Cuomo Starts New Push for Property Tax Freeze Proposal

Written on February 28, 2014 at 08:54 AM

New York Governor Andrew Cuomo started a new push in support of his plan to freeze local school and property taxes. Because some state lawmakers voiced their opposition of the proposed freeze, Gov. Cuomo launched his "No Excuses" effort on a website, which offers links for taxpayers to write legislators and provides a networking platform for supporters. According to Capitol Confidential, such outreach efforts have long been used by special interests on the other side of the issue including public sector unions, affiliated school funding advocates and other related progressive groups who fought the existing tax cap and are now battling the proposed freeze.

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Categories: Real Property, New York, Economy

Understanding Massachusetts’ Proposition 2 ½

Written on February 27, 2014 at 04:28 AM

By Dan Swift, Managing Consultant, Boston

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

Kansas House Advances Property Tax Relief Bill

Written on February 26, 2014 at 09:53 AM

The Kansas House advanced a proposal that would provide millions of dollars in property tax reductions to two southeast Kansas cement plants, whose property tax assessments have escalated since since the state exempted certain commercial industrial machinery and equipment from property taxes. The exemption began in 2006 in hopes it would spur new business investment and growth in the manufacturing industry. However, cities and counties ended up losing millions in revenue. As a result, county appraisers increased the companies’ taxes by reclassifying what was formerly equipment and making it real estate and subject to taxes.

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Categories: Personal Property, Real Property, Industrial & Manufacturing, Kansas, Coal Mining

Valuation Challenges Emerge for Data Centers

Written on February 25, 2014 at 05:32 AM

By Alan Schultz, Senior Managing Consultant / Principal, Silicon Valley

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Categories: Personal Property, Real Property, Hi-Tech, National, Paradigm Info, Data Centers

Commercial Real Estate Outlook Positive, But Slow

Written on February 24, 2014 at 11:33 AM

The pace of commercial real estate is improving, but it's also slowing, according to the National Association of Realtors' (NAR) quarterly forecast. NAR reports that fundamentals are still on an uptrend; and growth in commercial real estate sectors continues at a moderate pace from a very slow pace of absorption, despite job additions to the economy. Companies are hesitant when it comes to adding new space. Only slow, gradual improvement is expected for the office sector. Demand for retail space is benefiting from improved household wealth, while industrial real estate is stable with increasing international trade, which requires warehouse space, according to NAR. Of course, the apartment market fundamentals are the strongest, as nearly all of the new household formation in the past 10 years has come from renters, and not homeowners.

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Categories: Office, Industrial, Construction, Real Property, National, Multi Family, Economy

Michigan Proposal Would Reimburse 100% of Lost Business Personal Property Tax Revenue

Written on February 21, 2014 at 08:52 AM

More than year after a vote to repeal Michigan's industrial personal property tax, Gov. Rick Snyder's administration, the business community and local government groups have developed a 10-bill package that would provide 100% reimbursement of lost revenue to local communities. The Michigan Legislature repealed the business property tax during the lame duck session in December 2012, which consisted of 10-year phase out of the tax on businesses with industrial personal property. However, it will only take effect if voters approve a ballot measure in August that allows the repeal to take place.

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Categories: Michigan, Personal Property, Industrial & Manufacturing

Nashville Real Estate Outpacing U.S. Average

Written on February 20, 2014 at 11:52 AM

As Nashville, Tennessee continues to attract more and more residents, the commercial real estate market continues to thrive. Investors are drawn to the city's rising rents and prospering historic country-music industry. Office and apartment sales in the area soared to record highs last year, combining for $1.7 billion in transactions and outperforming the U.S. average, according to Real Capital Analytics Inc. Millennials are drawn to the young and vibrant city, and developers are taking risks to meet the predicted urban demand.

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Categories: Office, Real Property, Apartments, Tennessee, Multi Family, Economy

'Class A' Apartments Shine in Atlanta's Real Estate Market

Written on February 19, 2014 at 07:05 AM

By Jeffrey Graham, Managing Consultant, Atlanta

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Categories: Georgia, Real Property, Apartments, Paradigm Info, Multi Family

Colorado Considering Tax Breaks for Aerospace Properties

Written on February 18, 2014 at 09:30 AM

As the national aerospace industry gets more and more competitive, Colorado lawmakers are considering tax breaks to keep up with other states. In an effort to help aerospace companies stay and grow in Colorado, House Bill 1178 (which cleared the finance committee last week) would give sales-and-use-tax exemptions for spaceflight property with minimal impact on Colorado's tax revenue. HB 1178 was introduced by House Speaker Mark Ferrandino (D-Denver) and House Minority Leader Brian DelGrosso (R-Loveland) because they believe Colorado has become uncompetitive, since several other states already have the tax incentives in place.

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Categories: Aerospace & Defense, Sales & Use Tax, Colorado

Paradigm Tax Group Acquires Pence & Associates, Inc.

Written on February 17, 2014 at 05:43 AM

Kansas City, Missouri – Paradigm Tax Group is proud to announce the recent acquisition of Pence & Associates, Inc. Jeffrey Pence founded Pence & Associates in 1997 in Kansas City, Missouri to focus on providing property tax review and appeal services for commercial real estate clients in Kansas and Missouri. Jeff has more than 30 years of experience in the property tax consulting and assessing industry.

