Property Tax News Articles & Updates

Brusniak Turner Fine Updates 4/17/2023

Posted by John Brusniak | Apr 17, 2023 | 0 Comments


Rent inflation is the highest since 1981, but there are signs it's peaked
Rent inflation is coming back down to earth. Driving the news: The month-over-month pace of rent growth was 0.5% in March; a drop from the second half of 2022 when the monthly numbers were hovering at 0.8%. That could signal further drops to come. "The rollover in rents is finally underway," wrote Kieran Clancy, senior U.S. economist at Pantheon Macroeconomics, in a note.

Wave Of Distressed CRE Sales Coming: Colliers
Sales of distressed commercial real estate assets, which have been sparse both in percentage of deals and dollar volume in recent years, will soon spike, Colliers reports, citing MSCI data. The exact size of any future wave of distressed sales is uncertain, but MSCI estimates that more than $2T of debt maturities are due by 2027. Not so long ago, refinancing was relatively easy and certainly cheap.

More Cities Giving Away Money For Office-To-Resi Projects As Threat Of Obsolescence Grows
Falling tax revenue. Aging downtowns losing their vitality. Record office vacancy. A housing crisis. One strategy could tackle all of these problems in one fell swoop: a wave of office-to-residential conversions. Developers are interested, and the opportunities are there, with hundreds of millions of square feet of office identified throughout the country as potentially feasible for conversion.

Dallas' Kyle Bass says offices across America must be torn down
Dallas Morning News
Kyle Bass has some advice for real estate investors. Tear it down. The founder of Dallas-based Hayman Capital Management says office buildings in cities need to be demolished because demand isn't returning and it's impractical to turn most towers into apartments.


Our View: Need legislators on property tax predicament
The Durango Herald
Colorado homeowners in sought-after locations with the finest in recreation and decent jobs reveled in the soaring value of their properties during 2021 and early 2022. Formerly urban dwellers and remote workers discovered they could live in the state's dream locales, too.


High property taxes on business owners hurt more than pocketbooks
Daily Herald
The Marinos run Bel-Mar Wire Products, a small-scale manufacturing business in Chicago that their father, Tom, started in 1972. The Marinos siblings were forced to lay off about half their staff after their annual Cook County property taxes increased by 141% without explanation. In total, the Marinoses' taxes jumped from more than $45,000 in 2021 to more than $108,000 in 2022.


Larry DeBoer: Indiana property tax bills are increasing a lot in 2023
Seymour Tribune
Indiana county treasurers recently mailed property tax bills to owners of homes, rental housing, farmland and businesses. Most saw big increases in the assessed value of their property. This will mean big increases in tax payments.


Iowa GOP one step closer to finalizing property tax reform
Republicans are one step closer to a final property tax proposal. The bill comes as Iowans across the state are seeing an increase in their property taxes. While a bill passed this session it won't help homeowners this year. Lawmakers are hoping to provide some relief for future tax seasons.


Rapidly changing property values squeeze residents on a fixed income
Valley News
For Betty Prime, covering her costs during retirement is a month-to-month exercise. Prime, of Lebanon, retired in 2020 from the Hanover School District, where she worked as a paraeducator for 20 years. Her sole income is her Social Security benefit. Her husband, David Prime, who ran a drywall business, died in 2019 at age 73 after a four-year battle with cancer.


Manhattan Apartment Rents Hit New Record High As Bidding Wars Intensify
While multifamily rent growth is slowing nationwide, its biggest city is continuing to break new records. The median rent for a Manhattan apartment was $4,124 in March, the highest on record, according to a the latest report from Douglas Elliman and Miller Samuel. March saw median effective rents — factoring in landlord concessions — rise 2% over February and more than 13% from the previous year.


Travis County home appraisals inch upward 0.08% in 2023, following 48.9% surge last year
Community Impact
On April 14, the Travis Central Appraisal District released 2023 appraisals for homeowners online. The takeaway The median market value of home went from $612,102 to $612,568, or an 0.08% increase year over year. From 2021 to 2022, the increase was 48.9%.

Average home values up 13% in Hunt County
Herald Banner
Although the rise is not as extreme as in 2022, appraised values for residential property in Hunt County are still up significantly. As of Jan. 1, 2023, the average home value in Hunt County had risen 13% over its value as of Jan. 1, 2022, according to the Hunt County Central Appraisal District. 

Sublease space surging in Dallas-Fort Worth office buildings
Dallas Business Journal
A surge in sublease space is hitting the Dallas-Fort Worth office market, with health care companies dumping the largest chunks.

Brazoria County tax appraisals jump after state says they were too low
The Property Value Study for Brazoria County school districts is available online. Scan the QR code and click on the School District Summary Worksheet. A spike in property values is seen in letters from the Brazoria County Appraisal District, but the county has little control over those values, officials said.

Property appraisals increase 24% across Hays County
News Break
Just as the federal income tax bill comes due, home and property owners can also expect to see an appraisal notice in the mailbox this week. Hays County Chief Appraiser Laura Raven said her office, the Hays Central Appraisal District, has officially scheduled the mailing of 121,500 appraisal notices for April 18.


$182 million reduction of real estate assessments complicates Portsmouth's budget, tax cut discussion
Virginian Pilot
The City Assessor's Office has shaved off more than $182 million in the city's overall residential real estate assessment value since a review began last month of inaccuracies in assessment rates. Interim City Assessor Janey Culpepper said as of Friday, her office has adjusted 1,000 parcels of land across 55 neighborhoods, reducing the city's original proposed assessment value by 1.8%. And she's working to reduce more.

About the Author

John Brusniak

John Brusniak, Jr. is the dean of Texas property tax litigation.  He was licensed to practice law in 1976,   His early career involved general litigation and appellate work in both the federal and state courts until he was handed his first property tax matter.  It arose prior to the implementatio...


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