Assessing Info October 3

New York City's increased mansion tax has real estate sales plummeting >

It’s clear that New York’s newly increased mansion tax has had an impact. According to data from three New York brokerages, Manhattan real estate sales have plummeted since the hike went into effect on July 1. Compass, CORE and Halstead Real Estate released Q3 market reports this morning, all noting that Manhattan sales were down last quarter — anywhere from 6 percent to 16 percent over the year. Sales are particularly down on higher-priced listings. According to CORE’s report, sales over $5 million dipped 48 percent. The quarter marks the fewest units sold over $3 million in four years. Read more

Iowa assessors win appeals over property value hikes >

Owners of apartment buildings and nursing homes could avoid property tax hikes next year thanks to efforts of Iowa’s assessors. The Iowa Department of Revenue dramatically reduced its plans to raise the assessed values of multi-residential properties after more than half of the state’s county and city assessors appealed the move. Read more

Sellers don't have to disclose deaths or crimes committed in houses in Arizona >

A couple moved from the United Kingdom to Arizona, settling on a home in Fountain Hills, near Scottsdale, earlier this year. That home was the site of a double murder, part of a six-death murder spree in the area in 2018. But did this couple know — before buying — that those deaths had occurred in the home last year? They did not. In Arizona, disclosing a death at a home is not required. Read more

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IAAO NEWS

+ Renew your membership for 2020 today >

IAAO membership dues are now available to pay online via the IAAO website, or members who are not on an agency bill may return the invoice emailed to them. To pay online go to the IAAO website, login, click on My Account, and then select "Renew My IAAO Membership." With just a couple of steps you can complete the payment process. To pay by mail, please return the invoice with payment in US$ funds and return to the IAAO Lockbox address on the invoice. Read more

+ Annual conference proceedings now available >

Updated proceedings from the 2019 IAAO Annual Conference in Niagara Falls are available for attendees to download. Preliminary session materials were available through the mobile app, and IAAO updated the materials to include the versions presented at conference. The materials are available through the IAAO Research Exchange under "2019 Annual Conference." Select the session you are interested in to download the file. Access is available to conference attendees and login is based on the email address on record. Members who didn't attend can buy access for $35, or $55 for nonmembers who didn't attend. Read more

+ New web feature allows printing of course certificates >

IAAO has added a new feature to the website to allow members to print course and education certificates. Members just need to log into the website and go to My Account and View My Certification Transcripts. A list of IAAO courses a member has taken will be visible, with a Print button on the right. Clicking the Print button will bring up a preview and there is an option to open the document as a PDF for printing in landscape mode. View My Certification Transcripts

+ RICS Global Commercial Property Monitor open >

IAAO members can take part in the RICS Global Commercial Property Monitor survey. The survey is a quarterly guide to the trends in the commercial property investment and occupier markets. The report is available from the RICS website www.rics.org/economics. IAAO and RICS announced in September at the Annual Conference an agreement to work together to simplify and reduce fragmentation in the property tax and assessment industry. As part of the partnership, the survey is available for members to complete. Take the Survey

+ Free webinars on GIS, designations in October >

IAAO is hosting two complimentary webinars in October. The first webinar, on Oct. 9, will provide a sneak peek at the 2020 GIS/CAMA seminar with Discovering "Insightful" Patterns in Your Property Data Using GIS and Business Intelligence Tools. On Oct. 23, two members of the IAAO Professional Development Committee will present Professional Designations Create Opportunities and discuss the IAAO's designations with a focus on the requirements related to education, professional experience and projects as well as the benefits gained by earning an IAAO designation. Webinar registration

+ Registration continues for Legal Seminar in Phoenix >

Registration is open for the IAAO 40th Annual Legal Seminar in Phoenix on Dec. 5-6, 2019, at the Hyatt Regency Phoenix. This two-day seminar will cover recent developments in real property taxation, wind farm improvements and asset appraisal, challenges in the valuation of special purpose properties, litigation strategies for big-box properties, and ethical conundrums for lawyers. Lawyers seeking CLE credit must submit those requests by Oct. 3. Read more

IAAO Connect Corner

+ Hot Topic: Building sheds and taxation >

IAAO Connect members are currently discussing how counties are handling sheds for taxation purposes. Read more

AROUND THE INDUSTRY

+ Walmart takes its property tax fight to Minnesota Supreme Court >

Walmart filed property-tax petitions last year contesting the valuations of its big-box stores in Washington County, Minnesota, for taxes payable in 2017, claiming the properties were overly assessed. Washington County officials moved to dismiss the petitions, arguing the real estate was income-producing property. Under state law, they said, Walmart had to submit business income and expense information to the county assessor’s office within 60 days of challenging their assessed valuation, but Walmart officials failed to produce in time information related to space inside the stores rented to third parties such as a tax-preparation service, nail salon and fast-food restaurant. Washington County lies just east of the Twin Cities.” Read more

+ Tennessee county assessor's office says county clerk is blocking access to records, threatens to sue >

Two offices of Shelby County Government are in conflict, with the county assessor’s office attempting to use state law to compel the county clerk to produce records it says are being withheld. The Shelby County Clerk’s Office says it’s trying to comply with state law in order to ensure that it doesn’t release confidential information. The Shelby County Assessor of Property’s chief administrator sent a letter notifying the county attorney that if the county clerk did not provide, “the complete records of accounts for all business licenses obtained or terminated in Shelby County,” the assessor’s office would use its subpoena powers against the clerk’s office. Read more

+ Judge tosses lawsuit challenging property tax cap >

A federal judge Monday tossed a lawsuit challenging the Trump administration’s $10,000 cap on deductions for state and local taxes. The judge ruled that the plaintiffs — attorneys general for New York, New Jersey, Maryland, and Connecticut — couldn’t prove the so-called SALT cap introduced as part of President Trump’s 2017 tax overhaul exceeded Congress’ taxing power. Read more

+ Pennsylvania lawmaker makes his case for property tax elimination >

State Rep. Frank Ryan answered calls from residents this week about his proposal to eliminate school property taxes for Pennsylvanians, cautioning them that something needs to be done to prevent future problems with the commonwealth’s finances. Read more