Daily NAPTA Update 9.6.2023

Posted by Diane Macri | Sep 06, 2023 | 0 Comments


San Francisco's Real Estate Reset Is Already Happening
SF Standard
San Francisco's prophesied real estate reset—a revaluation of buildings that could bludgeon the city's budget—has started to take root. Last year, the city projected a $720 million two-year deficit due in large part to the negative revenue impacts caused by the shift to remote work and the hit to commercial real estate.


Appeals Temper Kaegi's Rematch on Downtown Chicago Tax Hikes
The Real Deal
Cook County Assessor Fritz Kaegi's campaign to recoup tax revenue from some of Chicago's most notable commercial properties was blunted by the city's struggling office market, sparing landlords and tenants big bumps to their costs. Kaegi announced in February that he would revert the values of 559 commercial properties, mostly in the city's central business district, to the 2021 values set by his office. The move meant undoing tax breaks those landlords had already received from the Cook County Board of Review after appealing the figures he previously set.


Utah homeowners hit with high property taxes as home prices soar
KSL News Radio
Home prices in Utah have skyrocketed over the last three years. High prices have caused homeowners to shoulder higher property taxes. Why the increase? There are two problems happening at the same time. First, is the growing value of most of the homes in Utah. The Deseret News reported that the median price for home sales has jumped 365,ooo over the last decade. If property tax rates stay the same, that means a jump of 145% in what residents pay.

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