Property Tax Alert: Nevada

August 2004

There is a petition to amend Article 10 of the Nevada Constitution to provide that the maximum ad valorem tax that may be levied against real property be capped at 1% of the assessed value as of fiscal year 2001 to 2002, unless the property is transferred to a nonrelated person or business, or a higher rate is approved by a two-thirds vote of voters in the taxing district. Furthermore, the petition proposes to limit increases in the taxable value of real property on a year to year basis by the lesser of 2% or the consumer price index and to provide the legislature the flexibility to adopt laws on exemptions, property improvements, and the application of the law under various circumstances. If the petition passes in the 2004 general election, the petition will be placed on the ballot again in 2006 before it becomes effective.

Please contact Rash & Associates for more information.