Commercial Real Estate News for Wednesday, November 30

Taxes and the government are running the commercial real estate news today. Discover how with these four articles.

Property Tax Relief Bill Filed to Limit Annual Increases; Cities Decry Move that Would Cut Revenue

Senate Bill 2, filed by Texas senator Paul Bettencourt, would require city and county voter approval before a property tax increase above 4% could be enacted. Bettencourt claims the bill is a godsend for struggling home and business owners, but city officials say the move will damage public services.

Council Committee Advances Bill Targeting Real Estate Transfer-Tax Dodgers

Philadelphia Finance Committee members voted yesterday to close a regularly used transfer-tax loophole. While officials say it’s impossible to know exactly how much will be gained in tax revenue, even one lucrative deal could add millions to the cities coffers.

Investment Sales Likely to Close Year at Slightly Lower Volume Than in 2015

2016 will likely close out with 10% lower sales volume than in 2015. The finger is pointed at fewer institutional and portfolio-level deals, as well as a rise in the 10-year Treasury rate.

New York State to Help Clean Up Industrial Park Parcels, Market Property

New York’s Department of Environmental Conservation is footing the $8 – 10 million remediation costs of a Buffalo industrial park. The contribution will speed the parcels toward development.

 

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