Over the past couple of days, we’ve been discussing the property transfer tax, which is the penalty people pay the government for the audacity of selling their homes or other real estate. In Clark, the penalty is $1.25 per $500 in value of the property; in Washoe it’s 60 cents.
The difference is, the higher tax rate only applies to counties which have more than 400,000 people living there. Washoe currently only has about 380,000…and probably won’t reach the magic 400,000 threshold until sometime within the next year. Washoe County officials and bureaucrats don’t want to wait, though; they want the Legislature to allow them to double the property transfer tax NOW.
For the record; however, the property transfer penalty isn’t just 60 cents in Washoe County and $1.25 in Clark County. Remember the 2003 Legislature? The one where legislators socked Nevadans with the largest tax hike in history? The one where legislators refused to give the people of Nevada the right to vote on the largest tax hike in Nevada’s history? That Legislature?
Well, a friend of mine in the real estate businesses wrote to advise me that during that tax-happy session, our wonderful elected officials in the Legislature more than DOUBLED the property transfer tax penalty for citizens in Clark County and more than TRIPLED it in every other county. NRS 375.023 was added that year, stipulating that…
“In addition to all other taxes imposed on transfers of real property, a tax, at the rate of $1.30 on each $500 of value or fraction thereof, is hereby imposed on each deed by which any lands, tenements or other realty is granted, assigned, transferred or otherwise conveyed to, or vested in, another person, if the consideration or value of the interest or property conveyed exceeds $100.”
Seriously folks, how much is enough? Will these people EVER stop asking for more of our money?
It was only four short years ago that the Legislature jacked up taxes by an eye-popping $833 MILLION…including the above-mentioned hike in the property transfer tax. And now, here they come again. Why is it that the “solution” to our budget “problems” is always “mo’ money” and never “less spending”?
The bad news is, four Republicans on the Senate Taxation Committee voted for this new tax hike last week; so instead of killing it in its cradle, the property transfer tax hike is still alive and kicking. The good news is, Gov. Jim Gibbons has promised us all that he will veto any and all efforts to raise taxes, which this certainly is.
The worse news is that leading Republican elected officials - such as Assembly Minority Leader Garn Mabey and Reno Mayor Bob Cashell - are joining the liberal Las Vegas Sun editorial page in telling the governor he should break his promise to the people and approve tax hikes.
Does all this tax-hike talk get you fired up? It should. And now you can voice your opposition online just by clicking here and filling out the online form you’ll find there. It’s as simple as selecting the “Against” option, filling out your name and address, and hitting “Submit.” Your position will automatically be sent to your elected legislator based on the address you provide.
Posted on April 16th, 2007 by Chuck Muth
Filed under: Nevada
Chuck,
I have not seen your rebuttal to my comments regarding your Ross Miller “ethics” complaint. Are you going to explain yourself or do my comments stand as the real truth of the issue?
I dont even remember how i reached your site but it doesnt matter, cause i’m so happy i found it, it really made me think, keep up the good work
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