Shine Associates, LLC’s Post

As Boston continues to navigate its post-pandemic recovery, it should prioritize fostering a competitive economic environment over imposing higher taxes on commercial properties. This proposal to increase commercial property taxes in Boston has sparked significant concern among local real estate developers and business leaders.  With the city heavily dependent on commercial property taxes, which are already nearly twice as high as residential taxes, this hike could pose a severe challenge to Boston’s economic growth and landscape.  #BostonRealEstate #BostonCRE #CommercialTaxes

A new tax on #CommercialRealEstate and residential real estate in #LosAngeles has fallen far short of expectations in generating revenue in its first two months. Explore the implications for other parts of the country considering imposing a similar levy: https://bit.ly/3XT3aYZ

San Francisco property tax update 📉 San Francisco sees an unprecedented 3.5x surge in property tax appeals, with 6,836 applications received, impacting a total assessed value of $90 billion. Appeals for residential properties skyrocket, outpacing those for commercial office buildings. The surge is poised to impact the city’s $4.1 billion property tax revenue, creating potential adjustments. We are here to provide tailored insights for homeowners and commercial property investors navigating these changes. As the real estate landscape evolves, our team is dedicated to keeping you informed. 🤝 Source: @sfchronicle #SFRealEstate #RentTrends #HousingMarket #SanFranciscoLiving #RealEstateAdvisor #AffordableHousing #InnovationInRealEstate #SanFranciscoHousing #BuildingTheFuture #WealthTrends #2023 #realestatenews #luxuryrealestate #SouthBeach #SOMA #RussianHill #NoeValley#realestateagentsf #realestatesf #agentsf #realtorsf #toprealtorsf #sfhomes #sflistings #sanfranciscohomes

🏡 Exploring #RealEstate #Taxes Across the #UnitedStates As a first-time homebuyer, understanding real estate taxes is crucial, as they constitute a significant ongoing #housing cost. These taxes fund municipal expenses, local infrastructure, and community amenities. However, the burden of real estate taxes varies widely across different cities and states in the United States. SmartAsset analyzed real estate taxes paid by #homeowners across 330 U.S. cities, shedding light on the top 10 highest real estate taxes relative to local home values. 🔍 Key Findings: 1. Highest Average Annual Payment Real estate taxes exceed $10,000 annually in • San Francisco • Santa Clara • Sunnyvale, CA These cities have the highest average annual payment of real estate taxes study-wide, with average home values ranging from $1.36 million to $1.58 million. 2. States with Highest Real Estate Taxes • Connecticut • New York • Illinois Eight of the top 10 most expensive places for real estate taxes are in these states, with Rockford, IL, ranking first. Real estate taxes in these areas make up more than 3% of the average home value. 3. Cities with Cheapest Real Estate Taxes Relative to Median Home Value • Montgomery, AL (0.37%) • Colorado Springs, CO (0.40%) • San Tan Valley, AZ (0.40%) • Scottsdale, AZ (0.40%) • Cambridge, MA (0.41%) These have the lowest effective real estate tax rates among large cities. In these cities, real estate taxes are relatively affordable compared to home values. Additionally, annual real estate taxes total less than $1,000 in Montgomery, Birmingham, and Mobile, AL, as well as Evansville, IN. This organized summary highlights the disparity in real estate taxes across different cities and states in the United States, providing insights into the financial burdens faced by homeowners in various regions. Are you considering buying a property in any of these states? Let us know! #Homeownership #PropertyTax #USRealEstate #HomeBuying #TaxBurden #Taxation #Property #Realtor #RealEstateAgent #Broker #Home #LuxuryHouse #House #Renting #investment #investing #investor

Interesting article from Crain's Chicago Business. Chicago’s proposed “mansion tax” is a real estate transfer #tax whose proceeds would be used to combat homelessness in the city. The proposed transfer tax would quadruple the current rate on property sales over $1.5 million, from .75% to 3%. Los Angeles implemented a similar tax earlier this year, and the commercial real estate industry has been feeling its effect. Rising interest rates coupled with this increase in real estate transfer tax have weakened #investor demand. Since the enacted tax, only a handful of commercial properties have sold for more than $5 million, atypical for the city that usually sees hundreds of transactions above this price.  It will be interesting to see how #Chicago's commercial #realestate market will respond if this proposed tax does become enacted, and what other major cities adopt similar measures. https://lnkd.in/gXP9GYhd

