Daily NAPTA Update 8.3.2023

Posted by Diane Macri | Aug 03, 2023 | 0 Comments


Stuck in ‘Death Spiral,' Local Malls Plunge in Value
The Wall Street Journal
Crystal Mall's parking lots used to be so crowded that parents would line up to drop off their teenagers near one of the entrances rather than search for a spot. Now, the vast stretches of cracked pavement surrounding this 1980s-era regional mall on Connecticut's coast have more weeds than cars. Valued by an appraiser at $153 million as recently as 2012, Crystal Mall sold in June for just over $9.5 million in a foreclosure auction.


Lender Takes Control Of Prominent Dupont Circle Office Building
The transaction had a sale price of $39.3M, according to deed records, which is the same amount Guardian Life Insurance had provided in a loan to Schwartz in December 2015. The latest transaction was recorded as a deed transfer, but a source involved with the property told Bisnow it was a deed-in-lieu-of-foreclosure sale.


Miami is decreasing in population for first time since 1970s
Business Insider
Miami, which was a hot spot for crypto kings and tech bros, is seeing a comedown of late. Despite Florida's boom, which helped it become the fastest-growing state between 2021 and 2022, Miami-Dade County has been losing more residents than it's been gaining in recent years. Between 2019 and 2022, Miami-Dade County's population shrank, resulting in its first population decline over a multiyear period since 1970.

New homeowners in Osceola County could see property taxes double
Osceola County's property appraiser says homeowners should be on the lookout for big potential property tax increases. The county is one of the fastest growing in the nation and saw $2 billion worth of new construction this year alone. Osceola County Property Appraiser Katrina Scarborough said property taxes could double for new homeowners.


JLL Puts Nearly One-Third Of Its HQ On Sublease Market
JLL is looking to slash its Chicago footprint by more than 30%, joining the likes of Salesforce, Meta, Uber and Tyson Foods in putting a significant chunk of its office space on the sublease market. The firm is looking to sublease out about 61.3K SF of its 202K SF headquarters space in the 83-story Aon Center, CoStar reported, citing JLL marketing materials.


Jackson County property appeals top 51k and keep growing, tensions mount against Frank White
If you are appealing your Jackson County property assessment, you have a lot of company. Nearly 51,800 people had filed as of July 29. The deadline was Monday, July 31, at midnight. So, that incredible number does not include the weekend push. Seventeen percent of all property owners are appealing. It's the largest number of people to appeal in recent memory. 


Lincoln County leaders approve 37% property tax increase
After three rounds of back and forth, Lincoln County commissioners have finally approved the budget for fiscal year 2023-2024. This comes after two prior attempts to raise the property taxes for homeowners. During a special called meeting Thursday night, Commissioners approved a 78 cent per thousand dollar increase in property taxes which equates to a 37% increase over the current $2.10 tax rate in the county.


It's property tax season: Summit County valuations see an average increase of more than 50%
It's property tax season. White and green slips of paper started arriving in mailboxes last week, and with it came concerns for some residents in the Snyderville Basin and on the East Side, who could see their valuations increase by as much as 50%, 80% or even 300%. The average increase for all property types throughout Summit County was 68%, but when six outliers are removed, the number drops to around a 47% increase.

Unequal value growth leaves business owners with higher tax burden for 2023
Tooele Transcript Bulletin
Each year property tax rates for each entity that collects property tax is recalculated based on the total assessed value of all property as of January 1. The new rate is set so each entity will receive the same amount of property tax in the new year as they did in the previous year, plus the property tax from any new property — like new homes or commercial buildings — that were not on the previous year's property tax list.

Weber County home values, on whole, dip compared to last year
New valuations for Weber County property are out and some may have noticed something that hasn't happened in a while — a dip in the value of their homes. Taken as a whole, the value of single-family homes in Weber County declined in the newest batch of valuations compared to last year.


Appleton property assessments will jump 39% in citywide revaluation
Post Crescent
When homeowners receive their new property assessments in the mail later this month, they'll see, on average, a 43% increase in the value of their home to reflect the booming housing market. Owners of commercial properties will see an average increase of 28% through the citywide revaluation.

Walmart, Sam's Club, and Scheels are suing a US town after overcharging claims in a decade-long tax battle
The US Sun
SEVERAL retailers have been locked in a new legal battle over taxes with a city that has been hit by taxation lawsuits for over a decade. The city of Eau Claire, Wisconsin, has found itself on the receiving end of a number of lawsuits as retailers argue their property tax bills are astronomical.

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