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Steady As She Goes  
by Vice President Knight Allen
Originally published on April 13, 2017 - reprinted with permission

   
    Do the two graphs look familiar to you? They should if you are a homeowner because you receive one every December from the Clark County Assessor's Office. Based on what I have observed lately I'm thinking people either ignore it or only glance at it. Most don't really study them, even those who are actively following AB43 in this year's legislative session.

    I say this because I went to the Sawyer Building on 3/9 to attend the Assembly Taxation Committee's hearing on AB43. It was kind of an eye opener. So many people there were outraged that their property tax might go up 3%. It was almost as if they really didn't know the tax has been going up by 3% every year since 2005. Add to that all the letters to the editor hollering about property tax increases and it gets to be a bit embarrassing.

    Fact: AB43 will not affect the 3% cap. However, I would not turn a blind eye to the possibililty that some bill that will attack the cap could come out of nowhere. I don't think we have to worry because the Republicans have been put back into the minority and have re-embraced their "No tax increases" dogma. Unlike in 2015 when, as the majority party in both houses, they engineered the largest tax increase in Nevada history.

    Besides showing you the graphs which give a solid visual of the insane housing market from 2005 through 2017 I wanted to give you an idea of just how important the cap has been to us. To do that I used the numbers from the Clark County Treasurer's Office that come with the Assessor's card. So, go to the graphs and follow along:

    Starting in 2005 that gap between the two lines represents a 45% difference between what we paid vs. what we would have had to pay without the cap. In 2006: 135%. That's not a misprint. The property tax would have been more than double what we actually paid thanks to the 3% cap. In 2007: 83% - 2008: 33% - 2009: 7.7% - 2010: 0% - 2011: 0%

In 2009 you can see the two lines converging. In 2010 and 2011 they met and statistically there was no difference between the "as assessed" and "with the 3% cap" numbers.

    But look what's happened since 2012. Values have started rising and the cap has kicked back in protecting us again from a market that is overheating. In 2012 the difference between what we would have had to pay and what we actually paid was 7.2%.
In 2013: 19% - 2014: 44% - 2015: 63% - 2016: 81% - 2017: 102%-There's that double again.

    No one knows what the future holds but what we can know is the 3% cap has worked and is working now just as intended. Please don't let anyone hustle you into believing the cap isn't working or that there is something "better" out there. Better for whom? Not for us that's for sure.

          I hope you found this to be worthwhile.

Contact Vice-President Knight Allen

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