Daily NAPTA Update 5.19.2023

Posted by Diane Macri | May 19, 2023


Debt on trophy office buildings is starting to buckle as loans come due
The financial fallout from half-empty U.S. office buildings has begun to be reflected in prices for bonds backed by luxury office buildings. From New York City's famed Park Avenue to San Francisco's California Street, properties long considered fortress investments are reeling as efforts to return more staff to office buildings in big cities stall.

How remote work is reshaping commercial real estate
Commercial real estate is cratering. In cities like Los Angeles and Chicago, more than 20% of office space lies vacant. Nationwide, vacancy rates are higher than they were at the height of the 2008 financial crisis. What does that mean for America's cities? Today, On Point: How remote work is reshaping commercial real estate.


Lawsuit challenges upcoming Colorado ballot measure that would shrink property tax bills and TABOR refunds
Colorado Public Radio
Colorado voters are expected to vote this November on a measure that would reduce property tax rates — while also shrinking TABOR refunds — for a decade. The ink on the plan isn't dry yet —quite literally, since Gov. Jared Polis hasn't yet signed the paperwork. But a conservative group is already going to court to try to stop the proposal.


Hartford apartment building could head to auction with owed taxes
CT Insider
A newly completed mural, the tallest in New England, rises tall above Hartford on the side of The Millennium apartments beside Dunkin' Park, a colorful cover for a building whose owner owes nearly S900,000 in taxes to the city of Hartford according to records.


Property tax reassessment in Sussex County won't finish until 2025
Delaware Online
Sussex County's property reassessments will take a year longer than planned due to staffing shortages at the company conducting the project. On Tuesday, county officials announced the change in the schedule “because of higher-than-expected staff turnover” at Tyler Technologies.


Shawnee County says it can't cut tax deal with Heartland Park owner
CJ Online
Kansas law bans Shawnee County from complying with a request by the owner of Heartland Motorsports Park that the two sides cut a deal to resolve a years-long property tax battle, commissioners said Thursday. They quoted a Kansas law that says the county cannot "release, discharge, remit or commute" past tax liability if the valuations involved have not been appealed or challenged by the taxpayer.


La. House Seeks Study To Change Local Tax Appeals Process
Law360 Tax Authority
Louisiana's House of Representatives requested a joint study of the process for parish-level property tax appeals with the intent of reform under a resolution the chamber unanimously approved and adopted...


Missouri Solar Developers Explore Chapter 100 Incentives After Supreme Court Ruling
Over the past decade, Missouri has experienced steady growth in utility-scale solar projects and developers have benefited from a property tax exemption under Section 137.100(10) of the state's tax code. Since the statutory property tax exemption was passed in 2013, solar facilities have leveraged the tax exemption to offset development and operations costs.


“Revitalizing New York City's Struggling Office Sector: Renovations Tax Break in Real Estate Shows Promise”
The city of New York has announced a new program that offers property tax abatements for landlords to make improvements in office buildings below 59th Street that were built before 2000 and span at least 250,000 square feet. This is the first time in more than a decade that these types of tax breaks have been available.


‘It's finished': State action could end Allegheny County property assessment turmoil — maybe
Pittsburgh Post-Gazette
The final number is in. But — no surprise — it still might not settle the two-year-old battle over property assessment appeals in Allegheny County. State Tax Equalization Board members on Wednesday approved a 63.5% common level ratio for use in 2022 assessment appeal hearings to calculate the taxable value of properties.


Texas House approves new version of Senate's property tax bill
The Texas Tribune
The Texas House signaled its approval Thursday of a revamped version of its $16.3 billion proposal to cut property taxes — but it's unclear whether the Senate is going to like it, and time is running out for lawmakers to act on one of their biggest priorities this year. The House gave a preliminary thumbs-up to Senate Bill 3 by a 140-5 vote.


Spokane County property tax valuations up $1.4 billion
The Spokane County Assessor's office is getting ready to mail out new property valuations to taxpayers. County valuations are up $1.4 billion for the 2023-2024 calendar year. The amount is a lower increase compared to the $13.8 billion valuation increase in the 2022-2023 calendar year.

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