Over the past year there has been an amazing increase in property values here. In the first half or 04 home prices went up by as much as 100 percent. It leveled off and decreased a bit but still any home owned in 03 is worth a lot more today. This might seem to be a good thing and it's true that some people sold and made money but it doesn't help unless your going to take the money and run. And some did, moving to AZ or NM, forget CA I don' see how anyone can live there.
This development has created a number of effects. One really serious one is taxes. In Nevada, by law, property taxes are tied to property value so we are going to be hit with a serious tax increase mid year. Some people on fixed income will be hurt so bad they may be in danger of losing there homes. A tax revolt is in the makings and state gov. Is trying to figure what to do. They are fearful of a prop 13 like in CA and it will surely happen if they don't take action.
The problem is property tax law is written in the constitution and is not easy to change. There are proposals: a freeze, a cap, and others but the ledge' better do something cause the prop 13 types are getting there petitions ready.
Adaven
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