Daytona Property Tax Rate Likely to Increase

Written on August 30, 2013 at 09:49 AM

Unfortunately for Daytona Beach, Florida property owners, city commissioners are considering increasing the property tax rate for the first time in six years. During a city budget meeting on Wednesday, City Manager Jim Chisholm and commissioners agreed a property tax hike would be good for Daytona and their efforts to improve the city. The increase, however, will likely be less than the 14% increase that was discussed last month.

According to the Daytona Beach News-Journal, Chisholm contends a property tax rate of $7.48 per $1,000 of taxable value is the way to go in the budget year that starts October 1. The $7.48 rate is about 14 percent higher than the current rate of $6.57 and about 15 percent higher than the rolled-back rate, the charge that would produce the same revenue as the current rate using new assessments of the same properties. A majority of city commissioners said they were leaning toward a tax rate that would be at least 10 percent above the rolled-back rate, an option they’ll talk about more next week before they take their initial vote on the coming budget, currently proposed at about $186 million. Their final budget vote is slated for September 18.

For the full article from the Daytona Beach News-Journal, click here.

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Categories: Personal Property, Real Property, Paradigm Info, Florida

Opportunities Arise with Hospitality Market Upswing

Written on August 29, 2013 at 06:43 AM

For the first time since the Great Recession, the U.S. hospitality market is in an upswing, nearing peak levels of the hotel real estate economic cycle. In fact, the outlook is looking even stronger for the remainder of 2013 and 2014. The most recent STR forecast predicts the following for 2014:

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Categories: Real Property, Hospitality, Hotels, Economy

Cook County Eases 6B Property Tax Incentive Rules

Written on August 28, 2013 at 09:55 AM

Cook County, Illinois commissioners adopted new laws that lessen the rules for commercial and industrial property owners to receive 6B tax breaks. The tax incentive ordinance drops the tax rate for commercial and industrial properties for 12 years for eligible property owners. The new amendments not only ease the criteria to receive eligibility, but it is available to a new class of property owners as well. The process to be granted the incentives will only take half the time. Previously, a property could only qualify if it were vacant for two years (except for special circumstances); however, the 6B amendments now require that a property sit vacant for just one year.

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Categories: Personal Property, Real Property, Industrial & Manufacturing, Illinois

Commercial Real Estate Market Forecast is Promising

Written on August 27, 2013 at 10:33 AM

The National Association of Realtors® (NAR) quarterly commercial real estate forecast shows steady, moderate growth in the market. Modest rent growth in addition to lower vacancy rates in commercial real estate sectors bring about promise for the market's direction.

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Categories: Office, Industrial, Real Property, Retail, Multi Family, Economy

Philadelphia Overhauls Tax Delinquency Enforcement

Written on August 26, 2013 at 11:40 AM

Philadelphia, Pennsylvania suffers from one of the worst property tax delinquency epidemics in the nation. The issue has been going on for decades, and Philadelphia's property tax delinquency tab reached $522 million this April, according to city records. Despite the staggering tab, the city has made efforts to reduce delinquency and saw a reduced rate of growth for the first time since Mayor Nutter took office in 2008. In addition, the city also reduced the volume of delinquent accounts from 102,787 in April 2012 to 97, 310 in April 2013.

According to Philly.com, the latest figures suggest that the city's collection efforts are improving but have yet to yield major progress in the decades-long struggle to contain the delinquency epidemic. However, the Nutter administration has also initiated a series of reforms, suggesting the city government is grappling with the problem more urgently. The reform includes new leadership, new enforcement tools and new city and state laws to combat the long-running neglect of property tax collection. It will take major changes (and many years) to reverse the damage done on the city's devastated neighborhoods, diminished property values, depleted tax base, and suffering city and school budgets.

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Categories: Pennsylvania, Foreclosures, Real Property, Sequestration, Financial Services, Economy

Bankruptcy Judge Allows Detroit Property Owners to Proceed with Appeals

Written on August 23, 2013 at 08:30 AM

A U.S. bankruptcy judge in Detroit, Michigan confirmed on Thursday that property tax appeals will be heard, despite the city's bankruptcy and hundreds of refunds put on hold for property owners appealing their taxable values last month. This is good news for property owners; however, it is unclear when owners will receive their refunds if their assessment appeals are approved by state officials.

