Increase in Washoe County’s Real Property Transfer Tax
In an effort to provide funding for the Washoe County School District, The Nevada Legislature may consider the raising of our Real Property Transfer Tax as a way to provide the needed funds. Although I doubt anyone would disagree with the need to increase of funding for our Washoe County School District, is this really the best way to go about raising those funds? If the tax increase does go threw, how will the school district be able to properly budget, and plan when the source of its funding comes from volatile and cyclical tax revenue?
Nevada’s Real Property Transfer Tax is only paid upon the successful transfer of property from one person/entity to another. Furthermore, there are 14 separate exemptions to our Real Property Transfer Tax which people can qualify for. Because of these reasons, there is no way to guarantee a certain amount of tax revenue that will be generated at any given time. The Real Estate market is a volatile market that reacts to multiple economic factors, and therefore actual Real Estate transaction will vary from month to month, and year to year. For example; had the Washoe County School District been funded from this tax in 2004, there probably would have been more than enough tax revenue to properly fund the School Districts programs on account of records sales for the area. However, had they received funding from this tax in 2006, they may have not received enough revenue since the real estate market was experiencing very little activity.
Our community is growing, and our school district need added funding to keep up with our growth. However, it should be provided by a broader based source of funding to ensure the district receives a sufficient amount for its needs.
Related Posts
Quick Statistics
Understanding Local Markets
Should you have any questions or need further information, please don't hesitate to contact me,(775) 220-1630
Or visit my website at www.SellingNorthernNV.com
Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521
Nevada’s Real Property Transfer Tax is only paid upon the successful transfer of property from one person/entity to another. Furthermore, there are 14 separate exemptions to our Real Property Transfer Tax which people can qualify for. Because of these reasons, there is no way to guarantee a certain amount of tax revenue that will be generated at any given time. The Real Estate market is a volatile market that reacts to multiple economic factors, and therefore actual Real Estate transaction will vary from month to month, and year to year. For example; had the Washoe County School District been funded from this tax in 2004, there probably would have been more than enough tax revenue to properly fund the School Districts programs on account of records sales for the area. However, had they received funding from this tax in 2006, they may have not received enough revenue since the real estate market was experiencing very little activity.
Our community is growing, and our school district need added funding to keep up with our growth. However, it should be provided by a broader based source of funding to ensure the district receives a sufficient amount for its needs.
Related Posts
Quick Statistics
Understanding Local Markets
Should you have any questions or need further information, please don't hesitate to contact me,(775) 220-1630
Or visit my website at www.SellingNorthernNV.com
Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521
Labels: Local News
posted by Joshua Talayka at
10:06 AM
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