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News & Articles About Taxes
Las Vegas Real Estate
Builders Use Special Improvement Districts to Fund Some Construction Home buyers can expect to pay $250 to $900 in semi annual assessments for special improvement districts (SIDs), which can issue municipal bonds that developers use to fund early construction of the early infrastructure of their projects. SIDs are typically amortized over 20 years, although the law was changed during the last Legislature to allow 30-year amortization of the bonds. SIDs help pay for the sidewalks, curbs, streetlights, traffic signals, drainage systems and underground utilities. Smith, Hubble. "Master-Plan Premium" Las Vegas Review Journal 19 November 2005: D1+.
The Southern Nevada Public Lands Management Act of 1998 has racked up nearly $2.8 billion in revenue for the state through auctions conducted by the Bureau of Land Management. The BLM has about 40,000 acres in its disposal boundary, releasing 2,000-3,000 acres at public auction twice a year. Applied Analysis, a local research firm, reported average land prices of $600,000 an acre in the second quarter, a number that could be slightly skewed by high-priced land deals near the Strip. Home Builders Research President Dennis Smith said "I still maintain that the BLM auctions are bringing the state a lot of money, but they're sure not bringing us affordable housing." Smith, Hubble. "Even with Act, Land Problems Linger, Critics Say" Las Vegas Review Journal 18 November 2005: D1+.
New Subdivision Would Cost Tax Payers An Additional $30 Million The city's environmental officer blasted Tuesday a deal that would allow a developer to turn a golf course next to the city's sewage treatment plant into a 1,200-home subdivision and said it will cost taxpayers an additional $30 million. The proposal for the Royal Links Golf Club has been questioned. According to a November 2005 article in the Las Vegas Review Journal, Lori Wohletz, the city's environmental officer stated that "To jeopardize that (sewage treatment) facility's compliance to make one person richer, who's already rich, makes no sense to me." Schwartz, David McGrath. "Official: Deal Will Cost City" Las Vegas Review Journal 16 November 2005: A1+.
Suburban Growth in Southern Nevada will cost the average resident $72,697 over the next 25 years in commuting costs and added government services. "Clark County is so large, so spread out, and of such low density that every section is considered a sprawling suburban location." Young, Samantha. "Suburban Growth Has Price" Las Vegas Review Journal 14 November 2005: B1+.
Housing Authority Investigation The Clark County Housing Authority spent about $1.5 million it didn't have, forcing at least 40 families to wait until the agency balances its books to get rental assistance they were promised. Carl Rowe, interim executive director for the housing authorities, said if the Section 8 program where the problem was found is not made financially solvent by early 2006, he will have to "terminate as many families (in the program) as we need to get to zero." In addition, it was found that employees weren't keeping current with duties such as evicting rule-breakers as required by law. Pratt, Timothy. "County Errors Costly to Families" Las Vegas Sun 14 November 2
005: page 1+.
Unemployment Tax to Stay the Same in Nevada in 2006 Despite forecasts of a continued economic boom, the Nevada unemployment tax will remain unchanged in 2006, the state Employment Security Division decided. The average rate for state unemployment tax is 1.38 percent this year. During 2005, the state is expected to add 68,000 new jobs at an annual growth rate of 6.2 percent. That is by far the biggest growth rate in the nation and compares with a national average of 1.7 percent. Vogel, Ed. "Tax Rate Won't Change" Las Vegas Review Journal 10 November 2005: D1+.
October 2005 Nevada BLM auction for $24.5 million- 80% of the proceeds of will be spent in Nevada to purchase environmentally sensitive lands. Four percent goes to Nevada schools. "Land Sales Exceed Appraised Value" Las Vegas Review Journal 29 October 2005: 6B.
Legislation Aims to Close Tax Cap Loopholes The Senate Taxation and Assembly Growth and Infrastructure Committee started work on a bill that would impose fines for people who falsely claim their home is their primary residence to take advantage of a tax cap. 5/4/2005
Tax Cap Legislation in Nevada Raises Questions for Non-Resident Owners In early April 2005, Nevada Governor Kenny Guinn signed into law the tax cap law that so many real estate owners have known was coming. Whether everyone is happy or not is a different issue. 4/8/2005
Second Home Mortgage Interest Counts on Taxes If you have a second home that you do not rent to others, the interest on the mortgage for that property is deductible from your income taxes. This applies even if you don't use the home throughout the year. If the sole purpose is to generate rental income and the home is rented on a steady basis, the interest on the mortgage loan is not tax-deductible. De Both, Jim. "Second-Home Mortgage Interest Counts on Taxes." Las Vegas Review Journal 27 Feb 2005: 17M.
Tax & Estate Law- Legal Q & A Estate planning is very important to the financial success of you and your family. Below, some common questions are covered, such as: What is the benefit of estate planning? Should I be concerned about estate taxes? What can I do to protect my assets? What are some of the issues to be considered in estate planning?
