UNITED STATES – June 2020 CONTENTS COMMERCIAL PROPERTY TAX ASSESSED VALUES AND APPEALS DURING THE MOST UNUSUAL TIME ............................................... 4 LOCAL GOVERNMENTS AND THE RECESSION ......................................................................................................................... 5 EMPTY HOTELS CREATE $17 BILLION BUDGET HOLE FOR LOCAL PROJECTS ................................................................................... 6 A SHARP DECLINE IN TRAVEL DURING THE COVID-19 PANDEMIC WILL COST GOVERNMENTS ROUGHLY $17 BILLION IN REVENUE FROM TAXES ON HOTEL OCCUPANCY, CORPORATE PROFITS AND OTHER LEVIES IN 2020, ACCORDING TO A STUDY BY OXFORD ECONOMICS. ..... 6 TESLA WANTS A $68M PROPERTY TAX BREAK TO LOCATE ITS CYBERTRUCK GIGAFACTORY NEAR AUSTIN ........................................... 7 WILL COVID-19 AFFECT PROPERTY TAX REBATES IN THE U.S.? ............................................................................................... 9 STARTUP AIMS TO MODERNIZE THE PROPERTY TAX EXEMPTION AUDIT ................................................................................... 10 POLITICIANS TARGET PROPERTY TAXES AS TOOL TO SQUEEZE MORE MONEY FROM TAXPAYERS AMID RECESSION .......................... 11 WHAT KIND OF PROPERTY TAX HELP IS IN THE U.S. CORONAVIRUS AID PACKAGE? ................................................................... 13 DETROIT. NEW ORLEANS. D.C. PREDATORY CITIES ARE ON THE RISE. ..................................................................................... 14 ARIZONA .............................................................................................................................................................. 16 PHOENIX GAVE ILLEGAL TAX BREAK TO DEVELOPER OF DOWNTOWN APARTMENT COMPLEX, JUDGE RULES ....................................... 16 "GPLET IS OBVIOUSLY ABUSED WHEN IT'S USED AS A DEVELOPMENT TOOL IN SOME OF THE MOST SOUGHT AFTER AREAS IN PHOENIX," RICHES SAID. ................................................................................................................................................................ 18 HOW COVID-19 COULD IMPACT PROPERTY TAXES .............................................................................................................. 18 IMPACT OF COVID-19 ON HOUSE ASSESSMENTS MAY TAKE YEARS TO APPEAR .......................................................................... 19 TRUTH IN TAXATION NOTICE EXPLAINED ............................................................................................................................ 20 CALIFORNIA ......................................................................................................................................................... 21 SPLIT PROPERTY TAX ROLLS: A SURE LOSER HEADS TO NOVEMBER BALLOT ............................................................................... 21 COULD A VACANCY TAX HELP L.A.'S HOUSING CRISIS? MAYBE. BUT NOT THE VERSION THE CITY IS PLANNING .................................. 22 SAN DIEGO PROJECTING PROPERTY TAX DIP FROM DELINQUENCIES, FORECLOSURES .................................................................... 24 CALIFORNIA STATE BOARD OF EQUALIZATION DOES NOT ISSUE GUIDANCE ON PROPERTY TAX DISASTER RELIEF FOR COVID-19 .......................................................................................................................................................... 25 CALIFORNIA’S SOLUTION FOR A LOOMING COVID-19 BUDGET DISASTER ................................................................................. 26 IT’S NOT THE TIME TO GUT PROPOSITION 13 AND RAISE TAXES ............................................................................................. 28 PROPOSITION 13 AND THE IMPLICATIONS OF THE CALIFORNIA SCHOOLS AND LOCAL COMMUNITIES FUNDING ACT OF 2020 ............. 30 REVISED CALIFORNIA “SPLIT ROLL” PROPERTY TAX INITIATIVE FORMALLY QUALIFIES FOR NOVEMBER 2020 BALLOT ....................... 32 COLORADO .......................................................................................................................................................... 33 REPEAL OF PROPERTY TAX LAW ON NOVEMBER BALLOT ........................................................................................................ 33 NEW COLORADO LAWMAKERS MOVE TO REPEAL GALLAGHER PROPERTY TAX AMENDMENT BALLOT MEASURE APPEARS FAST-TRACKED FOR PASSAGE WITH BIPARTISAN SUPPORT ........................................................................................................................... 34 WHAT ARE PROPERTY TAXES LIKE IN ASPEN, COLORADO? .................................................................................................... 37 COLORADO .......................................................................................................................................................... 