Legacy Group International’s Post

Are Atlanta city officials being overly lenient to large portfolio owners regarding property tax obligations. Are they paying their fair share? Can #Proptech apps provide balance and objectivity?  #RethinkTheNews spotlight: https://hubs.li/Q02nnHk60 Atlanta civic group cries foul and contends property owners are taking advantage of a tax loophole and avoiding paying their fair share of property tax. Examples are giving credence to the argument, but a deeper dive suggests an alternative narrative.  The appeals landscape continues to heat up, so having the right tools becomes paramount. Read our full analysis here:  https://hubs.li/Q02nnHk60 #AltusGroup #PropertyTax #REIT #CommercialRealEstate #CRE #REIT #CRETech #itamlink #RealEstateManagement #Tax #RealEstate

As this short article from https://zurl.co/apMC demonstrates, effective communication is key to making sure property owners are not surprised by property valuations and tax increases. In the case of Rochester, NY, such communication might have gone a long way in reducing the number of calls to city council members. Proactive communication helps tax assessors build transparency and trust with homeowners. Here are three key strategies: 1. Clear Communication: Prioritize clear and concise communication with residents. In Rochester’s case, information about the reassessment process would have helped. By addressing concerns and explaining the factors influencing property value changes, the assessor and the city council could manage property owner expectations and minimize confusion. 2. Proactively Share Neighborhood-Specific Insights: Stay informed about and communicate neighborhood-specific trends affecting property values proactively through the assessor website and through posts on social media. The assessor’s understanding of factors such as migration patterns, demand shifts, and historical trends is a key resource for residents and policy officials. 3. Empowering Homeowners with Exemption Information: Many homeowners may be unaware of available property tax exemptions. Collaborate with governing bodies and local authorities to develop robust communication strategies. Inform homeowners about exemptions and guide them through the application process to foster an informed and engaged community. Want help laying the foundation for a collaborative approach between tax assessors and homeowners with good communication? At CIDARE, we’re happy to help! 🌐💬 Read the original article: https://zurl.co/PQoN #PropertyAssessment #TaxCommunication #CommunityEngagement

Exciting new updates on the horizon! Starting January 1st, new laws will be in effect, reshaping various aspects, including HOA regulations, building fines, permit fees, and tax appraisal databases. Knowledge is power! #RegulatoryUpdates #IndustryInsights #TexasLegislature

How can researchers track #rising rates of #CorporateInvestor #Ownership of #ResidentialProperties when parcels of land can be split, merged or disappear, rendering data difficult to analyze over time?   In today's New Jersey State Policy Lab blog, Eric Seymour discusses methodological processes the research team (including Rutgers University professors Kathe Newman and Will Payne) has implemented to combine property records with tax data, placing properties correctly on the map and converting non-spatial tax data into a #spatial #dataset. Stay tuned as they apply these methods to the entire state, ultimately uniting such data points with #HousingMarket trends and #MortgageData. Read more below:

𝐄𝐯𝐚𝐥𝐮𝐚𝐭𝐢𝐧𝐠 𝐭𝐡𝐞 𝐓𝐚𝐱𝐩𝐚𝐲𝐞𝐫 𝐏𝐫𝐨𝐭𝐞𝐜𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐆𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐚𝐛𝐢𝐥𝐢𝐭𝐲 𝐀𝐜𝐭: 𝐈𝐦𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬 𝐟𝐨𝐫 𝐑𝐞𝐚𝐥 𝐄𝐬𝐭𝐚𝐭𝐞 𝐋𝐚𝐧𝐝𝐥𝐨𝐫𝐝𝐬 The Taxpayer Protection and Government Accountability Act (TPGAA) presents a pivotal shift in California's tax legislation, holding both potential benefits and challenges for real estate landlords. On the upside, the act's requirement for a two-thirds majority to pass special taxes could shield landlords from abrupt tax increases, fostering a more predictable fiscal environment for long-term investment planning. Such a stipulation might also lead to a decrease in operational expenses for property owners, enhancing the financial appeal of real estate investments. Conversely, the TPGAA could result in substantially lower state and local revenues, potentially curtailing public investment in infrastructure and community services that indirectly boost property values. The retrospective aspect of the act, which could invalidate certain taxes approved since January 2022, injects a degree of uncertainty into the market, potentially complicating future financial forecasting for landlords. As the California Supreme Court deliberates the constitutionality of TPGAA, real estate landlords are closely monitoring the outcomes, recognizing that the act's implications will reverberate through the fabric of commercial real estate investment strategies. Follow our page for ongoing insights at Beyond Space Inc. and the latest updates on how legislative developments like TPGAA could impact your real estate strategies.

Flood of Property Assessment Appeals Could Wallop U.S. Cities As property values fluctuate, New York City is seeing a significant surge in property tax reduction requests, especially from commercial property owners. Many are presenting compelling data to justify reductions of 40-50% in their tax assessments, driven by declining office values and economic uncertainties. This growing trend underscores the disconnect between outdated backward-looking tax assessment methods and the current market conditions. As a real estate attorney focused on property tax reduction, I am actively representing owners who are challenging their property taxes, ensuring their assessments are fair and reflective of the actual value. by Patrick Sisson, Commercial Observer

Here's how to use the live local act "missing middle" #livelocal #missingmiddle property tax exemption in Florida: Goal - Provide housing at a lower cost, create a win-win scenario, as the housing provider (aka property owner / developer) can qualify for property tax exemption equal to 75% or more per qualifying unit. How- more details are out now as the program is live. You must apply for certification from Florida Housing Finance Corp (link below, see FAQs for detail) then with certification in hand, submit to county property appraiser. - Must be new multifamily property built within last 5 years - Minimum 70 qualifying units - Rent for lessor of local HUD published rates or 90% of market rent #housing #cre #Florida #livelocalact PREFERRED https://lnkd.in/eJYtjv3q

What’s Important to You? Ryan’s Commercial Real Estate practice aims to keep you informed of important tax issues and trends that impact your business. Let us know if you would like to hear from us monthly through our newsletter or occasionally receive industry trends and market communications. Subscribe to Ryan Property Tax Thought Leadership for important updates. #commercialrealestate #propertytax #RyanPropertyTax

One of the Biggest Misconception About the Florida Live Local Act (That Could Be Costing You Millions) I had a great time at my first GreenPearl multifamily event yesterday, connecting with so many developers and professionals in the space. One thing stood out in conversations around the Live Local Act: Most don’t understand how the program can drastically reduce their property tax bill and boost their NOI, property valuation and financing. Here’s the misconception I heard over and over: "We’ll never agree to a LURA (Land Use Restriction Agreement)!" Here’s the truth: There is NO LURA You just agree to income-restrict units voluntarily, at levels that are often in line with the market, and in return, you get: 75% tax exemption on units at or below 120% AMI 100% tax exemption on units at or below 80% AMI All you need to do is maintain those qualified incomes and rents for a minimum of 3 years. If you ever decide to opt-out, you simply go back to paying full taxes. No long-term commitment, no LURA. Here’s what this means for you: The developers we work with are seeing massive tax savings, a direct increase in NOI, and major boost in valuation and financing proceeds (in one case as much $20M+) — all by leveraging this Act. The application window is closing fast. You MUST submit by December 20th to get these benefits on your 2025 tax bill. Want to see how much you can save in annual taxes and pick up in additional value and loan proceeds? Message me and we can walk you through the numbers for your project and show you how to take advantage of this before time runs out this year.

Did your property value increase this year? Tell us in the comments, then read: https://lnkd.in/e2DAePZp  #KristiClineCPA #TaxExperts #ClevelandCPA #TaxHelp #TaxTips