(Michael Scott Davidson, Las Vegas Review-Journal) – What goes up must come down.
Local government officials learned that the hard way last year, when a Nevada law enacted in 2005 to protect residents from ballooning property taxes crippled county, city and school district revenue streams across the state.
The effect is lingering fallout from the Great Recession, which reversed the trend of soaring property values that had necessitated the tax increase caps in the first place.
Now, Clark County Manager Yolanda King wants her top lobbyists to persuade state lawmakers to modify the property tax cap law during the 2017 Nevada Legislature session that begins Feb. 6.
“We’re seeing an increased level of services needed from our taxpayers, but the (property tax) revenue that is used to provide those services to the taxpayers isn’t keeping up,” said King, who is also the county’s former chief financial officer.
County and city governments across Nevada hope Assembly Bill 43 will fix the formula that caused property tax increases to plummet last year, even though assessed property values have been steadily climbing, King said.