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DC Retail Recovery Underway
New reports suggest the retail recession in
Washington, D.C. actually ended a year ago. This
could lead appraisers to overvalue shopping
centers. A special concern is the proper
allocation of intangible business value to
ensure retail tax assessments reflect actual
and
not perceived market value.
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Florida - Fed Remains Pessimistic
The Federal Reserve issued a bad-news report
on commercial real estate conditions in Florida.
As market values continue to decline, tax
assessments should reflect the downturn.
Owners don’t have to wait to receive their
2010 TRIM Notice to make sure their property is
correctly assessed. In fact, assessors are often
more willing to negotiate early on, before
formal notices are issued.
Get the full story
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Georgia Legislature Tackles Tax Reform
Property tax reform will be a major focus
for the
Georgia
General Assembly this year. Some legislators
would like to see extreme changes, while others
feel
only minor improvements are needed.
The Georgia Association of Property Tax
Professionals recently offered its ideas in a
whitepaper to the
Senate Subcommittee on
Property Taxation. The
whitepaper outlined
short-term and long-term
suggestions to improve
the system for all taxpayers.
Get the full story
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Metro Detroit – Doom and Gloom Forecast
A new study lists the Detroit market as
“abysmal”
and
dead last in markets to watch for commercial
real estate
development and investment. Experts
believe
commercial and industrial property values
could
fall by as much as 50% in the next two years.
Get the full story
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San Francisco Taxed By Appeals
With the avalanche of appeals filed last
year in
San Francisco, there are concerns that the city
may
not have enough money set aside for tax
refunds.
If all appeals are granted, it could
wipe out
$129 million in tax revenue. At this
point, the city
has only $35 million earmarked
for refunds.
Get the full story
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New Texas Tax Laws
By Ken
Parsons,
Senior Vice President
The
New Year brings new
property tax laws to Texas. Several bills approved by
the
81st Texas Legislature became effective January 1, 2010.
Among the most important to taxpayers are the following:
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SB 771 Prohibits appraisal districts from
raising assessed values for no apparent reason
following a successful taxpayer appeal.
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HB 1030 Permits Appraisal Review Board protests
to be filed electronically in counties with a
population larger than 500,000.
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HB 1038 Provides that chief appraisers may not
summarily dismiss the inclusion and consideration of
foreclosed sales as an indicator of residential
property values.
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HB 3612 Institutes a pilot project to test an
alternative appeal option. For more details, see our
article in the
December e-Poer Report.
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HB 3613 Allows adjoining counties to consolidate
appeal review boards. Also stipulates that tax
appraisals of primary residences be based on
homestead value rather than highest-and-best use.
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