Daily NAPTA Update 9.20.2023

Posted by Diane Macri | Sep 20, 2023 | 0 Comments


Another Labor Day Came And Went Without A Spike In Office Occupancy
For the fourth year in a row, the days after Labor Day were touted as a moment when a critical mass of workers would return to the office in far greater numbers. This year, with millions of workers under new attendance mandates and more companies aggressively enforcing them, office buildings were expected to be repopulated to their most significant degree since March 2020. 

Hotel Performance Is Weakening Just As The Industry Hits Its Own Debt Maturity Crisis
Nearly every sector of commercial real estate is caught in some version of the same bind: facing a spike in debt maturities this year and next, with high interest rates and bank pullbacks making refinancing historically difficult. Hotel owners in the U.S. with maturing debt are feeling the same pressure. 

What Happens When Wall Street Buys Most of the Homes on Your Block?
New York Times
As Wall Street investors pluck up starter homes and convert them to rentals, first-time buyers are being squeezed out and residents are being forced to grapple with what the changes mean for their lives and their communities.


Despite Live Local, Costs Keep Developers From Addressing Miami's Affordability Crisis
Miami is at “the epicenter of a national affordability crisis” in housing, Francesca de Quesada Covey, chief economic development and innovation officer for Miami-Dade County, said at Bisnow's Miami State of the Market event Tuesday. The problem with fixing it, developers and lenders at the event said, is that it doesn't make financial sense to build market-rate or affordable homes.


Owner of Heartland Park says he'll close it and put property up for sale
CJ Online
Heartland Motorsports Park's owner will close its doors, cease operations and put the property up for sale after its racing season finishes at the end of October, his company said late Monday on the park's Facebook site. That company, Shelby Development LLC, can "no longer operate under such an enormous and ever-increasing tax burden," the post said.


Boeing expected to land tax break on Tuesday for its expansion in St. Louis County
STL Today
St. Louis County is expected Tuesday to pass a historic package of tax breaks for one of the world's biggest aerospace corporations. A majority of County Council members want to help make the Boeing Co.'s planned expansion as competitive as possible by offsetting the cost of building and leasing a million square feet of space at two sites adjacent to St. Louis Lambert International Airport over the next 10 years.


Wayne County property values reach all-time high
The Daily Record
Because of the upward sales trends property owners should expect to see the highest-to-date property value increases. Residents will experience the impact of the state mandated triennial update, according to the Wayne County Auditor's Office, which notes that three years following a reappraisal, the state imposes a mandated “triennial” value update based on recent area sales.


Tulsa County Treasurer says Promenade Mall owners owe nearly half a million in unpaid taxes
The Tulsa County Treasurer says the owners of Promenade Mall owe the County nearly half a million dollars in unpaid property taxes. Now that the owners of Promenade Mall have closed the doors for good, following multiple fire code violations, Tulsa County Treasurer John Fothergill says they still owe two years' worth of back property taxes.


Now Subletters Are Subleasing Their Spaces As 'Magnitudes Of Risk Compound'
A second wave of sublease space has hit the market in Dallas-Fort Worth, a phenomenon poised to create a logistical nightmare for landlords and put imperiled properties at greater risk. Over the past three to four months, a handful of companies that took space from another tenant have put their space back on the sublease market. 

Many Texas homeowners about to see their school property taxes 'drop to $0 or very close to $0'
I have had a nightmarish couple of weeks working the math on the new property tax relief in Texas, specifically when it comes to senior and disabled homeowners. I consulted smart people at the capitol and at an appraisal district. After talking at length through the details, I kept running the numbers — and they never added up. The math nightmare was a recurring one.


Rising Property Values in Wisconsin Lead to Surprising Increases in Property Tax Assessments
Gillett News
According to a report by the Wisconsin Policy Forum, the gap between local property tax assessments and market values in Wisconsin has been widening due to the skyrocketing residential property values in recent years. This discrepancy has resulted in unexpected increases in the assessed value of properties when reassessments take place. 

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