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<p><font size="+2" color="red" face="Arial,Helvetica,Geneva,Swiss,SunSans-Regular"><b>GREAT NEWS on the Postcard Scene</b></font></p>
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<p><font size="-1" face="Arial,Helvetica,Geneva,Swiss,SunSans-Regular"><b>ALERT:</b> #73<br>
<b>DATE:</b> May 24, 2005<br>
<b>TO:</b> Incline Village & Crystal Bay Property Owners<br>
<b>FROM:</b> The Village League Tax Revolt Committee</font></p>
<p><font size="-1" face="Arial,Helvetica,Geneva,Swiss,SunSans-Regular"><b>Dear Friends,</b></font></p>
<p><font size="-1" face="Arial,Helvetica,Geneva,Swiss,SunSans-Regular">This is our third notice about the Washoe County Assessor’s “postcard”. Wayne Fischer and I are receiving 10 to 20 emails per day, questioning how and which postcard to fill out, sign and return. Both of us, separately, called the Assessor's Office to determine what procedures should be followed. </font></p>
<p><font size="-1" face="Arial,Helvetica,Geneva,Swiss,SunSans-Regular">One of the bits of information that we found was that the assessors don't have a clue!!! However, one really <b>GREAT</b> piece of information that many of you will be thrilled to hear is that your <b>Primary Residence</b> is a home that you own in <b>NEVADA</b></font></p>
<p><font face="Arial,Helvetica,Geneva,Swiss,SunSans-Regular"><b>Primary Residence:<br>
</b></font><font size="-1" face="Arial,Helvetica,Geneva,Swiss,SunSans-Regular">You may own 10 other homes in 10 different states, but if you own a residence <b>IN NEVADA</b>, they consider it to be your <b>Primary Residence</b>; therefore, your tax increase over last year will not exceed 3%!!!</font></p>
<p><font size="-1" face="Arial,Helvetica,Geneva,Swiss,SunSans-Regular">If you own two or more homes in Nevada, only then do you need to determine which home is your primary residence.</font></p>
<p><font size="-1" face="Arial,Helvetica,Geneva,Swiss,SunSans-Regular">If you have a residential property that is only used by you OR OTHER MEMBERS OF YOUR FAMILY, who do not pay rent, then that property too, should be covered by the 3% tax cap as your Primary Residence in Nevada.</font></p>
<p><font face="Arial,Helvetica,Geneva,Swiss,SunSans-Regular"><b>Rental Property:<br>
</b></font><font size="-1" face="Arial,Helvetica,Geneva,Swiss,SunSans-Regular">Notice that the Rental Postcard contains the following language: “As of 7/1/2005, the rent for this property will be at or below the rents shown above”.</font></p>
<p><font size="-1" face="Arial,Helvetica,Geneva,Swiss,SunSans-Regular">Most rental properties rents are well above the HUD rate for low income property. If your rental property is rented full time, you can only send in the Rental Property postcard, with the top box checked, if you anticipate that your rents from July 1, 2005 to June 30, 2006 will be below the specified rental rates printed on the postcard.</font></p>
<p><font size="-1" face="Arial,Helvetica,Geneva,Swiss,SunSans-Regular">Several people have asked about averaging your rental income for the year. The answer is NO (so far).</font></p>
<p><font size="-1" face="Arial,Helvetica,Geneva,Swiss,SunSans-Regular"><b>Example:</b> If you rent your property one week a month, you will need to multiply that weekly rent by 4.3 to get the monthly rate. Instead, it sure would have been nice to divide the rent by 4.3 to get under the HUD monthly rental rate.</font></p>
<p><font face="Arial,Helvetica,Geneva,Swiss,SunSans-Regular"><b>Higher Tax Cap Rate:<br>
</b></font><font size="-1" face="Arial,Helvetica,Geneva,Swiss,SunSans-Regular">The present information from the Washoe County Assessor's office is that the higher tax cap rate will be 6.9% for the 2005/2006 fiscal year, and will be applied to non-primary residence, business properties and true rentals that exceed the quoted HUD rates. This number will be final in about 3 weeks, after which it needs to be approved by the Nevada Tax Commission.</font></p>
<p><font face="Arial,Helvetica,Geneva,Swiss,SunSans-Regular"><b>Gray Area:<br>
</b></font><font size="-1" face="Arial,Helvetica,Geneva,Swiss,SunSans-Regular">If after evaluating your situation, you are still confused as to whether your property will qualify for a 3% tax cap, <b>fill in the Primary Residence Postcard and send it in anyway</b>. The worst thing that the Washoe County Assessors will do is reject your request.</font></p>
