We're ready to give credit where credit is due.The Nevada Legislature came into the session eight weeks ago with a job to do and a deadline to get it done. Property tax relief legislation appeared poised Thursday evening to head for the governor's desk - just in time for county assessors to chop down massive tax increases.
Although there was still some last-minute wrangling going on, it would cap annual increases at 3 percent on single-family, owner-occupied homes, a huge break for thousands of Nevadans. It also puts a hard cap on the rest of the property in the state, including businesses and rentals, at 8 percent.
The Legislature deserves a pat on the back for doing the right thing. Such a tax windfall, driven by spiraling property values, was unconscionable.
But Nevadans should stand and give a round of applause to a dedicated and persistent bunch of Incline Village property owners who have been fighting this battle for years. Those folks didn't get much sympathy - not until many of the rest of us woke up to startling increases in our own assessment notices.
The Legislature's work is not done, however.
The legislation creates a two-tiered system of property taxation in the state which, over the years, will tend to shift a heavier property-tax burden onto commercial properties. But if businesses want the same cap as homeowners, they have to be willing to give up their "economic hardship" loophole that allows them to appeal their assessments a year at a time based on how well the business is doing.
Legislators also need to back up and address issues in the assessment process, such as depreciation and change-of-ownership appraisals.
In the meantime, though, it looks like Nevadans finally will be getting property tax relief. Hallelujah!
