All owner occupied homes (including single-family homes, condos, townhouses and manufactured homes) that are used as primary residences qualify for the 3% tax cap. Also, rental units may be eligible if all the units are rented for equal to or less than the HUD median market rents, less utilities.
AB 489 provides for a partial abatement of the ad valorem taxes levied in a county. This partial abatement results in a “Tax Cap”. The tax cap will limit the increase of your tax bill to 3% for your primary residence within Nevada or rental properties where the rent charged does not exceed the fair market rent, less utilities, for the county in which the dwelling is located, as most recently published by HUD as provided by the Nevada Department of Taxation. Most other property will receive a higher “Cap”, which, for 2005/2006 will be 7.3% over the previous year’s tax bill in Douglas County.
It does not limit the increase in assessed value.
The exemption will be applied to the tax bill after the cap is applied.
The following situations could cause an increase of more than the prescribed cap:
Any property where the percentage of tax increase was less than the corresponding cap will only be billed the original increase of the taxes. The tax bill will not automatically be increased by the corresponding cap.
If you live in the home you own, it is considered your primary residence and therefore qualifies for the 3% tax cap.
For the first year, the property will qualify for the lower cap as long as the main residence is the primary owner occupied residence. This may change in future years when permanent regulations are adopted.
A separate post card is mailed for every property that you own:
Each rental unit on the parcel must be rented for equal to or less than the HUD median market rent, less utilities. All units must qualify.
Yes, property used in the operation of a home business can still be considered as a primary residence.
Mixed-use parcels are not eligible for the 3% tax cap but the 7.3% tax cap would apply.
The transfer of ownership of property will trigger a new post card to be mailed to the new owner to verify the status. The new post cards will be mailed monthly.
The 3% tax cap is applied to your tax amount, not the assessed value of your property.
No, you must sign the post card and, if necessary, the rental questionnaire as the property owner. We can send the documents to you if you call our office at 775-782-9830 and request them or you may come into the office at 1616 8th St., Minden.
No. Any owner or legally authorized agent may sign the postcard.
As long as the residence is the primary residence of a trustee the property will qualify for the 3% cap.
No, only the amount of increase on your tax bill was capped.
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