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Categories: Michigan, Personal Property, Real Property, Bankruptcies, Financial Services, Economy

New LA County Chief Deputy Assessor to be Appointed

Written on August 22, 2013 at 10:59 AM

After last year's scandal in which LA County Assessor, John Noguez, one of his top aides, and a tax consultant faced allegations that they traded bribes for lower property tax bills, the Los Angeles County Board of Supervisors are set to vote Tuesday to appoint a new LA County chief deputy assessor in place of Noguez.

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Categories: Personal Property, Real Property, California

US Non-Residential Construction Not Likely to Rebound in 2013

Written on August 21, 2013 at 10:33 AM

The commercial real estate rebound has fallen relatively flat in 2013, leading many to believe developers won't truly begin to benefit until next year. According to the International Business Times, public sector weakness, partly from squeezed state budgets and the impact of the sequester, is one factor accounting for the delay in development. Coupled with that is a general sense of caution from developers and businesses alongside a slowdown in global economic growth.

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Categories: Construction, Real Property, Economy

Struggling Harrah's in Reno Wins Cut in Tax Assessments

Written on August 20, 2013 at 07:59 AM

The Harrah's resort in Reno, Nevada received a lower taxable value from the Board of Equalization, though not to the extent they hoped. According to the Las Vegas Sun, the Assessor set the value of the resort at $20.5 million, while the board put the taxable value at $16.2 million, far from the $8.8 million Harrah's set out to achieve.

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Categories: Personal Property, Nevada, Real Property, Resorts, Hospitality, Hotels, Economy

Silicon Valley Commercial Real Estate Boom Driven by Tech

Written on August 19, 2013 at 09:35 AM

Nearly 6 million square feet of office space is being developed or renovated currently in Silicon Valley, California, more than double the activity of a year prior. According to the San Jose Mercury News, more than one-third of the office and research space under development already has been claimed by tech firms eager to expand, further tightening one of the strongest office markets in the nation. The roughly 6 million square feet of real estate being developed in the area compares with 2.65 million in 2012 and only 500,000 in 2011.

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Categories: Office, Real Property, California, Economy

Minnesota Property Taxes Decreasing for First Time in a Decade

Written on August 16, 2013 at 08:06 AM

Property taxes in Minnesota are projected to decrease for the first time since 2002. According to AitkinAge.com, a new state budget will provide increased aid to local governments, sales tax exemptions for cities and counties and direct property tax refunds for hundreds of thousands of homeowners and renters. The estimated $121 million decrease will help residents and businesses all around the area that have been forced to deal with repeated property tax increases over the years.

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Categories: Minnesota, Real Property, Economy

Marriott Case Leads to Lessons Learned in Hotel Incentives

Written on August 15, 2013 at 07:34 AM

The Austin, Texas City Council has withdrawn over $3.8 million in incentives granted to White Lodging Development Services for construction on a 1,000-plus room Marriott hotel. According to Hotel Online, the decision to withdraw the incentives ended a battle over how the company compensates its construction crews. White Lodging insisted they were in compliance with the terms of the incentives agreement, while workers groups claimed the structure was in violation of the terms of the agreement.

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Categories: Real Property, Hospitality, Hotels, Texas

Mecklenburg County, NC Approves Revaluation Plan

Written on August 14, 2013 at 10:37 AM

In order to correct the 2011 countywide revaluation, the Mecklenburg County Board of Commissioners approved the implementation of the revaluation plan as required by North Carolina Senate Bill-159. The new law requires that every parcel in Mecklenburg County is to be reviewed.

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Categories: Real Property, North Carolina, Economy

Chicago Business Tax Incentives Drive Mostly Expansion

Written on August 13, 2013 at 08:13 AM

Over 70 percent of Chicago-area Municipalities attract businesses through tax incentives, but only rarely do they attract firms from other states or assist a new business. According to the Chicago Tribune, a report from the Chicago Metropolitan Agency for Planning found that the vast majority of these incentive-laden deals involve moves within the region, expansion of existing businesses, or national firms expanding their markets.

