Daily NAPTA Update 7.12.2023

Posted by Diane Macri | Jul 12, 2023 | 0 Comments


Multifamily Borrowers Should Have No Problem Extending Loans. But What Comes Next?
Whereas office buildings face enough oversupply to render millions of square feet obsolete, long-term demand for multifamily is among the surest things in real estate. Yet with rent growth slowing to a crawl, operational expenses continuing to rise and a hostile financing environment, multifamily owners with maturing loans have little choice but to negotiate extensions and hope better times arrive before they end.

Office Values Down 27% Over Last 12 Months, Apartments Drop 16%
Office property values dropped 27% during the 12 months ending in June, according to Green Street, the most of any property type. Office assets lost 6% in value in June 2023 alone. Overall, the Green Street Commercial Property Price Index was down 11.6% compared with a year ago, and was down 0.8% for the month of June, a monthly move driven by the downward trajectory of office valuations.


DeKalb homeowners to receive $147M property tax cut
On Common Ground News
Today, DeKalb County CEO Michael Thurmond announced the county's Equalized Homestead Option Sales Tax (EHOST) credit for 2023 will provide $147 million property in tax relief for homeowners who qualify for a homestead exemption. By the end of 2023, the total savings from the EHOST will be approximately $738 million. 


How is the state reducing property taxes? KSAT Explains
In the middle of a second special legislative session focused solely on property tax relief, lawmakers reached a deal. Here's what it includes: Lowering school property tax rates through compression; Increasing homestead exemptions to $100,000; Offering a tax credit to properties without a homestead exemption through a three-year pilot program; Savings on franchise tax for small businesses.

Could Texas Really Eliminate Property Taxes?
Texas Monthly
Imagine a Texas without property taxes. Every October, you, a Texas homeowner, await your annual property tax bill, not with trepidation, but with joy. Behold, there before you is what you must render unto Caesar. Zero dollars and zero cents. And yet there is, miraculously, still money for schools, for roads, for prisons. “Thanks, Greg Abbott,” you sigh softly. “Hail Caesar!”


Herriman proposes up to 15% property tax increase to fund law enforcement
The City of Herriman wants to raise property taxes to fund law enforcement services. According to the city's website, it is proposing an increase of up to 15% for its Herriman City Safety Enforcement Area or HCSEA. On the city's website, it states that the three main reasons for the proposed tax increase are growth, the salary market and inflation.

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