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.
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