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.
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.