Assessing Info Jan 23 2020

Why Manhattan's skyscrapers are empty >

In Manhattan, the homeless shelters are full, and the luxury skyscrapers are vacant. Such is the tale of two cities within America’s largest metro. Even as 80,000 people sleep in New York City’s shelters or on its streets, Manhattan residents have watched skinny condominium skyscrapers rise across the island. These colossal stalagmites initially transformed not only the city’s skyline but also the real-estate market for new housing. From 2011 to 2019, the average price of a newly listed condo in New York soared from $1.15 million to $3.77 million. But the bust is upon us. Today, nearly half of the Manhattan luxury-condo units that have come onto the market in the past five years are still unsold, according to The New York Times. Read more

After newspaper report, hundreds of Austin lakefront properties avoiding taxes may now have to pay up >

The number of lakefront properties that have avoided city of Austin property taxes was greatly underestimated when the city repealed the tax exemption last year. The Travis Central Appraisal District last year found 400 properties, many of them idyllic homes lining the shores of Lake Austin, that benefited from a 1986 ordinance that codified their city tax exemption. Read more

Texas county's tax appraiser takes legal action against Valero >

A back and forth battle has broken out between the Nueces County Tax Appraisal District and Valero. Chief Appraiser Ronnie Canales said he's been told by city and county officials that the company thinks it's worth less than $1.2 billion. "We're under the understanding that they're telling people that we've been doing this year after year after year. Well to begin with that's not true and I feel that they should be paying their fair share," he said. Read more

IAAO NEWS

+ Mass Appraisal Modeling and Spatial Analysis in R focus of January webinar >
This introductory webinar will demonstrate features of the free and open source software R. Set for noon Central, Wednesday, Jan. 29, it will cover accessing and downloading R; importing, cleaning, and mapping sales data sets; creating and interpreting basic multiple regression analysis (MRA) models; validating models on holdout sales data using simple ratio studies; plotting sales data and model performance on maps; Links to R reproducible R scripts and real assessment data will be provided to attendees for additional learning reinforcement opportunities. Read more

+ Act now to present at the Annual Conference - submission deadline is January 31! >
Interested in presenting at the 2020 IAAO Annual Conference in Denver? The Call for Presentations is now open. The submission deadline is Jan. 31, but anyone interested is encouraged to submit presentation ideas as soon as possible. Registration discounts of up to $200 may be available to presenters. Read more

+ Academic Partnership Program deadline extended >
The deadline to submit for the IAAO Academic Partnership Program has been extended to Feb. 28. The program provides financial support for students and faculty to complete research in areas related to property appraisal, assessment administration, and property tax policy. Submission of a satisfactory report for publication by the editor of any IAAO publication and presentation at an IAAO conference is required. Graduate and postgraduate students and faculty at accredited colleges/universities are eligible and funding for each approved project will be between $2,500 and $5,000. Read more

+ Appraisal Foundation seeking Board candidates >
The Appraisal Foundation is seeking candidates to fill three at-large trustee positions for its Board of Trustees, the governing body of The Appraisal Foundation, for three-year terms beginning Jan. 1, 2021. The Board of Trustees provides policy direction and financial support, while also overseeing the Appraiser Qualifications Board and the Appraisal Standards Board. Applications for must be received by March 6. Contact Board and Councils Program Manager Arika Cole at 202.624.3072 or via email at arika@appraisalfoundation.org with questions about the application process. Read more

+ Verification and Adjustment of Sales Standard exposed for comments >

The IAAO Verification and Adjustment of Sales Task Force recently completed the revisions to the draft Standard on Verification and Adjustment of Sales and the IAAO Board of Directors approved its released for exposure. The IAAO Standard on Verification and Adjustment of Sales (the "Standard") key principles discussed would enable a jurisdiction to conduct proper verification and adjustment of sales. Comments are due by Jan. 28, 2020. Read more

IAAO Connect Corner

+ Hot Topic: Landfill valuation >

IAAO Connect members are currently discussing valuation of landfills and methods to value. Read more

AROUND THE INDUSTRY

+ Maricopa County Board looking to replace former assessor Paul Petersen >

The Maricopa County Board of Supervisors has started the process of filling the vacant county assessor position. It began accepting applications for the job following the resignation of embattled Paul Petersen earlier this month. The person selected will fill the remainder of Petersen's term, which ends Dec. 31, 2020. Read more

+ Wisconsin state senate 'tinkers around the edges' of the dark store loophole >

The Wisconsin state Senate has passed a bill dealing with – but not closing – the dark store loophole. Senate Majority Leader Scott Fitzgerald (R-Juneau) says the measure – making the tax assessment appeal process easier – was one of three bills to come out of a study committee. “This is a complicated, tedious issue,” Fitzgerald said. Read more

+ Opinion: Property taxes are the Arab world's low-hanging fruit >

Under increasing pressure from restive populations that are demanding economic opportunity and social justice, many governments in the Middle East and North Africa are keen to speed up economic growth and increase job creation. But their policies, for the most part, prioritize attracting foreign and domestic private investment — as well as increasing foreign borrowing — over the redistribution of income and wealth. They are missing one low-hanging fruit in particular: property taxes. Read more

+ Maine bill seeks to bar large retailers from using the dark-store loophole >

The bill would require that retail sales buildings more than 20,000 square feet be valued based on current use, or, if vacant, according to their highest and best use. Walmart recently challenged Brunswick's valuation of its Cook's Corner property, a move that could cost the town more than $200,000 in tax revenue. Read more