Things Change
Las Vegas who own newly constructed homes, rental property owners, new homeowners and owners of parcels that have undergone changes will be receiving postcards from the Assessor’s Office outlining these new tax reforms.
Will these new reforms affect you? Probably. To what degree? It depends on your personal situation; I would recommend that everyone who will potentially be affected, either negatively or positively, read up on these new property tax reforms to find out for themselves.
As I understood from the new laws is there will be a 3% to 8% cap on tax increases for the 2007-2008 year (please note I am not a tax accountant so my understanding of these new reforms could be askew). If you are not very familiar with tax structures, it would probably be wise to consult with your accountant to see how you will be affected. Any good accountant will be able to tell you much more than I was able to glean from what I have read. I believe the important thing right now is to recognize that these new reforms will affect a great many of us and it will help us be well informed as to what the new laws really mean.
No one likes taxes, especially new and unexpected ones. However, let us remember that being informed as to how these new taxes will affect you is the first step towards taking some of the sting out of the bite.
