LAS VEGAS – A report released this week by the Nevada State Apartment Association (NVSAA) shows the ongoing eviction moratorium cost Nevada an estimated $12.6 million in lost revenue from sales and use taxes last year.
However, the report showed there was no significant drop in property tax revenue to the state from the eviction ban, since Nevada property owners generally continued paying the property tax owed on their properties in 2020 despite many of them not receiving rent much of the time.
“While the multifamily industry has been asked to continue to foot the bill, housing tenants who often aren’t paying rent, we carry on with our industry’s day-to-day business, including paying taxes,” said NVSAA Executive Director Susy Vasquez. “It’s important for policymakers and state leaders to understand our financial issues stemming from the eviction moratorium, while speeding up the distribution of critical rental assistance.”
The NVSAA report is based on research conducted by RCG Economics LLC. It shows Nevada’s rental industry continues to produce economic activity throughout the state, but the loss of these revenues can damage the state’s economy and its housing market, harming both landlords and tenants.
About the NVSAA
The Nevada State Apartment Association is the voice of the multifamily housing industry in Nevada. The nonprofit organization provides a variety of services to its 894 community, property management and business partner members statewide, including legislative support, education and community outreach. NVSAA is committed to promoting and supporting the diversity, integrity and success of its members and their industry. For more information, visit www.NVSAA.org.
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