Tax Errors Common Among Novices of Home Ownership Good Records, Grasp of Rules May Reduce Mistakes on Return. The following article, which appeared in the Las Vegas Review Journal, explains some of the common tax errors that first time home buyers often make with regard to their real estate. 2/5/2005
Debate Over Property Tax Solutions Angle, R-Reno, narrowly missed the target to put a Proposition 13-style tax measure on Nevada's ballots last year, and she hinted to those gathered Tuesday for a Nevada Policy Research Institute seminar on the issue that she will be back with the proposal again.
When the Legislature meets in less than three weeks, it faces the task of finding a property tax solution -- one which is pitting rural counties against booming ones, and taxpayers against local government needs.
O'Connell said she does not favor a cap or a freeze because either will cause local governments to raise fees, assessments and other charges "in order to get their pound of flesh."
Seniors Revolt Over Tax Valuations Roberts called for a tax revolt in the January edition of the monthly paper and said the response overwhelmed his staff of four. The bulk of the protest participants are from the four area Sun City communities, which cater to mature adults. Their position was repeated on every form, which detailed name, address, parcel number and property value. Typically, more than 85 percent of appeals are unsuccessful, Schofield said. The assessor's office will now process the complaints, which will eventually lead to a hearing before the Clark County Board of Equalization. 1/19/2005
Property Tax Bills Trigger Concern Some 200 lawmakers, government administrators, union leaders, gaming officials and lobbyists discussed consequences of tax mitigation measures proposed by legislators and used in other states. "We absolutely need to continue studying the changing market and adjust the system so it maintains a certain amount of fairness and equity," Hobbs said. 1/8/2005
Possible Tax Relief for Selected Properties In the debate over how to provide property tax relief from soaring land values, a Southern Nevada lawmaker has devised an idea aimed at benefiting only residents of owner-occupied, single-family homes. The amendment allows property tax reductions for homeowners suffering a "severe economic hardship." The amendment changed the constitutional requirement that all property in Nevada had to be taxed in an equal and uniform way. 1/5/2005
No Personal Income Tax in Las Vegas Helps Lure Businesses A survey of 30 metropolitan areas in the West and central United States ranked Las Vegas as the eighth most inexpensive city for a technical company employing 125 workers and occupying a 35,000-square-foot Class A office space. "Locations like Las Vegas are on the radar screen," Boyd said. "It's not the old days where someone would work for the same company their entire career. No longer do companies say jump and the employees say how high. The human resource departments need to convince people the move is good for them, (and) personal income tax is the number one incentive." 12/9/2004
Property Tax Increases Will Hit Renters Hard Taxes will force me to raise rents by hundreds of dollars. I simply cannot absorb these costs. Surely, other investors are in the same boat. 11/24/2004
New Income Tax Deduction Adds Twists to Returns Taxpayers may have to make decisions without having all the facts. The sales tax measure can be applied to 2004 and 2005 only. Taxpayers have to decide whether it's better to deduct sales taxes or simply to take the standard deduction if it is higher than the total of their itemized deductions. Unless taxpayers have saved every sales tax receipt since Jan 1 or they can't prove how much they have paid. Congress did not enact the law until October. 11/14/2004
Mortgage Insurance Deduction Falls Short the capital gains rules to narrow the loophole that allowed some savvy investors to turn commercial property gains into tax-free home sale gains. 11/6/2004
Estate Planning Q & A Estate planning is very important to the financial success of you and your family. Below, some common questions are covered, such as: What is the benefit of estate planning? Should I be concerned about estate taxes? What can I do to protect my assets? What are some of the issues to be considered in estate planning? In Business Las Vegas 11/5/2004
Tips to Maximize Your Exchange Help in Dealing with 1031 Exchanges 10/2004
Living Trust VS Simple Will: Pay a Little Now or a Lot Later Probate can cost heirs time and money. There is a common misconception about the need to have a living trust. Probate costs can range from 4 to 10 percent of the value of the trust. Administration of a trust is usually less expensive than probate. 11/2/2004
Rollover Tax Rule Long Gone Modern tax exemption works better, easier to understand 10/31/2004
State's Taxable Sales Increase in August Taxable sales totaled $3.5 billion in August compared with $3.1 billion in August 2003. Las Vegas Review Journal 10/28/2004
Taxes, Sweet Taxes- Rising Value of Homes Mean Big Property Tax Hikes on the Way Similar to the situation Nevada faces, property owners in California in the 1970s complained they were in danger of losing their homes because their tax bills were increasing anywhere from 50 to 100 percent over the course of a year.
Senate OK's Corporate Tax Bill 2 Articles 10/12/2004 Las Vegas Review Journal
Unemployment Tax Boost Urged- Increase first in four years for fund to reimburse laid-off workers 10/7/2004 Las Vegas Review Journal
Taxable Home Values on Rise Assessor wants 6 percent cap on yearly increase When property tax notices hit valley mailboxes later this month, the average homeowner can expect an 8 percent increase above last year's bill due to rapidly rising home values throughout the county, but the real sticker shock is expected to come over the next two years. Las Vegas Review Journal 7/2/2004 Property Tax Chart
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