38 COLORADO HOUSE TAKES UP INITIATIVE INVOLVING PROPERTY TAXES ...................................................................................... 38 FLORIDA............................................................................................................................................................... 39 International Property Tax Institute IPTI Xtracts- The items included in IPTI Xtracts have been extracted from published information. IPTI accepts no responsibility for the accuracy of the information or any opinions expressed in the articles. P a g e | 2 ADDED PROPERTY TAX FOR NONPROFITS SHOULD BE A NONSTARTER ........................................................................................ 39 WHAT’S THE MAGIC KINGDOM’S WORTH? DISNEY WORLD IS SUING OVER ITS PROPERTY TAXES — AGAIN ..................................... 40 THE FUTURE OF FLORIDA’S PROPERTY TAXES AND PROPERTY VALUES ..................................................................................... 41 CONNECTICUT ...................................................................................................................................................... 42 CORONAVIRUS HAS COST CONNECTICUT CITIES AND TOWNS NEARLY HALF A BILLION DOLLARS SO FAR ............................................ 42 IDAHO .................................................................................................................................................................. 44 OFFICIALS COME TOGETHER FOR COVID PROPERTY TAX RELIEF .............................................................................................. 44 GOV. BRAD LITTLE UNVEILS NEW $200 MILLION PROPERTY TAX RELIEF PLAN ............................................................................ 44 ILLINOIS ............................................................................................................................................................... 45 PROPERTY TAX STUDY .................................................................................................................................................... 45 A NEW REPORT PLACES ILLINOIS AMONG THE STATES MOST RELIANT ON PROPERTY TAXES FOR REVENUE. ........................................ 45 PUTTING THE BLAME WHERE IT SQUARELY BELONGS WHEN COMMERCIAL PROPERTY TAXES JUMP .................................................. 46 ONCE THE COOK COUNTY ASSESSOR’S OFFICE WAS RUN ON THE UP-AND-UP, IT WAS INEVITABLE THERE WOULD BE A PAINFUL DAY OF RECKONING. ................................................................................................................................................................. 46 WHICH COUNTIES IN ILLINOIS ARE OFFERING PROPERTY TAX RELIEF DURING CORONAVIRUS CRISIS? ............................................ 48 PROPERTY TAXES TOO HIGH? COOK COUNTY ASSESSOR FRITZ KAEGI ISN’T THE PROBLEM ............................................................ 49 6 COOK COUNTY COMMERCIAL PROPERTY TAX BILLS RISE BY $1 MILLION OR MORE .................................................................... 51 CHICAGO MAYOR CONSIDERS PROPERTY TAX HIKES AS RESIDENTS FEAR EXODUS FROM CITY .......................................................... 52 LIGHTFOOT SAYS PROPERTY TAX INCREASE ON THE TABLE AS CITY FACES $700M BUDGET SHORTFALL ......................................... 53 COVID-19 ADJUSTMENT’ MAY LESSEN COOK COUNTY PROPERTY TAXES IN LIGHT OF PANDEMIC .................................................. 54 INDIANA .............................................................................................................................................................. 55 HAS YOUR INDIANA PROPERTY TAX ASSESSMENT INCREASED? FOUR REASONS THE BURDEN OF PROOF MAY HAVE SHIFTED TO THE ASSESSOR TO PROVE THE HIGHER VALUE SHOULD STICK. APPEALS DUE NO LATER THAN JUNE 15TH. .............................................. 55 LOUISIANA ........................................................................................................................................................... 56 DUE TO CORONAVIRUS, BATON ROUGE AREA ASSESSORS ARE CONSIDERING LOWERING PROPERTY TAX ASSESSMENTS ....................... 56 MICHIGAN ........................................................................................................................................................... 57 MICHIGAN CHAMBER OF COMMERCE APPLAUDS LEGISLATURE APPROVAL OF MAJOR PROPERTY TAX RELIEF ................................. 58 COVID-19 UPDATE: STATE EXTENDS PROPERTY TAX APPEAL DEADLINE TO AUG. 31, MICHIGAN COUNTIES SET TO RECEIVE $1.3M IN VETERANS AID .............................................................................................................................................................