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Property owners seek to cut taxes
02-28-09 http://www.lvrj.com/news/40469207.html
Thousands if people across America have been seeking lower assessed values. Almost 6,000 people within the last month have been asking to get their taxes lowered in Las Vegas. From billion dollar casino companies to humble homeowners argued that their properties’ assessed values should be reduced to better match the plummeting market prices of this past year. Therefore, they should all be receiving smaller tax bills.
A few thousand owners resolved their cases with the county assessor’s staff and avoided hearing. While other thousands appealed directly to the Clark County Board of Equalization. In previous years a few dozen appellants might attend hearing. Whereas today almost 300 people are being scheduled to appear.
The board cut the assessed value of the hotel in Palms Place to $4.4 million from $73 million. Several years ago, tax increases were capped at 4 percent on owner occupied homes and 8 percent on commercial properties, based on 2004-2005 values.
