Commercial Real Estate Debt Problem to Grow Through 2027
The Real Deal
If 2023 looks shaky for commercial real estate loans, just wait until next year — and the three after that. The debt problem in commercial real estate is poised to get worse before it gets better, Bloomberg reported, citing an analysis by Morgan Stanley.
Things are getting really weird in the housing market
Most housing analysts expected 2023 to be a rough year for the U.S. housing market. In fact, among the 29 major housing forecast models, 24 forecasted a national home price decline for 2023. But so far, it hasn't exactly come to fruition. Through the first few months of 2023, the U.S. housing market continues to show signs of stabilization.
Supreme Court: Mall Of America Owner Can Challenge 100-Year, $10 Lease For Vacant Sears Box
The U.S. Supreme Court has granted the owner of the largest mall in the U.S. another chance to get out from under a deal it made with Sears that looks more regrettable every year. In a unanimous vote, the nation's high court ruled that Mall of America owner MOAC Mall Holdings LLC can challenge the transfer of a lease it signed in 1991 with Sears for a 120K SF anchor box.
CT bill would address dual taxation on tribal land
Connecticut lawmakers are considering a bill that would establish a special working group to look into the issue of dual taxation on tribal territory. The Mohegan and Mashantucket Pequot tribes, along with other federally recognized tribes across the nation, have been speaking out against the practice of local taxation on tribal land for decades.
Cook County property tax assessors charged in bribery scheme along with business owner
According to the indictment, from February to November 2017, Mitziga, 65, allegedly conspired with an executive of another company and Basilio Clausen, 51, of Crown Point, Indiana, who was employed by the CCAO as a residential field inspector to reduce his property assessments.
Commercial and Industrial Tax Assessments Jump Across Iowa: The Protest Window Closes May 1
Property tax assessments have sharply increased across Iowa, particularly for commercial and industrial property. One report in Polk County noted that “most commercial properties saw their valuations jump 18.9%.” That same report further explained, “Most of the county's industrial properties also experienced average increases in assessed values of 19.5%.”
Iowans want property tax limits
Republicans who control the Iowa House and Senate are considering two different property tax bills. Although we understand the sticker shock experienced by Iowans as they received new, dramatically higher property assessments, we're also skeptical any time the Legislature takes aim at local government.
Iowa legislative chambers pass property tax cuts bills
Iowa's legislative chambers on Wednesday each passed their own respective bill to cut property taxes, with bipartisan support. The Iowa Senate's bill, SF 569, includes an estimated $100 million in property tax relief and preserves the Taxpayer Trust Fund, according to an Iowa Senate news release.
North Dakota lawmakers close in on property tax relief | North Dakota
Lawmakers from both sides of the Legislature are closer to consensus on a bill providing income and property tax relief for North Dakotans. Instead of mil levy buydown opposed by the House, representatives proposed a new concept for property tax relief on Friday that would revolve around primary residences. Every primary residential property owner would be able to apply for the credit.
Hangar 6 owner files suit against commissioners, airport authority
The Highland County Press
Less than three years after settling an ongoing delinquent tax issue, Hangar 6 owner George Matthews this month filed a civil lawsuit against the Highland County Board of Commissioners and Highland County Airport Authority, seeking “a full refund of all amounts paid.”
Ohio Shale Counties Receive Nearly $350 Million in Property Taxes from Oil and Natural Gas Production
Energy In Depth
Ohio's top producing Utica Shale counties have collected more than $349 million in real estate property taxes on oil and natural gas activity since 2010, according to the latest data from county auditors compiled by the Ohio Oil and Gas Association.
Some homeowners frustrated by Tarrant Appraisal District's new website
Like so many people these days, Kirk Popovici of Fort Worth wasn't happy to find out how high his property appraisal jumped from last year. "I was shocked at how much it went up," Popovici said. "It was a painfully slow site, and in this day-and-age, when we're paying so much in taxes, it's kind of ironic that the device we're using to look it up is so slow and inefficient."