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The Cook County Assessor's Office has updated and expanded its Vacancy/Occupancy Affidavit. Owners seeking property tax relief regarding vacancies in their buildings must now submit more documentation to show they are working to get the space leased. Get the full story.
Under a new law, counties in California may work together to form multijurisdictional assessment appeal boards. Property owners will continue to file their appeal applications with the clerk of the county where their property is located. Get the full story.
Pennsylvania businesses that lease real estate from an out-of-state owner now have additional reporting requirements. Withholding is required for payments to non-resident property owners for business income totaling $5,000 or more during a calendar year. Get the full story.
A new statewide public school funding plan, coupled with voter-approved tax levies, are creating the largest property tax hike in modern history in parts of Washington State. For example, the average tax bill jumped over 31 percent in the small town of Carnation in King County. Get the full story.
The majority of property owners in Fairfax County, Virginia are facing higher property taxes, thanks to rising real estate assessments. There's a new administrative appeal deadline this year. Appeal applications must be postmarked by May 1. Get the full story.
Continued growth in all sectors of Denver's commercial real estate market translated into higher values from the 2017 statewide reassessment. Even if tax rates hold steady, tax bills will be more expensive.
Get the full story.
Assessed values for offices, apartments, retail stores, and other commercial property in Mecklenburg County, North Carolina are up an average of 74% so far with this year's revaluation. Officials expect tens of thousands of appeals after valuation notices are issued. Get the full story.
If voters approve a ballot initiative in June, there will be an additional tax of 1.7 percent on gross receipts from the lease of commercial space in San Francisco. Get the full story.
Texas Governor Greg Abbott, who is seeking re-election, is calling for a 2.5 percent annual cap on property tax revenue growth. His plan also prohibits the state from requiring local governments to provide new services without providing funding. Get the full story.
The D.C. Council is considering tax incentives to persuade developers to turn aging office properties into apartments and condos. The plan provides property tax abatement of up to $20 per square foot for ten years. Get the full story.
A move is underway to amend or repeal Colorado’s Gallagher Amendment, which divides the state’s total property tax burden between residential and nonresidential property. Projections anticipate a 15% statewide cut to property taxes in 2019, thanks to this amendment. Get the full story.
Commercial property values rose by double-digits with Maryland’s Group 3 reassessment. The deadline to file an in-cycle assessment appeal is February 12. Get the full story.
Two recent rulings by the Ohio Supreme Court may be beneficial for businesses contesting their property tax assessments. Ohio’s appeal deadline is March 31. Get the full story.
A bill will be introduced in West Virginia’s regular legislative session to phase out business personal property taxes over a seven-year period. If the legislation passes, voters would have to approve an amendment to the state constitution. Get the full story.
Property taxes are increasing across the board in Wisconsin. Local schools, counties, and cities are raising their tax levies. There are wide variations in tax rates across the state. Get the full story.
Tax relief is available to property owners who have suffered damage from the recent outbreak of California wildfires. Businesses and homes that experienced damage of $10,000 or more are eligible for a tax break. Get the full story.
In previous years, Florida property tax millage rates were reduced to avoid higher taxes. But under the governor's proposed 2018-2019 budget plan, tax rates will not be reduced and school districts will be able to collect additional revenue. It will be up to state lawmakers to decide. Get the full story.
The Tax Foundation's annual State Business Tax Climate report is out. The goal is to create a matrix to gauge how each state’s tax system compares with other states around the country. Get the full story.
Three Texas cities ranked high as growing real estate markets for 2018. The Emerging Trends in Real Estate Report cities Austin, Dallas/Fort Worth, and San Antonio for positive market essentials and growth next year. Get the full story.
A move is underway in Wisconsin to eliminate dark store assessments. Bills are making their way through the Senate that would outlaw the practice of valuing big-box retail stores comparable to vacant, dark stores. Get the full story.
Property tax bills were finally mailed this month for Fulton County, Georgia following delays ordered by both the county and the state. As a result, due dates for county tax bills are now 60 days from receipt of the notice or January 15, 2018 at the latest. Get the full story.
Chicago taxpayers have already been hit with nearly $1.1 billion in property tax increases. As the city begins budget hearings, officials are being told that more hikes will be needed in the near future.
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A constitutional amendment that would allow cities, counties, and schools to completely eliminate property taxes for primary home owners passed Nov. 7 in Pennsylvania. However, there is much work to be done on approving laws and finding replacement taxes before the exemption is put in place.
In South Carolina, property taxes are based on assessed values the previous year. So there’s still time to appeal from flood damage that occurred with Tropical Storm Matthew. For damage that resulted from a fire, an appeal must be filed in the current year. Get the full story.
Notices of value are normally mailed on or before November 1 in Miami-Dade, Florida. However, counties were given more time this year following Hurricane Irma. The late notices also impact payment and discount deadlines. Get the full story.
