Daily NAPTA Update 6.16.2023

Posted by Diane Macri | Jun 16, 2023 | 0 Comments


REPORT: Starwood REIT Mulls Sale Of More Than 2,000 Single-Family Rentals
Starwood Real Estate Income Trust is considering a sale of about 2,000 single-family rental houses, which the investor acquired about two years ago as part of a portfolio from Pretium Partners, Bloomberg reports, citing an anonymous source with knowledge of the potential deal. In 2021, Starwood bought 2,300 houses from Pretium for a reported $1B, upping its bet on single-family rentals. 


SF's Empty Storefront Tax, After a Year's Delay, Has Little Effect 
The Frisc
It's been more than a year since a new San Francisco tax on stubbornly empty storefronts, touted by its biggest champion as a “behavior changer,” has been on the books. The levy was approved by voters in 2020 just before COVID shut down the city, then was delayed until 2022 in recognition of the pandemic's crushing effect on small businesses.


Colorado Supreme Court takes case on constitutionality of property tax measure
The Colorado Supreme Court will rule on the constitutionality of a November ballot initiative to reduce property taxes and use state tax refunds to pay for lost revenue. The state's highest court agreed to review a petition filed by Colorado residents, voters, elected officials, a dozen counties and Advance Colorado, a conservative advocacy organization. 


Land whoa! County sees multibillion surge in property values
Vero News
Indian River County got much more valuable over the past year. The dollar value of property taxed to fill the county's general operating fund jumped nearly $3 billion, from $23.3 billion to $26.2 billion, a bracing 12.4 percent increase, according to estimates released this month by Property Appraiser Wesley Davis.


Office Occupancy Breaks 50%, and Not So Fast for NYC ‘Doom Loop'
The jump, which was about three percentage points in most large cities, came after data which included Memorial Day saw a predictable decline in office occupancy due to the holiday. It isn't clear whether this is a one-week blip of the start of a new trend in which employers are requiring more days in the office. Some financial services companies, such as J.P. Morgan Chase, have imposed more in-person requirements, especially for high-ranking executives.


What's In-N-Out Burger's tax break for its Franklin, TN headquarters
The PILOT would reduce In-N-Out's property taxes in Franklin by nearly $290,000 over a decade and provide a tax break of just more than $1.6 million in county property taxes over the same time. It adds up to about 40 percent of the property tax owed and averages about $162,000 annually for 10 years in county taxes. The 28-acre site is located on Goose Creek Bypass near Interstate 65.


Nacogdoches tax office temporarily closed due to flea infestation
Nacogdoches County residents requiring the services of the tax assessor-collector will need to come back another day. Kim Morton has temporarily closed her office's operations due to a flea infestation. Morton said that the fleas are confined to an individual office and that a professional pest control service will treat the area immediately. 


Wisconsin Lutheran exempted from Milwaukee property tax on Honey Creek
JS Online
The school first battled in court for the exemption in 2017 but was denied by a judge who found the school's residential property, which at the time housed students and nonstudents, didn't meet the state legal standard for exemption: land owned by a religious organization for educational purposes. The high school building was already tax exempt.

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