The 2023 Preliminary Certification of Taxable Values in Miami-Dade continue to show strong growth in the real estate market. The countywide taxable value for 2023 shows an increase of 12.7% growth when compared to 2022. These values will be used by taxing authorities to prepare upcoming budgets and determine their proposed millage rates. 💡 The new construction value for the county increased just over $6 billion with the City of Miami continuing to have the largest increase in new construction with over $1.4 billion in growth. "This year's unprecedented record growth of almost $48 billion of taxable value has provided our local taxing authorities with a windfall. However, I am concerned with the average homeowner and small businesses that may struggle with increased property taxes. The county and many cities saw significant growth; therefore, I'm asking our local governments to consider a reduction in their tax rates," said Property Appraiser Garcia. What to know how this affects you? Read more at cbsnews.com 📧 jrussell@onesothebysrealty.com ☎️ 305-799-7436 . . . . #luxurylifestyle #miamiliving #miamihome #homebuyer #florida #singlefamily #miamihomes #starterhome #realestate101 #miamirealestate #miamirealtor #miamirealtors #miamirealestateagent #homesweethome #luxuryhomes #homebuying

A great example of a state that's trying to make up for lost revenue. This crazy mansion tax law that was implemented isn't hitting the figures ($15mm in April and May) for even close to what was projected annually $600mm-$1Bn. Now, part of that I'm sure is due to the economic situation we're in with rising interest rates and lending fears, but I'm sure the next thing they'll want to do is increase this rate or lower the $5MM number down to $1MM. The city of Chicago is already studying how to implement a tax like this (at properties above $1MM), but in reality, what this is doing is driving away developers and investment. Crazy public policy in two places that are driving away #commercialrealestate investment

Philly property owners: If you’re not yet aware of this massive delay in the updated property tax assessments for the City, definitely check out this Inquirer article and then reach out to us at Orphanides & Toner so we can prep your appeal - odds are almost certain that your taxes will be higher, and odds are pretty good that they’ll be higher than they should be. And if you *are* aware of this delay, and you’re on the edge of your seat like we are while waiting for the new numbers - still give us a shout, we can talk it through and be ready to pull the appeal trigger when you get your assessment. No need for that deadline to be scary, we can help. Contact link is in the comments.

🔍 Exploring the Impact of California's Rising Property Taxes 🔍 As a real estate professional in California, staying informed about market trends and policy changes is crucial. I came across this insightful Axios article shedding light on the recent surge in property taxes in San Francisco and across the Golden State. The article delves into the factors contributing to this rise, from increasing home values to local government initiatives. It's crucial for homeowners, investors, and industry experts alike to understand the implications of these changes on property values, affordability, and investment strategies. #CaliforniaRealEstate #PropertyTaxes #MarketInsights #CommunityImpact

Single family dwellings AND condominiums are eligible properties to claim this exemption! File form 5033 if you started building AFTER 12/31/23! “Eligible development property” means real property which was not previously exempt under MCL 211.7ss and which is a residential dwelling, condominium unit, or other residential structure that was new construction after December 30, 2012 and the land on which that residential dwelling, condominium unit or other residential structure is located, if the real property meets all of the following conditions: 🔹 Is not occupied and has never been occupied. In the case of a condominium or other residential structure that consists of multiple units, occupancy does not occur until all of the units are occupied. However, any unit that is occupied is not eligible for exemption under this section. 🔹 Is available for sale. 🔹 Is not leased. 🔹 Is not used for any business or commercial purpose. (This restriction does not apply to real property used as an on-site office in a specific development but only one such unit is eligible for exclusion from this restriction as an on-site office in a specific development.) “New construction” means property not in existence on the immediately preceding tax day (December 31 prior to the year.) This Affidavit must be filed by June 1 to be effective for the immediately succeeding summer tax levy and must be filed by November 1 to be effective for the immediately succeeding winter tax levy. Disclaimer: The information on this page and these laws are general information. Always consult with your local assessor as they are in charge of their assessment roll. I am not liable for any deviation from these assessing methods. #propertytax #michigantax #michiganassessor #realestate #cpa #michiganaccountant #michigancpa #michigantaxes #michigantax #michiganhomesteadcredit #pre #principleresidenceexemption #taxsavings #save on tax #homebuyer #homebuyer101 #homebuyers #homebuyingtips #michiganhomes #informedbuyer #informedconsumer #firsttimehomebuyer #newconstruction #builder #michiganbuilder #construction #developer #residential #condominium