Lower Property Value? Lower Taxes

LAS VEGAS (AP) - The Clark County assessor's office says more
than 200,000 property owners could pay lower taxes because of
falling property values.

County Assessor Mark Schofield told the Las Vegas Review-Journal
for a copyrighted story on Sunday that the next fiscal year will be
extraordinary in how much the market has declined.

Schofield says the county will assess fewer taxes on nearly
one-third of the 724,000 parcels in Clark County.

Don Burnette, the county's chief administrative officer, says
the property taxes will likely not go up, and the county could lose
$32 million to $47 million in property tax revenue to the state
during a year when sales tax revenues are declining.

Burnette says that's not a good sign.
Information from: Las Vegas Review-Journal, http://www.lvrj.com

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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