Daily NAPTA Update 6.28.2023

Posted by Diane Macri | Jun 28, 2023


Vancouver homeowners could see 9% property tax increase over next 5 years, budget outlook projects
Vancouver property owners could see steady increases of nine per cent on their property tax bills for the next five years, according to a budget outlook report presented to city council Monday night. The report suggests that in order to balance the budget and keep service levels where they are currently, the City of Vancouver would need to implement the nine per cent hike every year from 2024 to 2028.


Implications of the Commercial Real Estate Collapse for Local Government Revenues
Over the last year, news media have run numerous stories of offices, shopping malls, and other commercial properties going into foreclosure or being sold at substantial discounts. Given local government's reliance on property tax revenues, a collapse in commercial property values might appear to have disastrous consequences for city and county finances. 

Rent prices drop slightly, but housing inflation is still high
The Washington Post
After years of eye-popping price increases, renters may finally be getting some relief. Rent prices fell 0.5 percent in May compared with the year before released Monday. The firm's tracking showed that to be the first year-over-year drop since early in the pandemic, when strong consumer demand collided with a lack of available apartments and homes. 

More States Are Giving Property Tax Breaks to Seniors — With Savings up to $6,500
Property taxes can be a serious burden on seniors who own homes and aren't earning as much income, but a number of states are working to lower the bills for older residents — sometimes by thousands of dollars. New Jersey, where homeowners pay the highest property taxes in the nation, just became the latest state to announce a tax break for homeowners 65 and older. 


Amazon Financing Conversion Of Downtown D.C. Office Building To Affordable Housing
The project will be led by Agorsor Equity, which purchased the property between Metro Center and McPherson Square for $14M, according to records in the office of the D.C. Recorder of Deeds. The building at 1201 L St. NW was previously owned by the American Health Care Association since 1987.


Developers Build Thousands Of Miami Condos With Investors, Not Homeowners, In Mind
Tourists headed to Miami for vacation have no trouble finding a place to stay. For residents of the city, the story is a little different. Short-term rentals have proliferated across Miami as developers race to meet demand that surged during the pandemic. 


Errors reported on property assessment notices in Douglas County
Fox 5 Atlanta
Douglas County residents need to double-check their property tax assessment notices for errors. The Douglas County Appraisal Department says a software glitch caused about 15,000 parcels to not have the homestead exemption calculated in the assessment. The department says about one-third of all paper statements were incorrect. New notices are being sent with a correction.


Bears president Kevin Warren makes case for property tax “fairness” in Arlington Heights
NBC Sports
The Bears were making progress toward building a new stadium of their own in Arlington Heights. Until they weren't. A reassessment of the property the team has purchased pushed the property tax bill from $2.8 million to $16.2 million. The Bears are currently trying to negotiate that into a more acceptable price.


New Beaver County property tax assessments leave some residents with sticker shock
CBS News
New property tax assessments are hitting mailboxes across Beaver County this week and some residents have sticker shock. The last assessment was done in 1982. Some 92,000 letters were sent to Beaver County property owners notifying them of their properties' new assessed values. Of those, officials expect 12,000 to appeal.


Property Tax Update--New Legislation
Brusniak Turner Fine
Summaries of all of the property tax bills and proposed constitutional amendments that were passed in the regular session of the legislature. There is still to come financial property tax relief during a special session. The first special session ended without anything passing. The second special session is about to begin. Governor Abbott has promised to keep calling special sessions until a relief package acceptable to him is enacted.

Property Tax Update--Case Law
Brusniak Turner Fine
Publication pertaining to the latest property tax appellate decisions. A school district retained an attorney on a contingent‐fee basis to find and recover property taxes that were allegedly missed or omitted due to tax fraud. The taxing unit filed a challenge with the appraisal review board on the basis that a category of property within the county had been erroneously appraised and that taxable property in the county had been fraudulently or erroneously omitted.

Sign of Office Distress: 77% of Dallas' Fountain Place Available
The Real Deal
About 7.6 million square feet of sublease space is available across Dallas, said Steve Triolet, vice president of research and market forecasting for Partners Real Estate. That's in addition to the nearly 47 million square feet of direct vacancies across the city's 213 million square feet of total office inventory.

Travis County land appraisal values confuse homeowner
KXAN Austin
When Darletta Jaycox opened her property tax appraisal this year, she felt like a lot of other Travis County homeowners: perplexed. Jaycox, a south Austin homeowner who lives near the intersection of Menchaca Road and Dittmar Road, was particularly puzzled by the land value assigned by the Travis Central Appraisal District.

Gov. Greg Abbott announces second special session to focus on property tax plan
On Tuesday, Gov. Greg Abbott announced Special Session No. 2, calling lawmakers back to the Texas Capitol “to provide lasting property tax cuts for Texans,” according to a press release. The special session begins at 3 p.m. Tuesday. The Texas House and Senate approved separate property tax plans but didn't come to an agreement during the first special session.


Tax Exemptions Don't Reduce Homelessness
Tacoma Weekly
When cities and counties have an eye toward increasing density in their jurisdictions, sometimes an enticement is offered to developers, and one of these is a temporary property tax exemption. For example, if there is a need for housing that can fit into the realm of being "affordable,” the deal can be sweetened for builders that can bring this type of housing if they want to get in on being exempt from tax payouts for a while.


Target settlement proposal would cost thousands for City of Eau Claire
At Tuesday's Eau Claire city council meeting, a proposed settlement is on the agenda that could see thousands of dollars sent to Target. Over the past two years the Target corporation filed litigation against the City of Eau Claire claiming an excessive property tax assessment. 

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