Economy
172 articles · Page 12 of 18
Oregon Taxes for Upcoming Ballots
As inflation rises and elections approach, Americans focus on money-saving strategies, including tax plans. In 2018, they paid $3.3 trillion in federal taxes and $950.5 billion in state taxes. Tax structures vary by state, influencing residents' total tax burden and funding for public services like education and healthcare.
LAWMAKERS PUSH $22B INCOME TAX FOR FREE HEALTH PLAN
A task force released a draft report proposing a comprehensive statewide health insurance plan for Oregon, eliminating various costs and funded by federal revenue and new taxes. If approved, it would go to a public referendum. Critics argue it could lead to inefficient government control over healthcare and urge opposition to the proposal.
Marco Polo Restaurant Changing Ownership after 21 years
Marco Polo Global Restaurant in Salem is under new ownership after 21 years, with Patty Pakulak taking over from retiring owners Jackey and Cathay Cheung. Pakulak, a former employee for 12 years, aims to continue the restaurant's legacy, maintaining the same menu and staff while offering diverse dietary options.
The September Economic and Revenue Forecast
The September Economic and Revenue Forecast revealed an expected gross general fund revenue of $27.9 billion for the 2021-23 biennium, surpassing previous estimates. Despite continued revenue growth, inflation and monetary tightening have moderated this pace. Projections indicate potential volatility ahead, with personal and corporate kickers anticipated for 2024.
Taxpayers Association of Oregon: The Bull Pen
A new Oregon law, effective October 1, 2022, prohibits hiring bonuses to promote equality, impacting businesses like Tri-Met and McMennamins. As other states increase their bonuses, Oregon faces significant labor shortages and job recovery challenges. Critics argue the law hinders employment opportunities for minorities and exacerbates the state's economic issues.
Mortgage bonds cool down.
In early August, the average national mortgage interest rate for a 30-year loan fell to 5.05% from 5.90%. However, following a sell-off in mortgage bonds, rates have since risen to 5.95%. Despite current levels, opportunities remain for buyers due to lower competition and longer listing times.
Commercial Real Estate: Retail in Salem by Zip Code
Salem's retail sector shows signs of recovery post-COVID, with notable developments in different zip codes. 97301 lacks new construction, showing slight rent declines. 97302 experiences low vacancy rates and positive absorption. 97304 has the highest rents and stable vacancy, while 97305 and 97306 maintain strong rent values and low vacancies, indicating economic strength.
Change of use is the new topic in the commercial field
Commercial real estate is undergoing significant transformations due to changing consumer habits and needs. Vacant car dealerships, banks, and hotels are prime candidates for conversion to mixed-use developments, including housing and retail spaces. As remote work becomes prevalent, smaller office setups are replacing traditional corporate headquarters, addressing both space needs and workforce affordability.
Mortgage Market Offers a Lending Hand
Tasha Brandon has co-founded Mortgage Marketplace in South Salem with Mike Gillett after identifying a need for better lending solutions in the community. They aim to provide competitive rates and tailor options for various clients, including homeowners and investors, amidst the potential for an upcoming recession that may increase refinancing demand.
Top 5 Tips for Realtors on Mortgage LendingÂ
Home mortgage loans are crucial in real estate transactions, emphasizing the need for strong relationships among buyers, lenders, and realtors. Key factors affecting successful closings include understanding pre-qualification versus pre-approval, managing timelines, ensuring prompt communication of changes, and recognizing the roles of appraisers and AMCs. Effective collaboration aids buyers in navigating this process.