California is suffering one of the deadliest wildfire outbreaks in the state's history. Property tax relief is available for natural disasters that damage real or personal property. Get the full story.
Houston’s mayor initially called for a temporary property tax hike to help pay for the cleanup of Hurricane Harvey. However, the rate increase won’t be needed after the State of Texas pitched in $50 million from its rainy day fund. Get the full story.
Iowa implemented major tax reform four years ago that promised to lower commercial property taxes. Unfortunately, the tax savings have been less than half of what was anticipated. Get the full story.
More than 17,000 taxpayers challenged their property tax assessment following this year’s reappraisal. Officials say 63% of those who filed appeals had their values lowered. Get the full story.
New laws go into effect in January that impact filing deadlines for business personal property renditions, late filing deadline for Freeport exemptions, allocation applications, and appeals. Get the full story.
The Chicago Public Schools are raising property taxes by $125 million. It will help address crisis with teacher pensions, which are currently underfunded by $11 billion. Get the full story.
Hurricane Harvey caused an estimated $180 billion in property damage in Houston and southeast Texas. Houston's mayor is now proposing an emergency property tax hike to help with cleanup efforts from the storm. Get the full story.
Local tax jurisdictions now have a say in whether manufacturing companies receive property tax exemptions in Louisiana. However, officials admit that parishes are confused about the approval process and businesses are confused about what the process is going to be. Get the full story.
St. Louis is hoping to claim victory over a property tax election that was narrowly defeated in April. The city argues that the tax hike passed under the majority required by state law even though it failed to pass based on the city charter's requirements. Get the full story.
Property tax rates vary dramatically nationwide from city-to-city. A new report analyzes the factors that lead to high and low property tax rates. Get the full story.
More than a fifth of Houston's office buildings are sitting vacant following the downturn in the oil industry. There is a growing number of lawsuits filed by owners unable to resolve their appeals through administrative channels. Get the full story.
The purchase price paid for a property in a leased-fee transaction is not necessarily its true market value, according to the Ohio Supreme Court. The ruling may impact school districts challenging property values in order to gain increased tax revenues. Get the full story.
Property taxes have remained steady in Tampa, Florida for nearly three decades. However, a 16% property tax increase is now being proposed to cover increased expenses and decreased revenues.
Get the full story.
Texas lawmakers ended their special session August 15 without passing major property tax reform. Nevertheless, tax code changes were approved in 2017 that will benefit taxpayers. Get the full story.
Washington's new operating budget includes higher taxes for public schools and lower taxes for manufacturing companies. Business and Occupation tax rates for manufacturers will be reduced 40% over four years beginning in 2019. Get the full story.
California's Legislative Analyst's Office has called for the dissolution of the Board of Equalization for decades and it has finally been done. The BOE will be replaced with two new tax departments. The change will only impact state-assessed valuation challenges. Get the full story.
The Indiana Supreme Court has decided not to review a case involving "dark stores" assessment methodology. This affirms a previous court ruling that vacant big-box stores can be used as comparable properties when deciding market-value-in-use for property tax assessments. Get the full story.
A newspaper series that uncovered unfair assessment practices in Cook County has prompted officials to order a full-scale investigation. The Cook County Board President announced that a third party will review the tax system and suggest ways to improve it. Get the full story.
Most South Carolina manufacturing companies already get a lower assessment rate thanks to incentives with the Fee in Lieu of Taxes (FILOT) program. Now companies that are not a part of FILOT will get a tax exemption that will be phased in over the next two years. Get the full story.
Companion bills have been filed in Wisconsin’s current legislative session to make the repeal of business personal property taxes a part of the state budget. The bills have yet to receive a vote in committee. Get the full story.
The state equalization factor for Cook County, Illinois is up over 5%. It's resulting in a much higher tax burden on commercial and industrial properties in the Chicago area. Get the full story.
New legislation targeting big box retail stores could change the way the Tax Tribunal operates for all commercial properties. A similar bill was approved by the Michigan House but failed to win approval in the Senate. Get the full story.
The Pennsylvania Supreme Court will rule on the constitutionality of appeals filed by local school districts against property believed to be under assessed. Taxpayers argue that currently practices targeting high-dollar commercial property constitutes spot assessment, which violates the state's uniformity clause.
Get the full story.
Texas Governor Greg Abbott has called a special session of the Legislature to consider unfinished business from the regular session, which ended May 31. A major topic will be property tax reform and possible caps on state and local spending. Get the full story.
Ten years ago, the Washington State Legislature voted to restrict annual property tax increases to 1%. Now lawmakers are considering legislation that would allow local governments to increase property taxes more than the current limit factor. Get the full story.
