WASHOE COUNTY NEWS RELEASE
The process of issuing refunds to Incline Village/Crystal Bay taxpayers will have a temporary delay as the Washoe County Treasurer’s Office reviews the process.
A provision in Nevada Revised Statutes, (NRS) 361.4725, calls for an additional amount to be taxed on a parcel following certain fluctuations in taxable value of property. To qualify, the taxable value of a property must decrease by 15 percent or more in one year and then increase by 15 percent or more in the following year.
The current calculation process was not appropriately recognizing parcels that fall within the parameters of this provision. As a result, some parcels for which refunds have already been calculated and issued may have been overpaid. This provision has only rarely occurred in Washoe County, and the Treasurer’s Office is confirming the exact calculation methodology with the Nevada Department of Taxation to insure that everything is being done properly.
“This should be fairly simple to address going forward, but our concern is for the parcels which have already been issued refunds that might have been affected,” said Washoe County Treasurer Tammi Davis.
The Treasurer’s Office is working to notify all affected property owners and advise of the impact for those who have already received a refund. Affected parties can expect to receive a letter by early next week. Meanwhile, the background work for the overall refund process continues. The refund project is estimated to take at least 18 months due to the complexity of the process.
Incline Village/Crystal Bay taxpayers will receive refunds due to the Nevada Supreme Court ruling on July 7 that upheld an earlier District Court order directing the Washoe County Treasurer to issue refunds of overpaid property taxes with interest to affected taxpayers in the Lake Tahoe area. The Supreme Court’s decision came two years after the County had appealed the District Court’s decision.
The estimated total cost of the refunds is approximately $43.3 million; the interest portion is estimated to be $6.2 million, and the County’s share is approximately $18.4 million dollars. Other agencies affected include the Washoe County School District, North Lake Tahoe Fire Protection District, Incline Village General Improvement District and the State of Nevada.
For more information, contact the Treasurer’s Office at 775-328-2510 or visit www.washoecounty.us/treas/Inclinevillage/crystalbaytaxrefundinformation.htm.
