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Tax reform to stimulate our economy |  |
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Tax reform is necessary to stimulate our economy. Renters will see from $600 to $1,000 in rebates. Senior Citizen Renters will see from $1,200 to $2,000 in rebates. All home owners will see about $1,000 from the homestead deduction and Senior Citizens about $2,000 from the homestead deduction. The relief is channeled to homeowners with an additional homestead deduction. Next year homeowners will subtract a $100,000 homestead deduction from their homes' assessed values. Start with a home worth $300,000, subtract $100,000, then multiplying the taxable value by the "assessment ratio" of 35% (this ratio is set by law) and only $70,000 would be taxable. The added deduction provides most of the property tax relief to homeowners. The tax rate reductions from the homestead deduction is just about offset by a 0.25% increase in the sales tax. Homeowners will have lower taxable assessed value, so their tax bills will drop.
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RENTERS HOMESTEAD & SALES TAX RELIEF:
By general law and subject to conditions specified therein; Renters that qualify for Renters Homestead can apply to the local tax collector for annual rebate. The amount of $600.00 for apartments, condominiums, and mobile or manufactured homes, and $1,000.00 for single family detached homes. The amounts are double for Senior citizens. Renters would apply for Renters Homestead in advance to any rebate paid and provide a notarized copy of the lease at the time of payment. The state escrow account would reimburse the tax collector for the rebate paid to the renter.
Qualifications for Renters Homestead:
a. Have legal or beneficial lease to the property for the previous 6 months.
b. Reside on the property for the prior 6 months.
c. Be a permanent resident of the State of Nevada.
d. Be a United States citizen or possess a Permanent Resident Alien Card (Green Card).
Who Benefits Under This Plan?
a) All Nevada property owners and renter residents will benefit.
b) This will create an economic boom in Nevada and benefit all Nevadans!
c) New homeowners could see over a drop in monthly payments.
d) Current home owners that have taxes escrowed will see a meaningful drop in payments.
e) More jobs will be available because businesses will move to Nevada instead of leaving under the current plan and property owners will have more money they can spend.
My plan achieves an important balance…enough property tax relief to take the pressure off homeowners being priced out of their homes, but not so much that a risky new tax plan takes it place at the cost of jobs and prosperity for our future.
• A Calculation Example •
300,000 X 35%
105,000 X 3%
$3,150
300,000 -- 100,000 homestead deduction
200,000 X 35%
70,000 X 3%
$2,100
A savings of $1,050
200,000 X 35%
70,000 X 3%
$2,100
200,000 -- 100,000 homestead deduction
100,000 X 35%
$35,000 X 3%
$1,050
A savings of $1,050
$400,000 X 35%
$140,000 X 3%
$4,200
$400,000 -- 200,000 Senior citizens homestead deduction
200,000 X 35%
70,000 X 3%
$2,100
A savings of $2,100