CANADA

Toronto Has the World's Highest Housing-Bubble Risk
Mansion Global
Virtual real estate investment is on track to triple this year compared to last, one expert predicted during a panel discussion in the Mansion Global Experience Luxury conference on Wednesday. “In 2022, there's been over $1 billion in sales of virtual land,” said Noah Gaynor, the co-founder and CEO of Parcel, which offers tools for finding a home in the metaverse.

No 'rational chain of analysis' in tax assessment of french fry producer: Alberta Court of Appeal
Canadian Lawyer
The Alberta Court of Appeal has overturned an assessment of what constitutes “machinery and equipment” in frozen food production facility for tax purposes for an “unreasonable chain of analysis.” In Cavendish Farms Corporation v. Lethbridge (City), 2022 ABCA 312, Cavendish produced frozen potato products in its large facility in Lethbridge, AB.

NATIONAL

Apartment demand cratering
AXIOS
The rental market is chilling out after an explosive run last year, Emily writes. Why it matters: Soaring rent prices have been a major driver of inflation. This could be a sign that those price pressures are starting to ease — but it could take time before the consumer price index numbers reflect the shift.

ALABAMA

Center Point mayor reacts to voters opposing ad valorem tax increase
WBRC
Center Point's mayor is working to figure out a plan B for how to pay for trash pickup after voters rejected a proposed tax increase to pay for it. Mayor Bobby Scott said he's disappointed that ad valorem increase didn't happen, saying it's now up to you if you live in Center Point to figure out how to get rid of your biggest trash items.

FLORIDA

South Florida house sales PLUMMET by up to 40% compared to last year
Daily Mail
House sales slumped in South Florida by a drastic 40 percent compared to this time last year, new real estate data has revealed - with rising rates and soaring asking prices keeping prospective buyers from pulling the trigger. Desirable locales that saw the most extreme dips in the Sunshine State include Miami, West Palm Beach, and the Florida Keys.

Why Ian May Push Florida Real Estate Out of Reach for All but the Super Rich
NY Times
The scale of the destruction from Hurricane Ian threatens to destabilize Florida's insurance and real estate markets, as devastated residents file a record number of claims for damaged or destroyed homes. Privately insured losses from Ian are expected to reach $67 billion, not including flood insurance, according to an estimate by RMS, a catastrophe modeling firm.

ILLINOIS

Commercial Property Taxes Could Increase by Almost $2B if Amendment 1 Passes
LawnDale News
With four weeks until the election, new research shows if a proposed constitutional amendment passes on the Nov. 8 ballot, many business owners would pay the price. That's according to original Illinois Policy Institute research that found commercial property owners can expect to see $1.8 billion in additional property tax hikes by 2026.

MICHIGAN

Sixth Circuit Finds Government Seizure of Home's Equitable Title to Satisfy Tax Debt Was a Taking
Reason
The U.S. Court of Appeals for the Sixth Circuit released a potentially important decision concluding that a Michigan county over-reached when it seized an individual's property to satisfy a tax debt and did not refund the surplus to the property owner. Judge Kethledge wrote for the court in Hall v. Meisner.

TEXAS

Plano ISD turns to voters to set property tax rate, approve nearly $1.5B worth of capital projects
Community Impact
Wording on Plano ISD's five propositions on the Nov. 8 ballot offers little explanation beyond the legalese required by state law. But district officials say they want voters to know the why and the how behind these measures. 

McClure's DCAD departure will wait until November
dentonrc.com
Despite local angst, the Denton Central Appraisal District won't be officially moving on from ousted Chief Appraiser Hope McClure until at least next month because of ongoing negotiations over her separation agreement.

WASHINGTON

Some WA property tax assessments up 50% while home values plunge
MyNorthwest.com
Postcards detailing soaring property tax assessments for home and land values are arriving in mailboxes this month – and the dramatic difference between these figures and up-to-date market values are shocking many taxpayers across Washington state.