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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Categories: Michigan, South Carolina, Minnesota, Real Property, Wisconsin, Indiana, Illinois, Iowa, New York, Connecticut

Report: Connecticut Property Tax System is “Unsustainable”

Written on September 13, 2016 at 04:20 PM

A report from the Connecticut Conference of Municipalities said the state’s property tax system is “unsustainable” and urged legislators to take several steps to increase funding for local government services rather than relying so heavily on the property tax. Suggestions included expanding the variety of taxes communities can collect and committing to promised sharing of state sales tax receipts despite big projected deficit in the next state budget. The report comes just days after a landmark state court ruling found Connecticut’s education funding system to be “irrational and unconstitutional.”

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Categories: Real Property, Connecticut

Connecticut House Passes Bill Imposing Property Tax on Hospitals, Private Colleges

Written on May 22, 2015 at 08:19 AM

In an effort to increase local government revenues in communities with a high number of tax-exempt properties, the Connecticut House passed a bill yesterday that would require hospitals and private colleges to pay property taxes. While several schools and hospitals have testified against the bill due to the financial burden, supporters of the legislation say the large entities are "nearly indistinguishable from traditional private sector businesses." House Bill 6965 is now headed to the Senate and then to Gov. Dannel P. Malloy, and if approved, towns with a lot of student housing could see a significant revenue gain.

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Categories: Hospitals, Real Property, Connecticut, Student Housing

Property Tax Exemption for Renewable Energy Passes CT Senate

Written on April 29, 2013 at 11:00 AM

A Bill that would exempt commercial and industrial renewable generation equipment from property tax in the state of Connecticut has passed the State Senate. According to Power Engineering, Senate Bill 203 would extend an existing tax credit for residential renewable energy equipment to also include commercial and industrial installations. The Bill's leader, Senator Bob Duff, believes that this property tax exemption will prove to be a great incentive for more renewable development as the state tries to encourage more clean energy.

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Categories: Personal Property, Real Property, Environment, Pollution Control, Industrial & Manufacturing, Green Initiatives, Connecticut, Economy

Connecticut Governor Signs Executive Orders for Property Tax Extensions

Written on November 01, 2012 at 07:18 AM

Connecticut Governor Dannel Malloy has signed three separate Executive Orders concerning property tax extensions due to the devastation caused by Hurricane Sandy. The Orders have been put in place to give residents and business owners some breathing room while they recover from the damage caused by the storm. The Orders are as follows:

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Categories: Personal Property, Real Property, Environment, Paradigm Info, Connecticut, Economy

Connecticut Revaluations for Assessment Purposes

Written on October 31, 2011 at 09:36 AM

Connecticut law requires all real estate to be revalued for assessment purposes every five (5) years. The following towns are conducting a revaluation for the 2011 Grand List (10/1/2011 Valuation Date):

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Categories: Real Property, Paradigm Info, Connecticut

Benchmark Senior Living and Health Care REIT Form Partnership

Written on February 16, 2011 at 07:45 AM

Benchmark Senior Living will add their 34 senior housing communities to Health Care REIT's portfolio, combining to form an $890 million partnership between the two companies. Health Care REIT will have 95% partnership interest to Benchmark's 5%. According to GlobeSt.com, the partnership will continue to enhance Health Care REIT's growth potential as Benchmark has been able to produce exceptional NOI growth despite a rough economic client.

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Categories: Senior Living, Real Property, Maine, Multi Family, Massachusetts, Rhode Island, New Hampshire, Connecticut, Health Care, Vermont

Greater Hartford’s Vacant Office Space Increased To 21.2% in 2009

Written on January 16, 2010 at 10:35 AM

The Hartford, Connecticut office market saw nearly 760,000 square feet of space become vacant in 2009 that wasn’t offset by new leasing, representing the second year of a trend and eclipsing the 560,000 square feet recorded in 2008, according to the Hartford Courant. Experts expect the trend to continue for 2010 with forecasts of another 300,000 square feet not being offset by new leasing.

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Categories: Office, Real Property, Leased, Connecticut

Tax Amnesty Alert

Written on July 01, 2009 at 10:49 AM

Tax amnesty is a limited-time opportunity for a specified group of taxpayers to pay a defined amount, in exchange for forgiveness of a tax liability (including interest and penalties) relating to a previous tax period or periods and without fear of criminal prosecution. In some cases, legislation extending amnesty also imposes harsher penalties on those who are eligible for amnesty but do not take it. State tax amnesty programs have been around for many years, but more states have used them recently due to shrinking state tax collections.

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Categories: Arizona, New Jersey, Alabama, Paradigm Info, Massachusetts, Virginia, Louisiana, Connecticut

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