Western housing markets—the epicenter of the home price correction—brace for another hit as Silicon Valley Bank's collapse signals more tech pain
While Fed Chair Jerome Powell acknowledged last year that spiked mortgage rates would set off a "difficult [housing] correction," he didn't tell us it'd be a bifurcated correction. In some markets, like St. Louis and Boston, home prices are just a hair below their 2022 peak price, while many Western housing markets like Phoenix and San Francisco are passing through sharp home price corrections.
Eagle County residents need to be prepared for property tax sticker shock coming in 2024
Get ready for sticker shock. Property in Colorado every two years is revalued by county assessors across the state. Those values are then used to determine the basis for property taxes. Given the runup in prices between 2020 and 2022, the increase is going to be a big one.
Kan. House blocks residential property tax break, passes telecom sales tax exemption
The Kansas House approved a $17 million sales tax exemption on equipment purchases by telecommunication companies after rejecting amendments to exclude hygiene products from the state's 6.5% sales tax and to increase an exemption on state property tax collected to finance K-12 public schools.
New Orleans school leaders urge governor to reject Folgers application for tax exemption
After speaking out against Folgers Coffee for reportedly refusing to pay millions in property taxes, the New Orleans Public Schools (NOLA-PS) system is calling on the governor to strike down the company's application for a tax exemption.
Waara: Walmart now in dialogue with the city over dark store issue
The Mining Gazette
Houghton's recent public awareness campaign about Walmart's attempt to lower its property taxes under the “dark store” theory has caught the company's attention. Two weeks ago, City Manager Eric Waara and city stakeholders held a press conference about the cuts to services that could come if Walmart succeeds in lowering its property taxes.
Nebraska lawmaker continues effort to eliminate property, income and corporate taxes, replace them with consumption tax
State Sen. Steve Erdman aims to change taxes in Nebraska through his priority bill, LB79. “Starting back in 17 when I first came, my goal was to eliminate or fix property tax,” Erdman said. “For the last three years, we've been dealing with the EPIC Option.” EPIC Option stands for eliminating property, income and corporate taxes. It proposes replacing those sources of revenue for the state with a consumption tax.
Report: Real estate tax incentives make for big costs
Tax breaks for real estate in the proposed $227 billion could lead to major costs for local governments in New York, a report released Friday by the Fiscal Policy Institute found. The report questioned the effect of five tax incentives in the spending proposal, including an extension of what's known as 421-a, and an accessory dwelling unit tax incentive. Combined, as much as $2.84 billion could be at stake.
Proposed bill would make state pay closed prisons' property tax
State Assemblyman Matthew Simpson, R-Horicon, hopes the bill could be worked into this upcoming state budget, giving communities some financial relief while they figure out the future of these empty facilities. State Sen. Dan Stec, R-Queensbury, is also sponsoring the bill. Should it pass, the legislation would help the town of Moriah in Essex County, where the state recently closed the Moriah Shock Incarceration Facility.
Pennsylvania Supreme Court Splits Over Tax Appeals
Ballard Spahr LLP - JDSupra
The recent 3 – 3 split by the Pennsylvania Supreme Court in GM Berkshire Hills LLC v Berks County Board of Assessment and Wilson School District leaves in place a school district's ability to target recently sold properties for real estate tax assessment appeals.
Appraisal district's recall dispute swells as Keller threatens lawsuit. ‘Keller will not stand idle'
Fort Worth Report
The city of Keller is contemplating litigation against the Tarrant Appraisal District's board of directors, after the district's chief appraiser declared an attempt to recall the board's chair “canceled.” Keller City Council voted Feb. 21 to recall Kathryn Wilemon from TAD's board of directors.
What you need to know about the big battle happening now over Texas property taxes
Dallas Morning News
This is the biggest of many challenges yet to come between the Texas House and Senate. In recent days both sides have brought forth two vastly different solutions to lower our property taxes. It's fascinating to watch this play out. And the stakes — your wallet — are huge.