Daily NAPTA Update 5.4.2023

Posted by Diane Macri | May 04, 2023


Property Owners May Soon Get a New Reason to Sell
The Wall Street Journal
The eye-watering price of interest-rate hedges could push more property owners to put up a “For Sale” sign. Lenders in the U.S. commercial mortgage-backed securities (CMBS) market and banks usually require borrowers to hedge their interest-rate risk when they take out a variable-rate loan.

Here is a List of the Highest-Taxed Office Properties in the U.S.
Manhattan is home to 82 of the top 100 office properties when it comes to highest tax bill last year, according to a new survey by PropertyShark and CommercialEdge data, based on public records. These assets generated roughly $2.2 billion in property tax revenue, accounting for 84% of the total contributed by all 100 properties in the ranking. 

10 U.S. Counties With the Lowest Property Taxes
Money Talks
For many counties across the United States, property taxes are one of the biggest sources of revenue. Higher priced homes mean higher land value assessments and thus more property tax dollars into the coffers. In fact, ATTOM — a curator of land, property and real estate data — estimated that single-family homeowners were levied $339.8 billion in property taxes in 2022, up from $328 billion in 2021.


Property valuations to reflect ‘substantial increases'
Chaffee County Times
As Notices of Valuation hit mailboxes this week, the Assessor's Office has seen a median increase of between 40-60% in actual values from 2021. The new valuations will be used to calculate property taxes for tax years 2023 and 2024 (payable in 2024 and 2025, respectively), meaning property owners can expect increased tax bills.


With Bears now as owner, value of Arlington Park land raised sixfold by Cook County Assessor
The Cook County Assessor's office is moving the goalpost for the Chicago Bears when it comes to property taxes on Arlington Park. The Assessor's office is raising the value of the land sixfold. The previous owner paid taxes based on a value of about $33 million. The Assessor's office now says as part of its regular reassessment, the Bears' proposed stadium site is worth $197 million. 


New law protects wind farm communities from drastic drops in property tax revenue
News Bug
Authored in response to a situation in Benton County, State Rep. Sharon Negele's (R-Attica) bill protecting local taxpayers and communities with wind farms from unexpected and drastic drops in property tax revenue is now law. Currently, the county is responsible for assessing the property under a wind turbine, but the wind turbines are valued by the owner and reported annually to the Department of Local Government Finance. 


Super low property valuations for some Rapides officials result in smaller tax bills
La Illuminator
Public records available on the Rapides Parish assessor's website show properties for some elected parish officials, including the former and current sheriff are valued so low that they pay no or what appears on first blush to be anomalously low taxes for sizable properties with many coveted amenities.


Significant property tax increases possible as State phases out local Medicaid assistance
Despite all 62 New York county leaders speaking out, the State's 2024 budget will indeed include a shift in Medicaid assistance away from local municipalities. It was originally proposed by the Governor as an immediate shift, and the legislature didn't include any changes to the Federal Medicaid Assistance Percentage payments in their One-House Budgets. 


Hearing set for Barber-Scotia College property tax issues
Yahoo News
Channel 9 has learned more about property tax issues plaguing one of our area's oldest colleges. It was back in March that we last heard from Dr. Tracey Flemmings, the interim president of embattled Barber-Scotia College in Concord, and she seemed confident in the future of the campus. “The college presently has four students online who are being taught by pro bono professors,” she had said.


Sen. Sherrod Brown received an extra property tax credit and racked up penalties for late payments
NBC News
Sen. Sherrod Brown, D-Ohio, for years claimed an owner-occupancy tax credit at two properties, public records show — a potential violation of the state's rules governing such incentives. Brown and his wife, journalist Connie Schultz, also were late paying the tax bill on their Cleveland house at least seven times since purchasing it in 2013, missing a payment deadline as recently as February.


Anti-tax group to push for class-action suit against Brazoria County appraisals
The Facts
An estimated 500-plus people unhappy with their property taxes were called to become a force to change the system during a forum at the Doris Williams Civic Center. Many in the audience promised to join the fight. A series of speakers explained how the Texas property tax system works, discussed ways people can protest their appraisals and claimed corruption is ingrained in the system. 

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