Nevada lawmakers are considering a major property tax system overhaul that could impact the state’s housing market and local government revenue. The proposed Assembly Joint Resolution 1 aims to reset the taxable value of a property when sold to a new owner, addressing the current depreciation formula that leads to disparities in property tax assessments. This potential constitutional amendment has advanced in the Legislature, with supporters arguing that it would create a fairer system and increase revenue for essential services like schools and emergency services.
Critics, including Republicans and Nevada Realtors, have raised concerns about potential tax increases for first-time homebuyers and challenges in an inflated housing market. However, proponents argue that the change is necessary to address the structural unfairness in the current system and strengthen the tax base.
The resolution will need to pass through the Legislature again before appearing on the general election ballot in 2028. With varying opinions on the impact and implementation of the proposal, the debate is ongoing as lawmakers work towards a decision before the April 22 deadline.
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