Support A.J.R.1 to Modernize Nevada's Property Tax System

As a dedicated educator and proud member of the Washoe Education Association (WEA), I am writing to express my strong support for Assembly Joint Resolution 1 (A.J.R.1), which proposes a much-needed modernization of Nevada's property tax system. Currently, Nevada is unique in applying a depreciation formula to real estate, reducing the taxable value of properties by 1.5% annually for up to 50 years. This system, while initially implemented to address rapidly rising property values, has led to a significant erosion of our tax base over time. As a result, local governments struggle to fund essential services, including education, public safety, and infrastructure maintenance. A.J.R.1 seeks to address this issue by resetting the depreciation schedule upon the sale or transfer of a property. This change would ensure that new property owners contribute a fair share in property taxes based on the current value of their property, thereby enhancing revenue for critical public services without affecting existing homeowners. Moreover, A.J.R.1 includes provisions to establish a program offering property tax refunds to residents aged 62 or older and those with disabilities, ensuring that our most vulnerable populations are protected. This resolution represents a balanced approach to tax reform, promoting fairness and sustainability in our revenue system while safeguarding those in need. I urge you to support A.J.R.1 and help move Nevada toward a more equitable and effective property tax structure. Thank you for your attention to this important matter.