NATIONAL

Beach Enclaves Of The Rich And Famous Are Building Something Unexpected: Affordable Housing
BisNow
Nantucket, known as a sleepy summer destination for East Coasters and the vacation spot for celebrities like the Kardashians, has four full-time firefighters who can't afford to live on the island and must commute an hour each way by ferry for their shifts. The island has a median house price of $3M and limited housing options for its critical service workers and public servants, like first responders, teachers, restaurant workers and hospital staff.

Supreme Court Forfeiture Ruling Spells Victory for Homeowners
Bloomberg Tax
The US Supreme Court ruled unanimously Thursday that so-called property tax surplus retention laws are unconstitutional in Tyler v Hennepin County. The opinion reversed a lower court decision in an unusual application of the Takings Clause of the US Constitution's Fifth Amendment, which guarantees property owners just compensation.

The housing market's Ice Age Business Insider Attempting to time the housing market is a foolish pursuit.
Business Insider
Sure, there are heaps of data, forecasts, and market experts who can offer theories on where home prices or borrowing rates are headed. But no amount of tea-leaf reading can spare you from this harsh reality: Homebuying is ultimately a coin toss. If you're very lucky, you buy a home right before prices boom. If you're not so fortunate, you pony up the cash just in time for the bubble to burst.

Hyatt's Thompson Denver Hotel Requires Mandatory Tips - For The Owner
View from the Wing
The Thompson Hotel Denver is a recent-build property owned by T2 Hospitality. Like many lifestyle hotels, they don't just rely on room revenue to earn a profit. They lean heavily into food and beverage. And this hotel has a unique strategy for bumping up their revenue – by 3%. As this charge slip from the hotel's bar shows, they add an automatic 20% surcharge and pocket 3% of it for themselves. 

COLORADO

Commercial property valuation increases will lead to even more onerous taxes
Daily Camera
There has been much written about the massive increase in residential valuations and resultant tax increases. However, the 30% to 75% increase that many homeowners have received pales in comparison to the as much as 150% to 200% increase incurred by Boulder County commercial properties. 

IDAHO

Property assessments for taxes drop in Boise, Meridian, ID
Idaho Statesman
Ada County property assessments will decrease, on average, this year for the first time since 2012. After some unprecedented years of up to 30% increases in property values in Ada County, the market has slowed. This year, most Ada County residents will see a decrease in their property assessments, according to the Ada County Assessor's Office. 

NEW YORK

RXR Defaults On 790K SF Office Tower As Lender Looks To Offload $240M Loan
BisNow
Months after causing a stir for saying his company could hand the keys of some of its office buildings back to their lenders, it appears Scott Rechler is making good on those words. Rechler's Long Island-based real estate investment firm, RXR, has defaulted on a $240M loan for 61 Broadway, a 33-story, 790K SF office tower in Manhattan's Financial District, Green Street's Real Estate Alert reports.

NORTH CAROLINA

Mill property value appealed, but big bucks intact for now
The Mountaineer
Pactiv Evergreen is asking for a $14 million reduction in the value of the mill site that's closing in June — and they want the decrease to take effect for the current tax year. Should the company prevail, the county would lose $75,000 in tax revenue, which would be particularly difficult since both the county and Canton are near finalizing their budgets for the 2023-24 budget year. 

OHIO

Property Tax Review and Reform proposal included in Ohio budget
News-Herald
State Rep. Daniel Troy, D-Willowick, recently announced the bipartisan passage of the Ohio Operating Budget (House Bill 33) by the House of Representatives, which includes his amendment to create the Joint Committee on Property Tax Review and Reform. Troy first proposed a House Select Committee on Property Tax Education and Reform in the 134th General Assembly.

Some Ohio lawmakers want to lower property tax bills but don't agree how to do it
Ideastream Public Media
Some Ohioans get a shock when they open their property tax bills, learning they owe thousands more than what they had anticipated. They have been taking those complaints to state lawmakers, who have come up with ideas they believewill help Ohioans afford to stay in their homes. But, as with many things at the Ohio Statehouse these days, there's often disagreement on how to solve such concerns.

RHODE ISLAND

Hospital Association of Rhode Island pushes back against nonprofit tax bill
Providence Journal
Rhode Island hospitals are raising concern over Providence Mayor Brett Smiley's push for legislation that would boost their tax bills, along with those of other nonprofits in the city. The Hospital Association of Rhode Island, or HARI, contacted reporters just two days before a House vote on a bill that Smiley has said would tax nonprofit owned, commercially used spaces, revoking tax exempt status for those specific tenants.

TEXAS

As Sublease Space Hits Record High, Some Dallas-Area Companies Are Throwing In The Towel
BisNow
A slew of office tenants in Dallas-Fort Worth have given up hope of saving money on real estate and are taking space back after hanging their hats on subleases that never materialized. Eighteen subleases totaling 2.2M SF have been taken off the market for reasons other than a new tenant occupying the space since the first quarter of last year, according to CBRE. 

Drop in market value of Williamson County homes mirrors Central Texas
Statesman
The chief appraiser for the Williamson Central Appraisal District told county commissioners this month that the median market value of a home in the county fell about 12% in 2022. He said the decrease in residential values, which was seen throughout Central Texas, was offset by an increase in market values for commercial and multifamily properties.