Legislature resurrects proposal to reset property tax valuation when home is sold

Nevada lawmakers are proposing a change to the property tax structure, allowing voters in 2028 to decide if property values should reset upon sale. Currently, the assessed value remains with the home, benefiting new owners. Assembly Joint Resolution 1 aims to amend the state constitution, requiring approval in two consecutive legislative sessions. Supporters argue it would increase funding for local governments and schools without altering tax rates. Critics warn it could raise property taxes and strain the housing market. Previous similar proposals have failed to pass.