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Categories: Paradigm Info, Kansas, Missouri

CA’s Economy Affects Manufacturing Property Valuations

Written on February 14, 2014 at 08:10 AM

By Mark Parmisano, Senior Managing Consultant, Los Angeles

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Categories: Personal Property, Real Property, Industrial & Manufacturing, Paradigm Info, California, Economy

San Antonio's Industrial Vacancy Rate at All-Time Low

Written on February 13, 2014 at 07:09 AM

San Antonio's industrial real estate sector posted record-breaking numbers in 2013. According to a year-end analysis by real estate firm REOC, the industrial market was sitting at a vacancy rate of 6.8 percent as of the fourth quarter of 2013, which is an all-time low. Leasing activity led to the absorption of nearly 2.5 million square feet of space last year, far exceeding the previous absorption record of 1.5 million square feet set in 2007. Unfortunately, the recent industrial boom may not continue into 2014, as a lack of new space restricts positive growth, creating a major challenge for the market.

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Categories: Industrial, Construction, Real Property, Texas

Baltimore Proposes Citywide Tax Credit for Apartments

Written on February 12, 2014 at 09:54 AM

In her State of the City Address on Monday, Baltimore Mayor Stephanie Rawlings stated that she wants to make a tax credit that has been used to spur apartment development downtown available citywide. The proposal would offer a 10-year tax credit for apartment projects anywhere in the city. The current 15-year tax credit, which went into effect last year, not only helped developers meet rental unit demands, but is projected to generate $40 million in new revenue for Baltimore over the next 20 years.

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Categories: Maryland, Construction, Real Property, Apartments, Multi Family, Economy

Oregon Lawmakers Wary of Tax Code Changes in 2014

Written on February 11, 2014 at 07:53 AM

A range of measures that would tweak Oregon's tax code have been proposed, however, lawmakers are wary of making any changes that would be effective this year. Lawmakers proposed changes to property taxes, corporate taxes and a small business tax cut passed in a special session last year, but if reelected, Gov. John Kitzhaber plans to launch a comprehensive tax reform that would take place in 2015. Because of this, many lawmakers expressed skepticism of making any notable tax code changes during the 2014 legislative session, indicating that few could be enacted this year.

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Categories: Real Property, Oregon

Florida Bills Would Extend Renewable Energy Tax Exemptions to Commercial Properties

Written on February 10, 2014 at 07:32 AM

Last week, the Florida House and Senate filed bills that would extend property tax exemptions to commercial properties for renewable energy projects, such as solar panels. The bills would encourage business owners to utilize renewable fuels without penalizing them on their property tax bills. The legislation would help to improve Florida's business climate by offering business owners the same opportunities for tax abatements on renewable energy improvements as residential homeowners.

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Categories: Personal Property, Real Property, Environment, Green Initiatives, Florida

Mississippi Governing Authorities Continue to Grant Tax Exemptions, Incentives for Industrial Properties

Written on February 07, 2014 at 06:40 AM

By Seth R Krchmar, Consultant, Atlanta

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Categories: Heavy Industrial, Distribution Centers, Personal Property, Industrial, Telecommunications, Industrial & Manufacturing, Paradigm Info, Mississippi, Data Centers, Warehouse

Upcoming Deadlines: D.C., Maryland Commercial Property Income and Expense Report

Written on February 06, 2014 at 12:06 PM

For the 2014 tax season, the Washington, D.C. Office of Tax and Revenue is implementing changes to simplify the filing process for Commercial Property Income and Expense Reports. Beginning this year, property owners will be able to utilize a new electronic filing system. (Property owners may still submit a written form this year only, if preferred.) There will be separate forms available online for apartments, hotels and other commercial properties. It is crucial that property owners report all expenses in full, as the submitted form will be used in appeal hearings. The deadline to return the Commercial Property Income and Expense Report is April 15th. If the report is not received by the due date, property owners will be charged a 10% penalty. You can find D.C.'s Commercial Property Income and Expense Report here.

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Categories: Maryland, Personal Property, District of Columbia

Historical Factors Affecting Golf Course Valuation Today

Written on February 05, 2014 at 11:07 AM

By Brett Walker, Senior Managing Consultant, Dallas & Adrian Dekker, Senior Managing Consultant, Atlanta

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Categories: Country Clubs, Real Property, Resorts, Paradigm Info, Golf Courses, Economy

Hotel Investment Activity Will Increase in 2014

Written on February 04, 2014 at 11:37 AM

CoStar, a leading commercial real estate information company, reports that a strong interest from overseas and domestic capital is projected to spur a growing number of U.S. hotel sales in secondary markets in 2014. Hotel properties can expect another year of strong investment activity, thanks to high demand, improving room rental performance and a large supply of capital from REITS and private equity sources. Jones Lang LaSalle predicts an abundance of equity and debt capital should drive a 5% to 10% increase in global hotel transaction volumes in 2014.

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Categories: Real Property, Hospitality, Hotels, Financial Services

NYC Real Estate Giants Moving to Outer Boroughs

Written on February 03, 2014 at 11:14 AM

Due to slim returns, real estate giants in New York City are seeking opportunities outside of Manhattan and pushing toward the outer boroughs. Since the commercial real estate market has recovered from the recession, investors are forced to fight over the few Manhattan properties that become available. Highly reputable firms such as RXR Realty, which owns large office buildings located at 75 Rockefeller Plaza and 340 Madison Ave, have had to alter their investment strategies. In fact, RXR has plans to spend $1 billion buying properties such as industrial warehouses in the Bronx, office buildings in Long Island City, Queens, and retail and residential space in St. George, Staten Island.

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Categories: States, Real Property, New York

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