STR: U.S. hotel property tax expense exceeds a potential $8.1 billion

Written on February 23, 2018 at 12:45 PM

The total property tax expense for U.S. hotels exceeds a potential $8.1 billion, according to a new study by STR utilizing 2016 HOST (Hotel Operating Statistics) data. The study found that roughly 36% of all hotel property tax expense resides in 15 counties. While 611 counties comprised STR’s HOST data, the report studied only those with a sufficient reporting sample. Overall,  the median property tax expense for U.S. hotels was 3.7% of total revenue with a much higher expense percentage for limited-service properties (4.2%) than full-service hotels (3.3%).

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Categories: Personal Property, Real Property, Hospitality, Hotels

Mixed-Use Properties Create Valuation Challenges for Texas Appraisal Districts

Written on February 21, 2018 at 02:48 PM

By Alex Pace, Managing Consultant, Dallas

Mixed-use properties continue to gain popularity in response to the growing desire for the convenience and walkability of urban living. Savvy real estate developers and owners understand that providing a vibrant mix of office and living space, restaurants and retail under one roof allows them to meet – and capitalize on – a variety of consumer needs. While implementing a “live-work-play” concept certainly adds value to a project, the relatively new and complex nature of a mixed-use property is creating valuation challenges for Appraisal Districts that could be costing you.

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Categories: Office, Real Property, Hospitality, Retail, Paradigm Info, Multi Family

U.S. Office Vacancies Drop to 10-Year Low

Written on February 15, 2018 at 12:41 PM

U.S. office vacancies across the major metro areas reached 11.5 percent in December, the lowest rate reported in a decade, due to cautious development and healthy absorption, according tTranswestern's newly released 2017 year-end report on the national office market. Significant net absorption in markets such as Dallas/Fort Worth; San Jose/Silicon Valley; Seattle; Northern Virginia; and Austin, Texas, contributed to this decline in vacancy, as did a deceleration in new construction starts during the fourth quarter.

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Categories: Office, Real Property, District of Columbia, Texas, Virginia

Stay Committed: How to get the most out of your Texas property tax appeal

Written on February 13, 2018 at 12:33 PM

By Carlos Villatoro, Senior Managing Consultant, Dallas

It is no secret that significant commercial real estate investments continue to pour into the great state of Texas. However, if an owner isn’t lucky enough to receive major tax breaks from local jurisdictions as an incentive to invest here, they will have to accept some of the highest effective property tax rates in the country. The tradeoff is that Texans enjoy a relatively low sales tax rate and zero state income tax rate. Fortunately, the Texas Property Tax Code offers multiple appeal recourse avenues, which allow owners and tenants alike to review the property tax liability from a fair and competitive standpoint.

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Categories: Personal Property, Office, Industrial, Real Property, Hospitality, Retail, Paradigm Info, Multi Family, Texas

Bank Branches Closing at Fastest Pace on Record

Written on February 08, 2018 at 04:17 PM

The number of branches in the U.S. shrank by more than 1,700 in the 12 months ended in June 2017, the biggest decline on record, according to a Wall Street Journal analysis of federal data. Branch numbers fell again in the second half of 2017, as they leave less profitable regions and fewer customers use tellers for routine transactions. That would add to the thousands of locations closed following the financial crisis, and is the longest stretch of closures since the Great Depression.

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Categories: Banks, Real Property, Retail

Texas Property Tax Deadline Changes for 2018

Written on February 06, 2018 at 01:11 PM

In 2017, the Texas Legislature made changes to the Texas Property Tax Code, most of which became effective on January 1, 2018. Among the changes are new, earlier deadlines for filing Notices of Protest and Personal Property Renditions.

Three important property tax deadline changes are:

  • May 15: The new deadline for filing a Notice of Protest. The previous deadline was May 31. If a Notice of Appraised Value is sent under Code Section 25.19 the deadline is extended until the 30th day after the notice is delivered.

  • April 1: The new deadline for filing a personal property rendition "for property located in an appraisal district in which one or more taxing units exempt property under Section 11.251 (Freeport Exemption)." The previous deadline was April 15.

  • March 31: The new deadline for an application for Interstate Allocation for moveable personal property, including vehicles, vessels and watercraft, commercial aircraft and business aircraft. The previous deadline was April 30.

A summary of the remaining deadline changes are as follows:

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Categories: Personal Property, Real Property, Texas




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