Bill > AJR1

This resolution proposes to amend the Nevada Constitution to modify property tax assessment rules, specifically addressing how real property is valued and taxed when it is sold or transferred. The key provision introduces new rules that impact property tax benefits and adjustments for recently sold or transferred real estate. Under the new provisions, during the first fiscal year after a property sale or transfer, the property would become ineligible for certain tax adjustments related to improvement age, tax abatements for owners of advanced age, or exemptions for avoiding economic hardship. For subsequent fiscal years after the sale, any adjustments based on property improvements would be calculated as if the improvements were new at the time of sale. The Legislature is also tasked with defining what constitutes a "sale" or "transfer" for the purposes of implementing these rules. This constitutional amendment aims to potentially generate more consistent property tax revenue by resetting certain tax benefits when property changes ownership, while still allowing the Legislature flexibility in creating specific exemptions and definitions.

Budget and Finance, Government Affairs

https://www.leg.state.nv.us/App/NELIS/REL/83rd2025/Bill/12005/Overview