A new report by the Illinois Policy Institute paints a bleak picture for Chicago property owners. The city, county, school district, and state have all raised property taxes. Higher property tax bills have not solved the serious financial problems that exist. Get the full story.
Delaware County, PA will conduct its first revaluation since 1998 following a court order that older and newer construction is not assessed uniformly. The ruling may impact other counties that haven't conducted revaluations in decades. Get the full story.
Denver commercial property values took a big jump with the 2017 statewide reassessment. Apartment properties saw a record median increase of 45%. Get the full story.
Officials are bracing for a flood of appeals from the first major revaluation of commercial property under Philadelphia's Actual Value Initiative. First level appeals must be filed by May 26. Get the full story.
The Tarrant Appraisal District (Fort Worth, Texas) has been dealing with software issues since a new computer system was installed in 2014. Officials now believe they have the problems under control and this year's appeals should go smoothly. Get the full story.
A revised ordinance in Cook County, Illinois requires companies that receive a property tax incentive to pay their employees an acceptable living wage. It also makes recipients more accountable and creates avenues for revoking tax incentives for businesses that do not comply. Get the full story.
Nevada's Assembly Bill 43 seeks to create a property tax floor of 2.6% for the state's residential property in 2017. Once the Consumer Price Index reaches 1.5%, the floor would increase to a maximum of 3%, where it would become locked and could not decrease. Get the full story.
New Jersey's average statewide property tax bill is the highest in the nation. Assembly Bill 1655 allows municipalities an exclusion to the state's 2% property tax spending cap in order to generate matching funds for grants and other special programs. Get the full story.
House Joint Resolution 1 requires property taxes to be assessed on the real market value of property rather than the traditional lower assessed value. It also increases maximum collection rates and authorizes tax districts to increase permanent rate limits once in a decade with voter approval.
Get the full story.
Two major tax bills that impact Texas businesses were passed by the Senate. Senate Bill 2 requires cities and counties to hold a public vote if they want to raise property taxes 5% or more. Senate Bill 17 seeks to lower and ultimately do away with the margins tax on companies' gross receipts. The measures now go to the Texas House. Get the full story.
Cook County property owners can expect to pay higher taxes thanks to a rising equalization factor. At the same time, tax rates in the City of Chicago could go up 7% to 9% with even steeper hikes in suburban townships, which are being reassessed for 2017. Get the full story.
Georgia lawmakers are debating several property tax bills in the current session dealing with everything from the valuation of low-income properties to electronic filing. The session ends on March 30.
Get the full story.
Previous attempts to raise Colorado's personal property tax exemption have repeatedly failed. Two bills were filed this year and only one remains active. Get the full story.
After an historic ballot proposition was rejected in November, voters will be asked again whether to allow the Houston Independent School District to send millions of property tax dollars to the State of Texas to share with other districts. The recapture issue is part of the state's "Robin Hood" school funding program. Get the full story.
Site visits are being conducted on properties in Mecklenburg County, North Carolina starting with problem areas identified after the previous reappraisal in 2011. Valuation notices will be issued in January 2019.
Get the full story.
Colorado's residential assessment ratio may fall to 6.56% for 2017/2018, according to a new study. This change will shift the tax burden, as required by the state's Gallagher Amendment. Get the full story.
In an effort to spur economic development, the D.C. Council is considering taxing commercial properties in Wards 7 and 8 at the same rate as residential. Get the full story.
For the first time in 60 years, every residential property in Detroit has been reassessed. The city plans to finish the reassessment of all commercial and industrial properties this year. Get the full story.
A new session of the Illinois Legislature is considering a bill that would freeze property tax rates. The plan is part of Governor Bruce Rauner's "Turnaround Agenda" for Illinois. Get the full story.
Assembly Bill 43 establishes a floor of 3% for annual commercial property tax increases. It would not remove existing caps that keep residential property taxes at 3% or less and commercial property taxes at 8% or less. Get the full story.
The market for apartments in California is good and analysts believe it's going to get even better. New construction is expected to hit a 25-year high in the next three years. Considering the projections, it will be crucial to manage your property taxes today and also plan for the future. Get the full story.
2017 is a reappraisal year for Colorado. New notices will be mailed in the spring. It's up to property owners to challenge a valuation if it's outside the norm of typical mass appraisal models.
Get the full story.
A measure to freeze property values for commercial and industrial development until the projects are completed was passed by Ohio lawmakers. The proposal must be signed into law by the governor.
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There are lessons to be learned from property tax issues decided by the California Court of Appeals. The Board of Equalization issued a Letter to Assessors on some recent case rulings. Get the full story.
Property taxes are a major focus for the Texas Legislature this year and a fight is already brewing over SB 2. Proponents say the proposed law will give citizens more control over how their property tax dollars are spent. However, local leaders claim it will only restrict their ability to provide needed services.
Get the full story.