Cap on property assessments urged

Thursday, March 17, 2005 | 9:02 a.m.

A day after state legislators were presented with three plans to lessen property tax bill increases, the Las Vegas City Council formally weighed in on the matter, calling for legislation that would cap the growth of assessed value.

The City Council voted 7-0 to adopt a resolution calling for legislation that would cap the growth of property assessments at not less than 6 percent for two years, include a provision for allowances in cases of economic hardship of individual homeowners, require a study of the issue, and exclude redevelopment areas from the cap on increases to assessments.

On Tuesday in Carson City, Legislative Counsel Bureau Director Lorne Malkiewich presented three plans to a joint committee looking to mitigate property tax increases.

One plan calls for a cap on increases to assessed value, another proposes a freeze on assessed value, and a third incorporates a formula generated by legislative staff members that is designed to limit revenue -- and thus tax increases -- instead of limiting assessed value. The proposals are meant to be short-term and all call for a study of property tax proposals before the 2007 Legislature convenes.