Daily NAPTA Update 7.24.2023

Posted by Diane Macri | Jul 24, 2023 | 0 Comments


Gas Company Tower Now Valued At $270M, A 57% Drop From 2021
The Gas Company Tower was valued at a whopping $632M in 2021, but the value of the 52-story Downtown property has fallen to less than half that. The tower, owned by a Brookfield fund focused on Downtown LA offices, has been valued at $270M, The Real Deal reported, citing data from Trepp and Morningstar Credit. The updated value of the building is well below the $465M in loans Brookfield has on the tower.


Record Miami Land Sale Collapses Amid Commercial Real-Estate Slowdown
The Wall Street Journal
The collapse of a record Florida land sale leaves a billion-dollar hole of prime waterfront real estate in downtown Miami.


The Louisiana Tax Commission Reduces Valuation of Oil and Gas Wells
Energy Portal
The Louisiana Tax Commission has made a decision to reduce the valuation of recently purchased oil and gas wells and equipment from Chevron USA Inc. The state tax appeals board has ruled in favor of the reduction. Cantium LLC, the owner of the property in Lafourche Parish, argued that the property should be valued at the amount it paid to Chevron which was $15.4 million. 


Property tax ‘freeze' likely to be repealed, replaced
PenBay Pilot
When Maine's legislature returns Tuesday, July 25, it is expected to replace the property tax stabilization (“freeze”) act for seniors with new provisions in existing laws. The property tax freeze went into effect with the April 2023 tax year, allowing seniors to freeze taxes on a residential property meeting certain qualifications. It applies to this September's tax bill but will end Dec. 31, 2023 if legislators approve the proposed change.


Oak Grove, Missouri farm sees 756% increase in assessed valuation
One of the largest complaints for the 2023 Jackson County assessments has been the huge disparities in valuations that owners say are not fair. KMBC recently discovered how two farmers have two very different rates. Several farmers have complained about 100% or 200% increases. One farmer KMBC talked to has a 756% increase and he says someone needs to be held accountable.


The Real Cost of New York City Office Real Estate
After raising more money from sovereign wealth funds, other institutional investors, and wealthy private individuals overseas, he went on an opportunistic buying spree. Over three years, he spent $4.5 billion on Manhattan office acquisitions. By 2020, his company, RXR, was a major office landlord with more than 22 million square feet of space in the city.


County tax assessor disputes report that cites dramatic bias in area property assessments
The report, one year in the making, strongly concludes there is a difference between how higher-end properties are assessed for tax purposes and how more modest properties are assessed, resulting in a significant bias in favor of high-end property owners. It is a conclusion the Buncombe County tax assessor strongly disagrees with. 

Multifamily Continues To Grow In Dallas-Fort Worth Despite Industrywide Headwinds
By the end of 2023, the DFW multifamily market is expected to outpace all others in the country at 30,000 apartment deliveries. With a vacancy rate of only 5%, coupled with rental prices increasing by more than 15% since last year, market activity remains strong in Texas' hottest CRE market. But like all asset classes, the DFW multifamily market is feeling the burn from the tightening of capital markets, increased borrowing costs and elevated interest rates.

Flint Hills and Valero appraisals decrease by billions
The valuation of two local refineries will drop by billions of dollars when certified values are released by the Nueces County Appraisal District next week. 6 Investigates learned the originally over $6 billion in appraised values for Flint Hills Resources and Valero Energy will be $2.3 and $2.5 billion, respectively. Nueces County Judge Connie Scott said those new values will result in a more manageable budget deficit.

Harrison County Appraisal District board hires interim chief appraiser
The Harrison Central Appraisal Board appointed J.L. Flowers, of Rusk, as the interim chief appraiser of the appraisal district at special meeting Friday following Monday's resignation of Mark Alexander. The decision was made following about 35 minutes of discussion in executive session with counsel. Board member Ted Huffhines made the motion to hire Flowers at a rate of $600 per day, plus mileage.

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