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The growing office needs of technology firms are creating tight market conditions in Austin, Texas. In response, the local appraisal district has increased office assessments over the last several years and the trend is likely to continue. Get the full story.
A tax rate increase on short-term rentals will not go before the Colorado Legislature next year. The proposal was thrown out by a committee studying ways to reform the state’s Gallagher Amendment.
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More than 19 million square feet of warehouse is currently under construction in the Dallas/Fort Worth Metroplex. The building boom is driving up assessed values for many properties. Get the full story.
Two constitutional amendments pertaining to property tax will be on the November 6 ballot in Florida. Amendment 1 gives homeowners an increased tax exemption. Amendment 2 makes a temporary cap on non-residential property permanent. Get the full story.
Tax bills will be arriving in the mail for property owners throughout Texas this month. They must be paid before February 1, 2019. Many taxpayers choose to pay their property taxes before the end of the year to get a Federal tax deduction. Get the full story.
A new report gives Chicago the worst fiscal health score among the top U.S. metropolitan areas. Researchers say Chicago's growing tax burden may scare investors away and ultimately lead to an exodus from the city and surrounding metro area. Get the full story.
Dallas is experiencing a hotel building boom. All the new construction has property tax implications for both new developments and existing properties. Get the full story.
The median commercial property value in Mecklenburg County, North Carolina is going up 79% with the current revaluation. Values won’t be released until January but it’s not too early to begin work on an appeal strategy. Get the full story.
Dozens of tax jurisdictions throughout Utah are proposing massive property tax hikes. It’s the result of taxes remaining flat for many years. The state’s Truth in Taxation law requires public hearings be held before taxes can go up more than was collected the previous year. Get the full story.
School boards in Miami-Dade, Palm Beach, and Broward County are asking voters to approve property tax hikes. The money is needed for districts to comply with a new state requiring armed security guards at all schools following the high school mass shooting in Parkland, Florida. Get the full story.
For the second year in a row, commissioners in Fulton County, Georgia must get court approval to collect property taxes. The reason lies in the value and volume of appeals filed this year. Get the full story.
Officials in Harrisburg, Pennsylvania are hoping lawmakers will approve a plan that would avert a huge property tax on residents and businesses. Act 47 allows Harrisburg to collect an additional $12 million in taxes annually. Act 47 will expire in September 2021. Get the full story.
Legislation has been introduced to repeal the Illinois tax code next July. If the bill becomes law, officials will basically start from scratch to come up with a better plan. Get the full story.
The Center on Budget and Policy Priorities released a report stating that property tax caps have led to severe fiscal distress in Michigan and other states. The caps caused funding declines for every category of public service and left local officials with no way to fix the problem, according to the study.
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Voters in Mountain View, California - the home of Google's headquarters - are being asked to authorize a business tax based on the number of workers a company employs. A similar tax was recently struck down in Seattle - home of the corporate offices of Amazon and Starbucks. Get the full story.
The 2019 budget approved by the D.C. Council includes higher taxes for commercial property worth more than $5 million. The added tax revenue will help fund mass transit and the arts. Get the full story.
The total of all property taxes billed in Cook County hit a record $14 billion. Commercial and industrial taxpayers in the City of Chicago are facing an average tax increase of 7.5%. Get the full story.
A proposal to raise property taxes by 16% to help fund public schools was defeated by the Nashville Metro Council. A school board trustee is now calling for a public vote on the issue. Get the full story.
In a recent ruling, the Ohio Supreme Court upheld the rights of a property owner to have more than just the building's sales price considered for a tax assessment. Get the full story.
Recent court rulings upheld South Carolina property owners’ rights to claim an Assessable Transfer of Interest (ATI) tax exemption that was filed late. Nevertheless, assessors are taking a stand to deny ATI Exemptions that were not filed in the first year of eligibility. Get the full story.
Commercial property values in Dallas County, Texas climbed over 19 percent this year. It’s putting more pressure on property owners to get more fully involved in the tax process, which includes monitoring both assessments and tax rates. Get the full story.
Tenant concessions are currently averaging more than $200 per square foot in Washington D.C. It’s a byproduct of the District’s fiercely competitive office market. Get the full story.
Commercial property and apartments will be paying higher taxes in Hagerstown, MD starting July 1. It’s part of a program to help fund development and renovation projects in the city. Get the full story.
Louisiana has one of the most generous industrial tax exemptions in the nation. Officials are considering cutting back the exemption so that manufacturers would get a tax break of only 80 percent of taxes owed. Get the full story.
The Cook County Board of Review is more than a month behind schedule hearing the record number of appeals for the 2017 assessment cycle. Even with successful appeals, tax bills may be more expensive due to a higher state multiplier for the county. Get the full story.
Substantial value increases are being reported in all property types for the 2019 revaluation in Mecklenburg County, North Carolina. Early results show the total average value increase is 44.48 percent. For commercial property alone, the increase is even higher -- 49.11 percent. Get the full story.
Last year, officials in Fulton County, Georgia voted to freeze assessed values on residential real estate. Now that the freeze has expired, new values are going up by double digits. It has yet to be decided whether the board of commissioners actually had the authority to freeze the 2017 values at 2016 levels.
Get the full story.
Regional shopping centers are dealing with the highest vacancy rate nationwide since 2012. Vacancies and other economic factors routinely leave retail properties over assessed for taxes. Get the full story.
The Philadelphia City Council is taking bids for an independent audit of the property values produced under the Actual Value Initiative. Taxpayers have been hit with massive property value increases as the city moves to market-based assessments. Get the full story.
Cost overruns have pushed the projected cost of a high-speed bullet train between San Francisco and Los Angeles to $77 billion. Officials are asking how Californians will pay for this project that has already started? Get the full story.
Plenty of questions remain unanswered about the federal Tax Cuts and Jobs Act (TCJA). A recent webinar sponsored by NAIOP explored some of the new tax law’s ambiguous provisions for commercial real estate. Get the full story.
Property tax revenues are more than $20 million lower this year than previously projected following successful appeals from Nashville's reappraisal last year. The Mayor is ruling out a tax increase to fix the budget shortfall. Get the full story.
Philadelphia is considering a 4.1 percent property tax increase to help erase a nearly $1 billion deficit in public school funding over the next five years. The budget plan also includes an increase of 8.5 percent in the real estate transfer tax. Get the full story.
The major players in the REIT self-storage sector are dealing with rising property taxes that are cutting into profits. The biggest property tax hikes are reported in Florida, Illinois, and Texas. Get the full story.
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.
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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.