News & Analysis as of

Property Valuation

Fall 2017 Municipal Revaluations in Connecticut

by Pullman & Comley, LLC on

Approximately 20 percent of Connecticut municipalities plan to conduct revaluations effective October 1, 2017. For those with commercial real property located in a revaluing community, you should know that a representative...more

Ninth Circuit Reverses Course on Measure of Collateral Value in Cramdown Confirmation of Chapter 11 Plan

by Jones Day on

In First Southern Nat’l Bank v. Sunnyslope Hous. LP (In re Sunnyslope Hous. LP), 2017 BL 216965 (9th Cir. June 23, 2017), the U.S. Court of Appeals for the Ninth Circuit held en banc that, in determining whether a chapter 11...more

A Once in a Lifetime Opportunity to Reduce a Property’s Taxes: A Supplemental Notice of Value

by Buchalter on

In the next few weeks, county assessors throughout Arizona will issue supplemental notices of value for the 2018 tax year. Supplemental notices are issued when there is new construction or additions, parcel splits or...more

What Happened to Functional Obsolescence in Assessment Valuations

by Dickinson Wright on

If you own property that is assessed by the cost approach, you likely found out that the only obsolescence deducted was physical depreciation. Yet, it is fundamental that to reach market value by the cost approach, the...more

Deadline Approaches for Phila. Tax Appeals – Increased Assessments & Potential for School District Appeals

by Ballard Spahr LLP on

The Philadelphia Office of Property Assessment (OPA) has reviewed the assessed values of all commercial and industrial real estate in Philadelphia, and earlier this year, many owners of commercial and industrial real estate...more

Beware of the Overstated Service Life in the Cost Approach

by Dickinson Wright on

The cost approach requires the identity and quantification of three types of obsolescence – physical, functional and economic. Assessors frequently account only for physical depreciation (although some assessors/appraisers...more

Appellate Court Overrules PTAB Decision Involving Manufactured Home

by Franczek Radelet P.C. on

The Illinois Appellate Court recently reversed a decision of the Illinois Property Tax Appeal Board (PTAB) involving the taxation of a mobile home in Jones v. State Property Tax Appeal Board. While the opinion addresses a...more

Seattle Waterfront’s Local Improvement District: An Introduction

The Seattle Waterfront Project is a step closer in its plans for redevelopment, or at least a step closer in estimating a piece of its funding. Earlier this month, the City of Seattle received a feasibility study revealing...more

Education Week Article Examines Harmful Revenue Impact of Property Tax Appeals

by Franczek Radelet P.C. on

A recent article in Education Week has caught the attention of many local educators. The article, available here, discusses a national trend in property tax assessment appeals that can have devastating effects on school...more

NC Announces Assessment Reappraisal Counties

by Fox Rothschild LLP on

NC has announced that the following counties will begin the tax reassessment appraisal process of real properties in January 2018:-...more

Florida Property Owners: The Notice Of Proposed Property Taxes From Your County Property Appraiser-Beware Of Deadline For Appeal

by Roetzel & Andress on

What to Do with the Notice - Immediately open the Notice of Proposed Property Taxes and examine its contents for accuracy. The Notice contains column headings which include: - Taxing Authority - Your Property Taxes...more

Good Corporate Citizen or Simply Paying too Much Property Taxes

by Dickinson Wright on

Notwithstanding that property taxes tend to be one of the more significant operating expenses for commercial property owners, applying the “good corporate citizen” rational, many fail to challenge their assessments. Does that...more

ATTENTION PROPERTY OWNERS: Your 2017 Property Tax Notices Have Been Mailed To You!

By now, all 67 Property Appraisers in Florida have finalized the 2017 valuations for property taxes. Truth in Millage (TRIM) notices have been sent to all property owners, so these notices have either been received or will be...more

Federal Banking Agencies Explore Raising Threshold for Appraisals in Commercial Real Estate Transactions to $400,000

by Stinson Leonard Street on

Federal regulators earlier this week issued a notice of proposed rulemaking to raise the threshold for commercial real estate transactions requiring an appraisal from the current level of $250,000 to $400,000. The agencies...more

Property Tax & Valuation Topics: Summer 2017

by Pullman & Comley, LLC on

Declaratory Judgment Not the Correct Remedy - Danping Li sued the Town of Woodbury with regard to the assessments of three properties she owned in that community. One of the counts of her complaint seeking a declaratory...more

2016 Cook County Property Tax Assessment Trends

by Franczek Radelet P.C. on

For the past eight years, Franczek Radelet has tracked property tax assessment data obtained from the Cook County Assessor's Office. Our data set begins in tax year 2009 when the classification ordinance was amended to...more

Understanding Mineral Rights and the Impact on the Value of Your Property

by Miles & Stockbridge P.C. on

The United States is one of a handful of countries in which private real property owners can hold and own subsurface mineral rights. In a majority of countries, only the government can own and benefit from these rights. ...more

Prescription For Success: Indiana Tax Court Again Affirms Property Tax Reduction For Retail Property Used As CVS

by Faegre Baker Daniels on

On May 25, 2017, the Indiana Tax Court affirmed the assessment reduction for a 10,800 square foot retail store used as a CVS in Monroe County. In Monroe County Assessor v. SCP 2002 E19 LLC 6697 a/k/a CVS 6697-02, the Tax...more

PTAB

by Franczek Radelet P.C. on

Please see chart below for more information. ...more

Resolving Disputes Regarding Value of the Loss through the Appraisal Process

by Hellmuth & Johnson PLLC on

With an increase in storm damage events throughout the Midwest, insurers are becoming increasingly frugal when adjusting storm damage losses. In the past, disputes regarding the value of the loss typically involved...more

Chicago Tribune Publishes Three-part Series on Cook County Property Tax System

by Franczek Radelet P.C. on

This week the Chicago Tribune published a three-part series of investigative reporting on the Cook County property tax system and the appeals process entitled “The Tax Divide”. Tribune reporters are examining 1) how the tax...more

Ninth Circuit Applies Replacement Value in Cramdown Even If Lower Than Liquidation Value

In a decision that addresses the value to apply to a secured creditor’s collateral facing cramdown, the Ninth Circuit, sitting en banc, reaffirms that, in determining cramdown value, a secured creditor is only entitled to the...more

Ninth Circuit Limits Mortgagee to Value of the Property as Low Income Housing

In First Southern National Bank v. Sunnyslope Housing Limited Partnership, No. 12-17241 (9th Cir. May 26, 2017), the Ninth Circuit Court of Appeals, in an en banc decision, held that, for purposes of confirmation of a plan of...more

Ninth Circuit Holds That Valuation of Secured Creditor’s Collateral in Chapter 11 Need Not Be Based on Property’s Highest and Best...

On May 26, 2017, an en banc panel of the Ninth Circuit Court of Appeals issued an opinion with important ramifications for secured lenders. The Ninth Circuit held that for purposes of determining the amount of a secured...more

Ruling Eases Lenders’ Path to Deficiency Judgments in NC

Winning a deficiency judgment following foreclosure may become less costly for lenders following a May 5 ruling by the North Carolina Supreme Court in United Community Bank v. Wolfe. Reversing a previous ruling by the Court...more

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