Property Tax Alert: Nevada

June 2004

In Nevada a petition to amend Article 10 of its Constitution to provide that the maximum Nevada property tax that may be levied against real property is 1% of the assessed value as of fiscal year 2001-2002 was filed with the Nevada Secretary of State. The property tax assessment would not be frozen if the property is transferred to a non-related person or business, or a higher rate is approved by a two-thirds vote in the taxing district. In addition, the petition provides that the taxable value of real property could increase on a year-to-year basis by the lesser of 2% or the consumer price index, and that the real estate transfer tax would be frozen as of date of the petition's passage.

Please contact Rash & Associates for more information.