Daily NAPTA Update 7.7.2023

Posted by Diane Macri | Jul 07, 2023 | 0 Comments


Retail Is Now Taking The Brunt Of Economic Fallout From Mass Shootings
When Allen Premium Outlets reopened its doors late last month, 25 days after a gunman killed eight people, wounded seven and traumatized hundreds more, many members of the community took to social media to say it was too soon. A spate of deadly shootings has gripped U.S. malls and shopping centers over the past several years, leaving operators grappling with how to minimize the emotional and financial fallout.

Rising Revenues From Residences Could Bail Out City Budgets As Commercial Valuations Stumble
Looming shortfalls in CRE valuations, and a lower daytime population in central business districts, pose a threat to city budgets, which tend to rely on property and sales taxes. For some cities, the numbers are challenging. But Standard & Poor's argues that with prudent budgeting and an influx of cash from climbing residential property values, cities can avoid the worst of the impending damage stemming from CRE revenue falls.

Industrial Demand Slackening, But Airport-Area Warehouse Space Tight As Ever
Plenty of tenants are still searching for industrial space in the submarket around Hartsfield-Jackson Atlanta International Airport even as leasing activity regionwide slows down from pandemic highs, panelists said at Bisnow's Aerotropolis event earlier this month. The activity has existing landlords in the submarket not only bullish on the health of the area but also seeking further development opportunities.


Williams suspended as County Assessor
Silver Belt
The board voted unanimously to suspend Williams, without pay, for 120 days, in a meeting called to address Williams' reported neglect of duty – for which the above officials may be suspended. County Manager James Menlove explained to the board that this was due to the financial impact neglect of their duties could have.


Is a buyer entitled to a reduction from the fair market value (FMV) of a property acquired from a city when their purchase agreement included a below-market leaseback agreement?
Firsttuesday Journal
A buyer purchases property from a city for a below-market price in a leaseback agreement with the city for city employees to use the property. As a change of ownership, the county assessor evaluated the property's fair market value (FMV) at an amount greater than the purchase price the buyer paid for the property.

Value of all Sonoma County property hits all-time high
Sonoma Sun
Location, location, location? Sonoma County's not a bad overall option — its net assessment roll has hit an all-time high of $114,485,345,311, an increase of 5.68 percent over last year's figure. The roll amount reflects the value of all real and business property in Sonoma County as of Jan. 1, 2023.

While SF Sees Falling Home Prices, Santa Clara County's Real Estate
This impressive 6.65% increase from the previous year is attributed to changes in property ownership adding a staggering $21.5 billion in assessment value, and new construction adding another $6.8 billion, as reported by County Assessor Larry Stone's office. 


Cape's overall property valuation increases by 14%
Cape Coral Breeze
Lee County's overall property valuation continued its annual trend upward from the June estimates, especially in Cape Coral and in Lee County overall, where valuations hit an impressive milestone. Post Hurricane Ian that was not the case with the gulf communities, which dropped even lower in the numbers released Monday.


Catoosa school board to hold public hearings on plan to hike property taxes by 18.65%
The Catoosa County school board recently published a “Notice of Property Tax Increase.” “The Catoosa County Board of Education is considering adopting a millage rate'” reads the notice, “which will require an increase in property taxes by 18.65 percent.” The current Catoosa Board of Education millage (that is, property tax) rate is 15.040 mills.


Official says Jackson County property tax assessments are 'not an exact science'
After years of undervaluing homes, Jackson County's recent property tax assessment saw the value of properties increase by an average of 30%, while some owners saw spikes of more than 200%. The deadline to file an appeal is July 10.

Jackson County family waits 8 hours to appeal property tax assessment
A Jackson County homeowner says he spent most of his day off waiting in line to appeal his property tax assessment. Like many others, he headed to the assessor earlier this week to beat the upcoming deadline. Daniel Moorehead and his two kids spent over eight hours from check-in to check-out. 

What Missouri's homestead exemption means for property taxes
The Kansas City Star
The Missouri General Assembly recently passed a bill that would freeze the home valuations of low-income property owners on Social Security. Known as the “homestead exemption,” Republican Gov. Mike Parson has yet to sign the senior tax relief bill into law. 


Ohioans ‘losing' battle against unprecedented property tax hikes, Senator warns
Ohioans are losing the fight against unprecedented property tax hikes in some counties like Butler and Clermont after the House killed a proposed budget amendment that would have changed how property values are calculated, a state senator warns.


Johnson County proposing 22% tax hike
Johnson County is set to join a growing list of local governments passing property tax increases this year, with a 40-cent hike on the table for a called meeting Monday. The increase, if approved, would raise taxes on someone living in a $200,000 house by $200 a year, or 22% from the current $905. The county currently has the lowest rate of any county in Northeast Tennessee.


Cottonwood, Texsun Continue Texas Multifamily Buying Spree
The Real Deal
Class B multifamily is still trading hands in North Texas. Los Angeles-based private equity firm Cottonwood Group teamed-up with Dallas-based Texsun Holdings to acquire the 224-unit Taylor Commons apartments in Fort Worth last month.

Nueces County appeals to Texas Legislature for budget help
Nueces County is facing a potential multimillion dollar budget shortfall so dire that tax assessor-collector Kevin Kieschnick was in Austin on Thursday in a last-ditch effort to get help from state officials.

Texas renters largely overlooked in Republicans' property tax cut debate
The Texas Tribune
Tenants make up more than one-third of the state's households. They pay, via their monthly rent, one-quarter of the state's school property taxes — which are among the highest in the nation. Renters' cost of living surged during the COVID-19 pandemic as the state's housing boom drove rents sky-high.

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