Affordable Housing Developers Face New Obstacles

Written on September 20, 2017 at 04:34 PM

Affordable housing developers are facing more production challenges despite the growing need for affordable housing projects. The most important government program that helps fund new affordable housing - the federal Low Income Housing Tax Credit (LIHTC) program - is providing less funding in 2017 than it did in prior years. At the same time, constructions costs (land, labor and material) for all types of developers are rising in most markets. These obstacles will likely result in less affordable housing development and preservation projects compared to 2016, even though numerous studies reporting a greater need. 

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Categories: Real Property, Multi Family

Texas Tax Alert: Fort Bend and Montgomery County Enact Disaster Reappraisal

Written on September 14, 2017 at 12:24 PM

There is some positive news for Fort Bend and Montgomery County property owners who were impacted by Hurricane Harvey. On Tuesday night, the Commissioner’s Court unanimously voted to enact article 23.02 of the Texas State Property Tax Code. Section 23.02 provides that “the governing body of a taxing entity that is located partly or entirely inside an area declared to be a disaster area by the governor may authorize reappraisal of all property damaged in the disaster at its market value immediately after the disaster.” 

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Categories: Real Property, Paradigm Info, Texas

Under Water and Over Appraised: How Hurricane Harvey Could Impact Your Property Tax Bill

Written on September 11, 2017 at 05:49 PM

By James Sutton, Texas Market Leader, Dallas 
& Jonathan Sanders, Client Service Leader, Houston

Numerous counties in Southeast Texas are hurting in the wake of Hurricane Harvey, which Governor Greg Abbot estimates could cost up to $180 billion in damages. Unfortunately, property owners are roughly a month away from receiving another costly punch in the gut – their 2017 property tax bills.  Tax bills are based on property characteristics as of January 1st, which could be significantly different than they are now, having just experienced one of the most devastating natural disasters in American history.

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Categories: Real Property, Paradigm Info, Texas

NREI: The Top 10 Cities with the Highest Commercial Property Taxes

Written on September 06, 2017 at 02:41 PM
As property values continue to recover or  even surpass values  achieved at the peak of the past cycle in 2006 and 2007, rising property tax bills shouldn't come as a surprise to landlords. While some jurisdictions have aggressively increased values to keep up with market recovery and increase revenue, a lag time in reassessment periods in other jurisdictions is causing some property tax bills to skyrocket. Jurisdictions that  reassess values every two or three years rather than annually are playing catch-up and making significant property value increases.
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