Illinois Senate OKs $120M Chicago Property Tax Hike in School Reform Measure

Written on August 31, 2017 at 10:49 AM
After a months-long impasse,  the Illinois Senate approved legislation in a  38-13 vote Tuesday that will revamp how state money is distributed to local schools, driving more funding to poorer schools and districts first.  The legislation also allows Chicago Public Schools to further increase property taxes by at least $120 million to help cover ballooning pension costs. The property tax increase provision is part of an overall package that would provide hundreds of millions of additional dollars in state funding for CPS.  Gov.   Bruce Rauner   plans to sign the bill into law today, his office said.

According to the Chicago Tribune, under the legislation, the Chicago Board of Education would be allowed to raise property taxes by an additional $120 million, Democratic legislators said. Cook County Clerk David Orr's office, however, put that figure at closer to $148 million. The new money would go into the Chicago Teachers' Pension Fund. The property tax increase, if approved by the school board, would come on top of record-high $543 million property tax increases City Hall is still phasing in to increase contributions to pension funds for police officers and firefighters.

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Categories: Real Property, Illinois

Long-Term Outlook for Apartments Remains Positive

Written on August 25, 2017 at 11:15 AM

Many of the markets where developers have been doubling down on building new apartment units are likely to have enough renters to fill those apartments over the next decade or so, according to the latest research commissioned by the National Multifamily Housing Council (NMHC) and the National Apartment Association (NAA). As the percentage of vacant apartments creeps upwards towards 5 percent on average across the country, many industry experts worry about overbuilding and potentially falling rents. But the overall demand for apartments is likely to solve many problems, including propping up occupancy rates even in some of the busiest markets for new construction.

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Categories: Real Property, Multi Family

Brace yourself: Property tax increases are coming for self-storage

Written on August 16, 2017 at 02:24 PM

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Self-storage is starting to become a victim of its own success. Operators are reeling from a double punch—rising tax rates across many jurisdictions along with higher assessed property values.

The specter of rising assessments is coming just as large and small operators alike are expected to face greater competition from new development and decelerating revenue over the months ahead.

“Taxes have always been a very large expense line item and they are becoming the largest very quickly on almost every property as all of these jurisdictions hustle for more money,” said Kenneth Nitzberg, chairman & CEO of Devon Self Storage Holdings in Emeryville, CA.

Devon operates 46 facilities in 15 states and has seen property taxes rise at its facilities all across the country.

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Categories: Industrial, Real Property, Paradigm Info, Self Storage

How Much Can Be Gained By Appealing Property Taxes?

Written on August 15, 2017 at 10:48 AM

The most common mistake is assuming there is no room for reduction if properties are performing well and fully leased, but there are several creative approaches to receiving a reduction, GlobeSt.com learns in this EXCLUSIVE.

DALLAS—With more than 20 years of experience in the accounting space, Rob Foster, chief commercial officer of Paradigm Tax Group, has worked at Deloitte, Thomson Reuters and Altus Group. He has in-depth knowledge on state and local taxes, property assessments and property tax technology. Foster recently shared insights into common property tax mistakes, tax appeal advice and assessment guidelines in this exclusive.

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Categories: Real Property, Paradigm Info

New Jersey Settles Remaining Atlantic City Casino Property Tax Appeals

Written on August 04, 2017 at 12:22 PM

A state-appointed city overseer has settled Atlantic City's remaining casino property tax appeals from 2014-2017. The settlement includes Caesars Atlantic City, Bally’s Atlantic City, Harrah’s Resort, Golden Nugget Atlantic City, as well as several of billionaire Carl Icahn's properties (the closed Trump Taj Mahal Casino Resort and Trump Plaza Hotel and Casino, as well as Tropicana Atlantic City). While the state did not reveal the exact amount of the settlement, officials said an $80 million bond introduced by City Council last month will be used to fund the repayments.

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Categories: New Jersey, Real Property, Gaming / Casinos

Massive Food Retail Build-Out Puts Industry at Risk

Written on August 01, 2017 at 02:49 PM

The amount of retail square footage devoted to selling food has reached unprecedented heights in the U.S., and it’s taking a toll on earnings and leaving the industry vulnerable to closures. Unfortunately, shifting shopping trends are making matters worse. Consumers are snacking and grabbing to-go meals more frequently, shifting away from the big weekly shopping trips at local supermarkets. Commercial square footage of retail food space per capita last year set a record, with 4.15 square feet of food retail per person, according to CoStar Group, nearly 30 times the amount of space allocated to groceries at major chains in 1950. As the industry becomes more saturated and competition gets fiercer, analysts say regional grocers are the most likely to get squeezed out.

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Categories: Real Property, Retail

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