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Tax Cap Reduction (Clark County - Nevada)
Clark County now has a 3% per year cap for tax increases for primary residences, and an 8% per year cap for many other types of properties, approved at the last legislative session, and based on a base rate of the property's 2004-2005 taxes.  That cap rate, in conjunction with the huge run up in property valuations, make for some interesting speculation on exactly what we will pay in property taxes.
The property tax cap is based on the amount of taxes billed, and does not limit the amount of increase in assessed value of the property.  So while the assessed value could keep climbing at a huge rate, you taxes could only go up 3% per year.  Of course, they could go up 3% year after year and never reach the actual tax figure. 
For example: one home we know of worth about $525,000 has a tax of $5137.78, based on the current assessed value.  However, their cap rate reduction is $2033.64, so this tax year they owe $3084.14.  If the tax due increases at 3% each year, it will take somewhere in the neighborhood of 18 years for the owner to pay the actual tax amount.  However, if the tax ... more

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