Board of Equalization rejects tax appeal

Friday, Aug. 23, 2002 | 10:44 a.m.

The Four Queens hotel-casino has lost an appeal to reduce its property taxes by 30 percent.

The state Board of Equalization, the five-member appeals board for property tax issues, on Thursday unanimously rejected the downtown Las Vegas hotel-casino's appeal that it should be allowed to reduce its property value based on its intangible assets.

A 1999 law authorizes tax deductions for intangible assets, such as name recognition among customers and a company management's experience, for businesses that cross county lines. The intent of the law is to fairly assess companies such as utilities and airlines.

Appraisers for the Four Queens argued that casinos should be among businesses eligible for the reduction, a contention Clark County officials feared would lead to widespread appeals and an erosion of the tax base.

While the board rejected the appeal, it approved a reduction in the county assessor's appraisal of the property, from $46.6 million to $45.5 million, which will save the hotel-casino about $10,000 a year on its tax bill.

Other casino company tax appeals scheduled to be heard Thursday, for Primm South Real Estate Co., on behalf of MGM MIRAGE's Buffalo Bill's hotel-casino, Primm, and Station Casinos Inc., were withdrawn by the applicants.