Brought to you by CAI, IREM, NARPM, VAMA and VAR’s Property Managers Council
Property Management Coalition Conference 2011
Checking Under the Hood: the nuts and bolts of property management
Thank you for making our event successful.
Governor McDonnell, Lieutenant Governor Bolling, Attorney General Cuccinelli, and House and Senate Republican Leadership announce joint agenda for 2011 legislative session.
From Governor's press release:
Attorney General Ken Cuccinelli discussed individual property rights and their importance to the people of Virginia, stating, “There are legitimate reasons the government utilizes its power of eminent domain – for the construction of roads, schools, jails and utility easements,” Cuccinelli said. “However, we have to stand up for families and businesses to prevent government from using this extraordinary power when there is not a legitimate public need. A shopping mall or tourism information center is not a core public need.”
On February 9 we need you to tell your legislator...
... to stop re-taxing people -- no more recordation taxes on refis!
... not to hold you responsible if public records are wrong!
... that toxic drywall needs to be disclosed!
...to pass agency laws that protect you and your clients!
It's our best chance all year to get our message across -- and we need bodies to do it. We want to crowd their offices with Realtors® so it's crystal clear: We care about property rights, the economy, and our industry.
Certain localities within the boundaries of the Northern Virginia Transportation Authority (NVTA) have levied a special tax on certain property owners to finance needed and costly transportation improvements in Northern Virginia, like Metro to Dulles. Here's the rub: the special tax applies only to commercial property owners, and not residential property owners.
Could the end of the Bush-era capital gains tax cut mean a jump in commercial sales? Could be, at least according to an article in Bloomberg.
With Congress deadlocked over extending the tax cuts, chances are looking good that rates will return to pre-Bush rates -- most notably the capital gains tax, which will go back to 20% from its current 15%. That potential jump, Bloomberg contends, is convincing some commercial-property owners to try to sell now, rather than pay higher taxes later.
Tax officials in the DC area are trying new, and maybe extraordinary, efforts to collect tens of millions of dollars in delinquent payments. These efforts are hoping to help combat the huge projected budget deficits that threaten to slash public services.
Together, DC area localities are owed more than $40 million in overdue real estate taxes from fiscal 2010. In Arlington, real estate tax delinquency has nearly tripled since 2003.
Though collecting cars and the other measures may seem extreme, they ultimately may seem minor compared to the cuts to public service that may happen.
An Arlington church is building an apartment development above the church sanctuary as a way to generate revenue while they face a shrinking budget.
The Views at Clarendon will consist of 70 affordable apartments and 46 market-rate apartments on eight floors being built on top of the two-stort sanctuary of First Baptist at Clarendon. The development is expected to open late next year and is gaining national attention from many urban churches.
As sour as the economy has been lately, a panel of executives from four of the region's largest REITs were downright bullish about the outlook for commercial investment in Richmond and other second tier cities.
The country's dire financial straits extend beyond homeowners, as one Virginia city's officials are learning. In the go-go days of 2004 and 2005, the city of Buena Vista in the Shenandoah Valley borrowed $9 million to build and refinance a city golf course. On the refinance application, they offered up two public buildings as collateral: the Buena Vista city hall and its police station.
Now, the bills are coming due and the city can't afford to make payments, making it quite possible that the financier, ACA Financial Guaranty Corp., will exercise its right to seize the buildings.
Virginia's economy stands to take a heavy blow if Secretary of Defense Robert Gates's proposal to cut the Pentagon's budget goes ahead as planned. And there's little recourse for the Commonwealth's political leaders who are obviously concerned about the proposed cuts: Congress doesn't need to approve them. Here's what's at stake in the Commonwealth.