<p><font size="-1" face="Arial,Helvetica,Geneva,Swiss,SunSans-Regular">If you don’t send in the postcard, then you will be stuck with the higher tax cap rate.</font></p>
<p><font face="Arial,Helvetica,Geneva,Swiss,SunSans-Regular"><b>Missing Post Cards:<br>
</b></font><font size="-1" face="Arial,Helvetica,Geneva,Swiss,SunSans-Regular">If you have not as yet received your Post Card, or have lost it, then call the Assessors office at: 775-328-2233 and request that they send you another one. Remember, if you do not send in anything, your last year's taxes will be increased by the higher amount, (up to 8%).</font></p>
<p><font face="Arial,Helvetica,Geneva,Swiss,SunSans-Regular"><b>Rental Property versus Primary Residence:<br>
</b></font><font size="-1" face="Arial,Helvetica,Geneva,Swiss,SunSans-Regular">I</font><font size="-1" face="Arial,Helvetica,Geneva,Swiss,SunSans-Regular">f you rent your Nevada Residence out even one day, after 7/1/2005, then it will be considered a Rental Property. Therefore, starting July 1st of this year (2005), you may want to pull your house out of the rental pool and not rent it at all, (that is if you rent it now). Paying less tax may be more economical than collecting rent for a few weeks of the year. Also, analyze the compounding effect for the next couple of years. What will 2 years of a lower tax cap rate versus 2 years of a higher tax cap rate actually be worth?</font></p>
<p><font face="Arial,Helvetica,Geneva,Swiss,SunSans-Regular"><b>Make a Copy:<br>
</b></font><font size="-1" face="Arial,Helvetica,Geneva,Swiss,SunSans-Regular">As we suggested in the last 2 Alerts, after filling out the postcard, make a copy for your records. We are certain that the assessor’s office will be making a few mistakes as they enter the data into their computers; therefore, you need to document exactly what you mailed in.</font></p>
<p><font face="Arial,Helvetica,Geneva,Swiss,SunSans-Regular"><b>More Information:<br>
</b></font><font size="-1" face="Arial,Helvetica,Geneva,Swiss,SunSans-Regular">The Washoe County Assessor’s website has more information about this postcard, including a Q&A list. Please go to our website, <a href="http://www.NevadaPropertyTaxRevolt.org">www.NevadaPropertyTaxRevolt.org</a>. A link is provided at the top of our home page for more information.</font></p>
<p><font color="#006400" face="Arial,Helvetica,Geneva,Swiss,SunSans-Regular"><b>We are all in this together. Good luck</b></font></p>
<p><font size="-1" face="Arial,Helvetica,Geneva,Swiss,SunSans-Regular">Sincerely,</font></p>
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<p><font size="+2" face="Times New Roman,Georgia,Times"><i>Maryanne Ingemanson</i></font></p>
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<p><font size="-1" face="Arial,Helvetica,Geneva,Swiss,SunSans-Regular"><b>Maryanne Ingemanson</b>, President<br>
</font><font size="-1" face="Arial,Helvetica,Geneva,Swiss,SunSans-Regular">Village League to Save Incline Assets, Inc.<br>
</font><font size="-1" face="Arial,Helvetica,Geneva,Swiss,SunSans-Regular"><a href="http://www.NevadaPropertyTaxRevolt.org">www.NevadaPropertyTaxRevolt.org</a> <a href="mailto:%20mingemanson@charter.net"><br>
mingemanson@charter.net</a></font></p>
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<p><font size="-7" face="Arial,Helvetica,Geneva,Swiss,SunSans-Regular">-----------------------------------------------------<br>
<b>Village League to Save Incline Assets Board Members</b>: <b>Maryanne Ingemanson</b>, President, <b>Ted Harris</b>, Tax Revolt Committee Chairman, <b>Les Barta</b>, Law Research, <b>John Carney</b>, Analyst, <b>Wayne Fischer</b>, Webmaster, <b>Todd Lowe</b>, Financial, <b>Dale Akers</b>, Historian, and <b>Chuck Otto</b>, Public Relations</font></p>
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<p><font size="-7" face="Arial,Helvetica,Geneva,Swiss,SunSans-Regular">Village League to Save Incline Assets, Inc. - Non-Profit Corporation - FEIN 88-0399029<br>
1165 Vivian Lane, Incline Village, NV 89451</font></p>
<p><font size="-7">.</font></p>
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