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.
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:
Narrowing the field from more than 238 applicants, Amazon has announced their top 20 candidates for its second headquarters. When the unusual public contest was announced in September, city officials from across North America submitted proposals boasting potential tax breaks, local benefits and opportunities in an effort to win the $5 billion construction investment and 50,000 new jobs for their city. The list of finalists leans toward locations in the Midwest and South and on the East Coast, and away from the tech-saturated hubs of the West Coast. Many of the finalists, including Dallas, Denver, Raleigh, N.C., and Washington, were considered shoo-ins. More unexpected was Amazon’s selection of Columbus, Ohio; Indianapolis; Nashville; and Miami.
- Industrial activity will continue to thrive. There is no indication of a slowdown in this sector for 2018, says Peter Muoio, chief economist at Ten-X. During the latter part of 2017, new demand drivers, including e-retail warehouse distribution and fulfillment space, cloud computing and facilities for legalized cannabis, supported much of the demand in the segment. However, Muoio expects there to be an increased demand from traditional users of industrial space, such as industrial production companies.
The commercial real estate industry will benefit as a whole from the tax code overhaul signed into law Dec. 22. But some sectors will benefit more — and sooner — according to top economists polled in a Bisnow article.
- Retail: The retail sector will likely be the biggest beneficiary, Colliers Chief U.S. Economist Andrew Nelson said, because of the lowering of the corporate tax rate. The tax reform law reduces the corporate tax rate to 21% from 35%, but because of deductions, not all types of businesses had effectively paid that same higher rate. "Retailers traditionally pay a high corporate tax rate because they don't have the same kind of deductions as other sectors," Nelson said. "When you lower the corporate rate overall, retailers tend to benefit a lot."
Property tax professionals lend their expertise on tackling student housing property taxes.
By Amy Bigley Works | Student Housing Business
Managing property taxes and ensuring the best valuation can be challenging for any commercial real estate property type, but for student housing owners and operators the process can be even more daunting. Student Housing Business spoke with student housing property tax experts to gain insight and recommendations for coming out ahead in the property tax and property valuation. Larry Backus, North Texas market leader, was one of the experts to share his knowledge and expertise on property tax for the student housing industry.
by Jessica Vachiratevanurak, Managing Consultant, Miami | Today's Hotelier
For hoteliers, property tax expense is often a substantial fixed expense. As a result, understanding how property taxes are calculated and what owners and operators can do to mitigate them is crucial. Below are four tips for keeping property taxes from unduly impacting your hotel’s bottom line.
Amenities continue to be a hot topic in the multi-family industry, with apartment developers competing to attract and retain tenants amidst the growing shift from homeowning to renting. Both millennials and empty nesters are driving demand for apartment space as they continue to forego homeownership. The U.S. homeownership rate was 63.9 percent in the third quarter of this year, similar to the 63.5 percent in the third quarter of 2016. The rate is up 100 basis points from second-quarter 2016 when homeownership reached its lowest level since the Census began tracking it in 1965.
In a recap of the architecture and design panel at the eighth annual InterFace Multifamily Southeast conference, REBusiness Online identified the top amenity trends for apartment developers:
Many are predicting a leveling out of the commercial real estate market in the coming year. Texas Market Leader James Sutton discussed 2018 commercial real estate trends and the implications of the leveling-out process in the Houston market in this EXCLUSIVE with GlobeSt.com.
GlobeSt.com: What are the commercial real estate trends you are seeing in Houston for 2018?
Sutton: Decrease in overall vacancy for industrial properties, as well as a decrease in overall vacancy, increase in rent growth and zero concessions for multifamily properties. In addition, there will be a reduction in office sublease space as a result of the storm (Harvey). This is a short-term correction as a result of the office sector’s issues stemming from the energy market decline.