A seemingly small win for birds could potentially have big implications for builders. A recent court of appeals decision may impact commercial buildings and construction.
Developer beware! In Wisconsin, assessors may use an “anticipated” vacancy in making assessments.
The City of Milwaukee (and various other municipalities) has sent its Biennial Property Tax Exemption Report and Filing Fee Notices. Owners of tax-exempt real property in Wisconsin must file a Form PC-220 Tax Exemption Report (the “Report”) by March 31, 2024, to ensure their property is properly classified and continues to be recognized as tax-exempt. The Report must be filed with the clerk of the town, village, or city in which the property is located biennially of each even numbered year.
On February 7, 2024 FinCEN issued a Notice of Proposed Rulemaking that FinCEN issued a Notice of Proposed Rulemaking that would require certain professionals involved in real estate closings and settlements to report information to FinCEN about non-financed transfers of residential real estate to legal entities or trusts. FinCEN’s proposal targets residential real estate transfers considered high-risk for money laundering.
On October 10, 2023, the Indiana Supreme Court denied a landowner’s petition to transfer filed in the matter of State of Indiana v. The Market Place at State Road 37, LLC, et al., 22A-PL-2765 (May 17, 2023), and as a result, did not consider certain novel issues presented by the owner’s chain of title. The Market Place at State Road 37, which owns property near the intersection of State Road 37, now I-69, and Fairview Road in Greenwood, Indiana, sought to introduce evidence at trial of damages associated with the elimination of that intersection, which was located approximately 350 feet from the owner’s Fairview Road access.
As digital currency grows in use and acceptability, digital currency has entered into many traditional investment markets. Commercial real estate is no exception. The conversion of real estate assets to digital tokens using blockchain technology (“tokenization”) is continuing to grow, with a market size of approximately $200 million, real estate tokens account for nearly 40% of the digital securities market.
Property owners (“Owners”) interested in engaging in short-term leases should carefully consider the structure of their contracts (“Leases”). Anticipating potential disputes and consequences is essential for avoiding future litigation. A well-written Lease can serve to facilitate friendly, productive, and profitable landlord/tenant relationships. A good Lease can also help insulate Owners from liability and unnecessary expenses related to the short-term rental of their property.
Short-term rentals have become a complex topic for many municipalities, which in turn affects homeowners or Homeowner Associations interested in the issue. Various objectives of the governing body in regard to regulating short-term rentals may affect their treatment of this issue. While one municipality may want to revitalize its vibrant downtown by encouraging short-term rentals, another may prefer to crack down on short-term rentals altogether to preserve neighborhoods with single-family homeowners. The interests of property owners who wish to earn extra income from short-term rentals must be weighed against their neighbors who desire calm and predictable surroundings. Here's what municipalities making decisions regarding short-term rentals must also consider.
Homeowners may wish to engage in backyard event rentals to earn supplemental income. For example, some homeowners may rent out their pool and backyard space for parties. While this might seem like a clever opportunity for homeowners to make an extra buck, such backyard event rentals will likely cause tension between homeowners and their HOA or community management entity.
Owners and managers of multifamily rental properties are facing a growing number of challenges. The Wisconsin Department of Agriculture, Trade and Consumer Protection (DATCP) reported more than 1,900 formal complaints were filed, and there were more than 6,000 contacts to their hotline, related to landlord/tenant disputes last year making it the number one category of complaints, and a massive increase since 2018 when there were 1,188 complaints. Clearly landlord/tenant conflicts are escalating and will continue to rise if some pending proposals are enacted.
Welcome to In the Dirt: Real Estate Legal Update where attorneys from Amundsen Davis blog about all things related to real estate, zoning, real estate management and finance.
- Local Governance Expand Influence over Commercial Building
- Assessors Allowed to Use “Anticipated” Vacancy in Making Assessments
- Wisconsin Real Estate Property Taxes: Biennial Exemption Report Filing Deadline – March 31, 2024
- Enhancing Transparency in Real Estate: FinCEN's New Reporting Requirements for Non-Financed Transfers
- Nearby Road Closures Remain Non-Compensable in Indiana Eminent Domain Proceedings
- Will the Proposed IRS Regulations Hinder the Growth of Tokenization in Real Estate?
- Contractual Considerations for Short-Term Rentals
- Municipal Regulation of Short-Term Rentals
- Backyard Event Rentals: Problems Posed for Homeowner Associations
- A Renter’s Bill of Rights in Wisconsin, Oh My!