Court Ruling May Result in Property Tax on Previously Exempt Community Association Property (NV)

A recent Nevada Supreme Court decision suggests that community association common areas may be subject to property tax based upon the value of common area improvements, even if the underlying land is effectively valueless because it is encumbered by restrictions of the community association. While this case is based on interpretation of Nevada law, it could have broader implications as states across the country seek new revenue sources to shore up their finances.     Read more…….