The Clark County assessor’s office published a list of the 25 largest taxpayers in Clark County, and it showed that in 2010 these properties have lost $12.5 billion in appraised value. Las Vegas real estate taxes are down. The total appraised value of $41.2 billion includes land and buildings, and is a 23% decline on the $53.7 billion value of last April. These declines in commercial real estate follow the collapse in residential values.
Despite the decline in appraised values local governments are not going to see a decline in values. This is because the taxes on commercial properties were capped at an annual 8% rise back in 2005. Values haven’t dropped so far that the post-2005 taxable base has been eroded. As a result of this legislation newer owners are paying a disproportionately higher amount of tax than those that had large portfolios pre-2005.
- MGM Mirage
- Harrah’s Entertainment
- NV Energy
- Las Vegas Sands Corp.
- Boyd Gaming
- Wynn Resorts
- General Growth Properties
- Station Casinos
- Universal Health Care
- Basic Management
- World Market Center
- McCarran Center
- Camden Property Trust
- Olympia Group
- Greenspun Companies
- Treasure Island Ltd.
- Harsch Investment Properties
- Marnell Corrao Associates
- Nevada Property
- Hospital Corporation of America
- Gaughan South Limited
- Olen Properties
- Wal-Mart
- Goldman Sachs Group
- Crescent Real Estate Equities
The MGM Mirage figures are skewed by a couple of factors: the sale of Treasure Island, and City Center coming online. Putting these two factors together MGM’s appraised value of $16.3 billion is a 4 percent increase on 2009’s $15.7 billion. The assessed value, on which taxes are applied, is $5.5 billion. Harrah’s Entertainment also has a significant change – it acquired Planet Hollywood – but despite this its appraised value of $5 billion was still below its $7.3 billion of a year ago.
Some companies have dropped off the Top 25 Las Vegas Real Estate Taxes list altogether. Turnberry Associates were ranked No.10 in 2009, but having lost Fontainebleau Las Vegas have seen its appraised value fall to $257 million. Other disappearing acts include Focus Property Group, Trump International and Triple Five Development.
