Property taxes are tanking

Wednesday, April 15, 2009 | 2 a.m.

As lawmakers await the latest projections from the state’s Economic Forum, one taxing element that won’t be forecast on May 1 could add to the state’s budget woes. Property taxes, which don’t fund much of the state budget, are tanking. But even though they don’t directly affect the state budget much, property taxes that fund schools must reach certain per-pupil funding levels. If they don’t — and that almost never happens here — the state must make up the difference from the general fund. This could mean tens of millions of dollars — or more — that would have to come out of the already strapped operating budget of Nevada. When it rains, it pours. Luckily, the capital is not bereft of visionaries who will address all of this — in just a few weeks’ time.