Daily NAPTA Update 9.14.2023

Posted by Diane Macri | Sep 14, 2023 | 0 Comments


Amazon's Major Same-Day Delivery Expansion Will Likely Target These Kinds Of Buildings
E-commerce giant Amazon is ramping up its same-day delivery service, a lucrative part of its business, with just how many facilities that will involve now becoming clear. CEO Andy Jassy announced plans on Amazon's most recent earnings call to double the number of same-day fulfillment centers the company operates. While Amazon hasn't made clear how many of these types of facilities it has, a new CoStar analysis identified 51 of them across the U.S. totaling just over 8M SF.


'Slow That Train': Arizona Data Center Hub Wants To Curb Industry's Influx
Some of the city's top officials are increasingly concerned that data centers are crowding out development from other industries that would provide more jobs on the city's dwindling supply of industrial land, The Mesa Tribune reports. It is a sentiment that is being repeated by officials ranging from the mayor to the city's economic development chief, who says his department is looking for ways to “slow that train down” when it comes to the influx of new data centers.


Aon Center Valuation Cut In Half Amid Lower Occupancy, Increased Real Estate Taxes
The Aon Center lost nearly half of its value since the property's last valuation in 2018 as the prominent skyscraper struggles with increased vacancy, rising real estate taxes and a hefty loan balance. The 2.8M SF office tower at 200 East Randolph St. reported a new value of $414M, down from a valuation of $780M when JPMorgan Chase lent $536M for the property in 2018, per a Morningstar email alert. The loan moved to special servicing in February, but a modification and three-year extension was negotiated this summer.


Hospital Charitable Tax Exemption Upheld by Illinois Appellate Court
Last month, in the case Carle Foundation v. Dept. of Revenue, the Fourth District Court of Appeals issued its latest decision regarding hospital property tax exemptions. The Court upheld a trial court judgment awarding the Carle Foundation Hospital system charitable tax exemptions for tax years 2005 through 2011.


The Metro Council is taking up an estimated $8.6M tax break for ExxonMobil
Business Report
The East Baton Rouge Metro Council later this month will consider granting a property tax exemption to ExxonMobil estimated to be worth about $8.6 million over 10 years. The state Board of Commerce and Industry already has approved the Industrial Tax Exemption Program request for a potential $74.6 million project that would involve processing plastics that are difficult to recycle, which the company claims could attract new businesses to Baton Rouge.


Revaluation sticker shock consequence of imperfect science of assessment
Sun Journal
The image of Oxford resident Joseph Korn's collapsing shack may be the most appropriate metaphor for the flawed process of real estate assessments during an unprecedented real estate boom. Korn lives at 364 Rabbit Valley Road. There he owns a 68-acre parcel, his residence on three acres, and a ramshackle building he describes as an old camp.


Worcester City Council revokes Unum Group's tax breaks
Spectrum News
Worcester city councilors voted to de-certify tax breaks for the Unum Group after the insurance company left its offices downtown. The vote was unanimous at Tuesday night's meeting. Unum stunned many in 2020 when they announced they were moving their 400-plus employees to work remotely. They were the largest tenant at One Mercantile Street, a building they re-located to in 2013. The TIF tax abatement was an incentive for Unum to stay in Worcester.


After new lawsuit, Missouri Supreme Court to appoint new judge for Jackson County property tax case
With another lawsuit being filed, the Missouri Supreme Court will now need to assign a new judge as Jackson County defends its 2023 property assessments. The City of Lee's Summit this week initiated legal action against the county, alleging violations of state law. The lawsuit is considered by city officials to be a necessary move in light of what they believe are ongoing assessment inaccuracies.


Branchburg residents could face steep tax increase to block warehouse development
My Central Jersey
If the township has to bond for the $28 million to buy two properties in the Route 22 corridor eyed for warehouse development, Branchburg's municipal tax rate could rise by 12% to 13%. The Township Committee adopted an ordinance on Monday formally authorizing the $20 million purchase of 31 acres owned by Advance at Branchburg II at the intersection of Route 22 and Station Road.


Two local lawmakers introduce legislation to freeze property taxes for some older people
Certain older people in Ohio could see their property taxes frozen if new legislation introduced by Cincinnati-area lawmakers passes in the Ohio state House. State Reps. Thomas Hall and Dani Isaacsohn are behind the legislation, known as the "70 Under 70" plan. The legislation would authorize a property tax freeze for homeowners over 70 years old whose incomes does not exceed 70,000.


Energy Corridor Office High-Rise To Hit The Block At Foreclosure Auction
The 20-story building is scheduled to be sold at auction Oct. 3, according to Harris County online foreclosure documents filed last week. The borrower that defaulted on the $70M loan is Four Westlake Owner, a limited liability company tied to Philadelphia-based Treeview Real Estate Advisors, the documents show.


Sheboygan 'dark store' lawsuits dealt blow by Wisconsin Supreme Court
Press Several Walmart lawsuits are pending against Sheboygan County municipalities, but a Wisconsin Supreme Court ruling earlier this year could change how they're handled and if more will follow. The company has filed several property assessment disputes against the city of Sheboygan, town of Sheboygan and city of Plymouth since 2017, many of which have been consolidated or are still open. A few have been settled.

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