the November 2024 ballot. The House Finance and Taxation committee heard Monday House Concurrent Resolution 3024, which, if passed, would put the option on the November 2024 ballot for voters to amend the North Dakota Constitution.


All Walmart stores in Portland are closing permanently
The last two Walmart stores in the city limits of Portland, Ore., are throwing in the towel. The big-box retailer says it will close the stores on March 24, as sales have not met expectations. That will impact 580 employees, though they will be given the option to transfer to other Walmart stores, the company said.


Why Commercial Real Estate Employment is Thriving in Texas
Yet although some national brokerage firms may be trimming the fat to cut costs in light of recent economic uncertainty, this trend does not seem to apply to Texas-based commercial real estate companies. In fact, according to Estateserve, with the Texas office market booming, vacancy rates dropping and rents rising, “Texas' commercial real estate is experiencing a resurgence.”

Texas House, Senate release new property tax bills
The Texas House and Senate are taking different approaches to addressing property taxes. Members of each chamber on Thursday released a new property tax bill that they said would provide relief to Texas property owners. House Bill 2, filed by state Rep. Morgan Meyer, a Dallas Republican, looks to compress school district tax rates.


Governor signs property tax bill
In a step that could pave the way for broader changes to Wyoming's property tax system, Gov. Mark Gordon on Friday gave his signature to a proposed constitutional amendment to make a fourth tax class exclusively for residential property. Right now, residences fall under the same tax class as commercial and industrial property. In other words, they're all taxed at the same assessment rate of 9.5%.

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