Daily NAPTA Update 6.1.2023

Posted by Diane Macri | Jun 01, 2023


Office Valuations Expected To Fall As Owners Take What They Can Get
Commercial property deal volume has been stuck in low gear since interest rates started their march upward last year, and the lack of deals has stalled a reset in valuations, especially for the beleaguered office sector. But as office owners look to get what they can this year, that reset may be underway, The Wall Street Journal reports, with a particular focus on office properties in New York.

A Guide To Buying And Selling Delinquent Office Space
The fate of the millions of square feet of office space sitting empty in downtowns across the country has the capacity to shift the landscape of the overall economy and commercial real estate. That outcome is increasingly falling into the hands of distressed asset specialists, whose job it is to facilitate the least painful result for troubled properties.

The collapse of the 'unremarkable middle' might be the best way to describe what's going wrong for retailers right now
Business Insider
For over a decade, stores like Sears, JCPenney, RadioShack, and others have closed or shuttered entirely due to competition from online rivals like Amazon and the decline of the middle class. Retail experts, journalists, and others have called the phenomenon the "Retail Apocalypse," pointing to the empty storefronts that the closures have left behind, particularly at shopping malls.


Colorado falls two spots to 36th in annual property tax ranking
Kiowa County Press
Colorado fell two places to 36th in the Tax Foundation's annual ranking on property taxes. Property assessments are increasing between 35 percent and 45 percent in the Denver metro area, according to a report by nine county assessors, leading Colorado's future rankings to a likely continuing decline.


Arlington Park's property tax bill reduced by more than half
Daily Herald
After an agreement between Churchill Downs Inc., the Cook County Board of Review and several suburban school districts, the property tax bill for Arlington Park this year was reduced to $7.8 million. That's less than half the initial $16.1 million tax bill estimated when the property was reassessed by Cook County Assessor Fritz Kaegi's office last year.


North Dakota ranks in the top ten for lowest property taxes
North Dakota outpaces its neighbors in having a competitive property tax structure, ranking in the top ten nationally, according to a report. North Dakota placed 9th overall in the Tax Foundation's analysis of states' property taxes, which examines state and local taxes on real and personal property, net worth, and asset transfers. The state improved its score, jumping one spot up from last year's assessment.


Washington Rep. Marie Gluesenkamp Perez failed to pay property taxes on her NE Portland auto repair shop
Oregon Live
A Southwest Washington member of Congress failed for more than six months to pay the 2022 property taxes on an auto repair shop she and her spouse have owned and operated in Northeast Portland. Democratic U.S. Rep. Marie Gluesenkamp Perez and husband Dean Gluesenkamp owed nearly $6,600 to Multnomah County after a business entity created by the couple missed a Nov. 15 tax deadline for Dean's Car Care at 1506 N.E. Lombard Street in the Woodlawn neighborhood, records show.


Fort Worth prepares last remaining swaths of vacant land for major development
Fort Worth Report
Cattle still graze along the rolling hills of what used to be the Historic Veale Ranch. They won't be there forever. Taylor Baird, a partner at PMB Capital Investments, considers the 1,500 acres of remaining vacant land as a development gold mine. His company already developed a 492-acre master-planned community known as Ventana adjacent to the vacant property.

Ellis County Appraisal District Increases Midlothian Man's Property Value By 2,374%
Ellis County Press
Hank K. Miller D.C. was appalled his property tax had received an astounding 2,374 percent increase in value this year. “This year the Ellis County Appraisal District has raised our value 2,374% on our gun range flood plain property,” Miller said. The property, TxGunRange.com located at 5761 W. Hwy 287 in Midlothian, was appraised at $925,953 from its previous $37,420.

In a surprising turn of events, Bill HB 5, proposed by Rep. Hunter, made its way through the legislative process despite initial doubts. The bill, which has sparked significant controversy, effectively eliminates final benefits for school districts and greatly reduces their involvement in the tax incentive process.

Gov. Abbott Backs House-Passed Property Tax Cut Leaving Lt. Gov. Patrick Fuming
After quick house passage of Governor Greg Abbott‘s special legislative session priorities Tuesday the Texas House adjourned. To the ire of Lt. Gov. Dan Patrick, Abbott tweeted support of the House passed version of property tax relief that would use $12.3 billion in state funds to reduce school property taxes.

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