Nevada’s real estate transfer tax could climb — but many big sales don’t generate any

Nevada’s real estate transfer tax could climb — but many big sales don’t generate any

Article brief provided by Las Vegas Review-Journal
  • Eli Segall, Las Vegas Review-Journal
February 6, 2023 8:57 PM
  • Eli Segall, Las Vegas Review-Journal

From Bellagio and The Cosmopolitan of Las Vegas to the Rio, Palms and beyond, numerous Las Vegas properties sold for huge sums without producing a dime of real estate transfer taxes.

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The result is big savings for buyers and sellers — and lost revenue for schools, low-income housing and other services in Nevada.

With the state’s next legislative session starting Monday, a bill would increase the transfer tax for a new “critical needs fund.”

But it’s unclear whether lawmakers plan to dig into the complex deal structures that have spared big companies from paying a tax routinely slapped on sales of homes, warehouses and other real estate in the Las Vegas Valley.