Proposition 13
The Las Vegas Business Press reports that Proposition 13 has become almost legendary for its people power rebellion against escalating property taxes. So it’s no wonder that the property tax restraint initiative that aims at limiting taxes to small increments from last year’s values is calling itself Nevada’s Proposition 13. The initiative would amend the state constitution and abandon the current system of taxing all property equally with a scheme that would freeze all real estate at its 2003-2004 values and allow only incremental increases until the land is sold or developed. If you’re a current home owner with a modicum of faith in Las Vegas’ future, you can’t help but vote for this because values will rise but you won’t get hit with any more than inflation or 1 percent (whichever is the greater) rise on your tax bill.
Proposition 13 could definitely make things better for current home owners and future home buyers adding more boom to the real estate boom in the Las Vegas Valley. This information brought to you by Las Vegas Homes and Real Estate.
