property taxes
UK’s Reeves Commits to Lower Property Taxes for Retail, Hospitality and Leisure
October 30, 2024
LONDON (Reuters) -British finance minister Rachel Reeves on Wednesday committed to lower business rates for high street stores to help "level the playing field" with their online rivals. Predominantly bricks-and-mortar retailers have for years complained that business rates - a property tax charged on most commercial properties to fund local services - are archaic and hand an unfair cost advantage to online retailers such as Amazon. Labour had pledged in its election manifesto to redress the balance to help revive town centres. Delivering her first budget plan, Reeves said that from 2026-27 permanently lower tax rates for retail, hos...
Hotel Property Tax Relief Varies by Geography
CBRE Hotels | October 2, 2023
By Robert Mandelbaum and David P. Fuller MAI Based on a sample of more than 3,000 hotels from CBRE’s Trends® in the Hotel Industry database, U.S. hotel property tax expenditures averaged $2,626 per available room (PAR) in 2022. This is 10.8% less than the $2,943 PAR recorded in 2019, before the COVID-19 pandemic. Concurrently, the earnings before interest, taxes, depreciation, and amortization (EBITDA) for these same properties fell by 1.7%. From 2019 to 2022, the combination of EBITDA decreases, and cap rate increases put downward pressure on values. A 100 bp increase in cap rates, coupled with the 1.7% decrease in EBITDA correlate...
