A number of home owners in Las Vegas are enduring short sales. When a home is sold for less than the remaining mortgage , or simply walked away. The Knights' ZIP code, 89108, tallied the second-most foreclosures in the Las Vegas region last year, according to SalesTraq. Eventually, the Knights did go underwater. Even though the sales volume in Las Vegas has regained some strength recently, home prices are expected to remain listless, possibly for a couple of years. So when the Knights got this year's property value notice, they gasped: about $153,000. It couldn't be worth that much, they thought. One home similar to theirs, but with a swimming pool, had recently sold for $132,000. And this is why the Knights were now before the board. Last year their property tax was about $1,500, a tough amount with two people unemployed. They contended their home was worth $125,000.
Based on the reports of real estate experts, since 2005, Nevada law has capped annual property tax increases, somewhat similar to California's Proposition 13. That hasn't diminished complaints to the Board of Equalization. When the market was scorching, owners griped that homes got too pricey, too fast. When it cooled, they griped that home values - and corresponding tax bills - didn't drop quickly enough. Based on the data this year, whiplashed property owners in Las Vegas tried to regain some feeling of control. The board will hear a record 8,300 commercial and residential appeals, about six times more than in 2008. Some home owners had fidgeted through a dozen or so appeals, and things did not look good.
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