You say the same thing about Denver, where we’ll have that challenge as well. Again, the tax bill is in Colorado as well as the tax bills in North Carolina aren’t as material to us. And then finally, we did see large tax bills in Texas as well. But for us, Texas is not a material player. I wouldn’t be surprised if Texas has another rough year in 2023. But again, for us because our exposure is small, it’s not going to have the impact on us that it might have on others. So overall, that’s why we basically come in with the year, Chandni that we think is going to be pretty similar to what last year. Last year was, as you pointed out, it was 7.8%. This year, we’re guiding 6.5% to 7.5%. So those are still historically really high numbers for us, but we do see a path that things might get a little bit better.
And then importantly, with taxes, in case I think people are thinking about it, we really haven’t baked in very much in terms of appeal wins. So if we do see some material appeal wins, that could help us get us to the lower end of our range. But we’ll just have to see how that plays out. Those are certainly very hard to predict, but we don’t need to have material appeal wins to get to the range that we’ve provided in our guidance.
Operator: Thank you. We now have Keegan Carl with Wolfe Research. Your line is open, Keegan.
Keegan Carl: Hey, thanks, guys. So I know you gave the percent breakout as far as shares go. But I’m just curious if you could give us a little bit more breakout on your growth expectations between growth, property management and G&A for ’23?
Ernie Freedman: Yes. We noted on the — in the — if you look at our supplemental schedule, we gave a walk of FFO from 2022 to the midpoint of our guidance in 2023. And we had pointed out that we thought that property management expense line would grow about $0.03. So for us, that’s about $17 million, $18 million. A lot of that is the continued investment in our technology platform. Part of that is the continued growth of our joint venture. So as we get more income from our joint ventures with regards to property management fees, we have property management expense offsetting that because of a number of homes. And then on top of that, we just have some inflationary pressures. We also ran a little bit understaffed in the first part of 2022.
I think a lot of organizations were challenged with filling positions, and we’re assuming a more full headcount in 2023. We’ll see how that comes to play. But those are the main factors in terms of with regards to that. And specifically on our P&L, we do break out property management separate from G&A. And we’ll see a little bit more of that growth on the property management side, but it’s going to be more proportionate this year. If you look at €˜22 to €˜21, G&A was relatively flat, and most of the growth we had in those combined items came from property management. This year in 2023 compared to 2022, it’s going to be closer to being even growth, but a little bit more on the property management side versus the G&A line.
Operator: Thank you. We now have Tyler Batory of Oppenheimer. Your line is now open.
