Daily NAPTA Update 5.16.2023

Posted by Diane Macri | May 16, 2023


U.S. Apartment Vacancy Hits 2-Year High As Rents Plunge In Sun Belt
As historic levels of apartment units deliver across the country, nationwide vacancy has reached its highest point since 2021, with the market dynamics shifting in favor of tenants. Completed rental projects with five or more units have jumped by more than 60% year-over-year, with more than 484,000 units delivering in March. 

The U.S. Lost Half A Million Affordable Housing Units Since Pandemic Onset
The U.S. shortage of affordable housing, bad enough before the pandemic, has only gotten worse since 2020. Since then, a combination of factors have conspired to eliminate 500,000 units for extremely low-income renters nationwide, or about 8% of the total stock. 


Smalls: Perfect storm of bad tax news for Pitkin property owners
By now, Pitkin County property owners have received their new real estate property assessments. Residential property owners are seeing assessed valuations increase anywhere from 42% to 240% with the vast majority in the 100% increase in valuation range. Commercial property owners are seeing increases in their valuations ranging from 22% to 100% or more.


Downtown empty office towers threaten finance trading empire
Crain's Chicago Business 
In the heart of Chicago's financial center, a seven-story building occupying much of a city block was once home to the world's largest options exchange. Now, it's collecting dust. The property, for decades home to the floor where options traders jostled and screamed orders at each other, has been on the market since 2019, but owner Cboe Global Markets Inc. can't find a buyer.


Washington County is part of a self-storage trend
Bangor Daily
Meandering country roads skirt a half-dozen pristine lakes and waterways along Moosehorn National Wildlife Refuge in the Washington County town of Charlotte, home to 334 year-round residents. All along the way, lush woodlots, furrowed fields and blueberry barrens, bursting in orange and raspberry sherbet-colored blossoms, tell the rich story of this 200-year-old agricultural community.


I'm ready to fight Walmart's 'dark store loophole' in court - thousands of shoppers are affected but I'll never give up
The US Sun
Walmart has filed a lawsuit seeking a 60percent reduction in its property taxes and $1.2 million in retroactive payments from the city. Houghton is fighting the suit and has filed its own claiming Walmart is violating a development agreement it reached with the city when the store was upgraded in 2005. "We might be in a game of chicken right now," Houghton's City Manager Eric Waara told The U.S. Sun


Ryan McMahon takes a close look at tax break for Lysander apartments and calls for its defeat
Onondaga County Executive Ryan McMahon said today that he will recommend against a controversial property tax break for upscale suburban apartments in Lysander that previously looked likely to be approved. McMahon had spoken favorably about the tax break in the past, without explicitly endorsing it. His economic development director supported granting the incentive.


Former downtown Sioux City hotel to be converted into residential, commercial space
Sioux Falls Journal
A Sioux Falls, S.D., developer plans to convert a former downtown Sioux City hotel into a multi-family residential property. Jeremy Roemen, of Floyd River Flats, LLC, purchased the former Ramada Inn, 130 Nebraska St., in early 2022. He plans to invest roughly $5 million to convert the property into 47 residential units and 7,200 square feet of commercial space.


Nueces Co. officials ask that area refineries up property values
Nueces County Chief Appraiser Ronnie Canales told 3NEWS that he feels it's about time local refineries pay their fair share in property taxes. Canales said that recently, the appraised values of Flint Hills and Valero refineries both have increased to the $6 billion range. But for the last five years, Canales said Citgo, Valero, and Flint Hills have been able to contest their appraisals, bringing their values down to only about $1 billion.

Why tax policy experts fear the Texas House plan to lower property taxes could have dire ripple effects
Texas Tribune
The question of how to cut taxes for Texas property owners sparked one of the biggest fights between state lawmakers this year — but when it's all said and done, either chamber's proposal would save the typical homeowner about the cost of a nice dinner date each month. 

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