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Categories: Personal Property, Real Property, Sales & Use Tax, Illinois, Economy

New York's High Property Taxes Costing the City Jobs

Written on August 12, 2013 at 09:17 AM

Under Mayor Michael Bloomberg, New York City's property taxes have been the fastest growing component of city tax collections, up 110 percent since 2002. According to City Journal, to an extent, the growth reflects the delayed impact of increased property values during the final term of his predecessor. However, the main reason for the consistent growth can be attributed to the enduring impact of an 18.5 percent hike in the property tax rate passed on Bloomberg's behest in 2002.

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Categories: Real Property, New York, Economy

50 Percent Tax Abatement for Kansas City High-Rise on Agenda

Written on August 09, 2013 at 10:47 AM

One final incentive hurdle remains for the developers of a high-rise apartment complex in Kansas City, Missouri's Power & Light District. According to the Kansas City Business Journal, Kansas City's Planned Industrial Expansion Authority board will consider a 25-year, 50 percent property tax abatement for the 250-unit apartment project, for which construction is scheduled to being before the end of the year.

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Categories: Real Property, Apartments, Multi Family, Missouri, Economy

Commercial Real Estate Brokers See Continued Recovery in Chicago Market

Written on August 08, 2013 at 11:03 AM

An increase in the number of commercial real estate sales, leases and developments in Chicago, Illinois are showing signs of a recovering market, according to reports from RE/MAX commercial real estate brokers. According to the San Francisco Chronicle, because the market is stabilizing, consumer confidence is up and commercial banks and other lenders are being more flexible, it has raised interest and inquiries regarding commercial real estate. In fact, this year's second quarter commercial sales volume saw a 12% increase from 2012's second quarter, according to The 2013 second quarter Commercial Real Estate Market survey from the National Association of Realtors®.

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Categories: Office, Real Property, Retail, Illinois, Economy

Arguments against Baltimore's Harbor Point Incentives

Written on August 07, 2013 at 12:11 PM

Downtown Baltimore, Maryland property owners are opposing the $107 M tax incentive being levied to the proposed Harbor Point development. According to the Baltimore Business Journal, there are six key arguments against the TIF, including:

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Categories: Maryland, Office, Real Property, Retail, Economy

Atlanta Apartment Values Continue Strong Recovery

Written on August 06, 2013 at 09:08 AM

Across the entire Atlanta-area, apartment values are continuing their strong recovery, highlighted by three recent above-market multi-family transactions spread throughout the area. According to the Atlanta Business Chronicle, the sales come as apartment developers continue putting more Atlanta projects into their pipeline, many of which are eyeing the chance to sell their developments at near record prices.

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Categories: Georgia, Real Property, Apartments, Multi Family, Economy

Uncollected Business Property Taxes in Jefferson County near $3M

Written on August 05, 2013 at 08:17 AM

Jefferson County, Alabama is missing out on nearly $3 million in uncollected property taxes due to the lack of agents on staff. According to AL.com, the unpaid and uncollected money means that the funds are not going to school districts, municipalities, or the State of Alabama. Jefferson County itself has missed out on $570,000 because of uncollected taxes.

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Categories: Personal Property, Alabama, Real Property, Economy

Construction Spending Cooled Off in June

Written on August 02, 2013 at 08:15 AM

Construction spending across the United States retreated in June, but is still up year-over-year. According to Albuquerque Business First, total construction spending cooled to $884 billion in June, down 0.6 percent from May, but up 3.3 percent from June 2012. Despite the regression, the spending on construction in June still marked the second-highest level since 2009.

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Categories: Construction, Real Property, Economy

Investors Bullish On Real Estate Projects in Minneapolis-Saint Paul

Written on August 01, 2013 at 10:09 AM

Investors have recently been expressing significant interest in all sectors of Minneapolis-Saint Paul, Minnesota commercial real estate. According to the StarTribune, investment capital remains abundant locally from many sources, including lenders, institutional and private investors, and real estate investment trusts. These positive forecasts are expected to stick around for the second half of 2013.

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Categories: Office, Minnesota, Industrial, Real Property, Hospitality, Retail, Multi Family, Illinois, New York, California, Economy

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