July 29, 2014
LAS VEGAS (AP) - Clark County officials say property taxes will likely be $82.5 million less than the last fiscal year, the first decrease for the county since 1993-1994.
Officials originally expected the revenues to be about the same as last year, but new properties didn't make up for declining values on existing homes.
A report from the Clark County Treasurer's Office says the county expects to collect nearly $2.24 billion in property taxes for 2009-2010. Last year, the county levied $2.32 billion in property taxes.
The county says legislative property tax caps that took effect for 2005-2006 will mean $918 million less in revenue. The caps were designed at the time to keep property taxes from raising at the same rate as property values.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
Copyright 2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.