"The number of property owners in Clark County Nevada paying lower property taxes than the year before is expected to skyrocket this year.

YEAR : PAID LESS TAX

2007 : 19,000

2008 : 55,200

2009 (projected) : 200,000 (almost 1/3 of the 724,000 parcelsin the books)

Property values now must fall below 2004-05 levels before their owners see a decrease in their tax bills.

Roughly 717,000 properties in Clark County have declined in value in the past year, though most didn't depreciate enough to lower the owners' taxes."

From: Las Vegas Review-Journal.

Although it's nice to think of our property tax bill potentially going down, I can't help but think what a blow this is going to be to county budgets and wonder how soon they will have to raise money through new taxes of some sort.

This is a USGS aerial photo of our subdivision in 1994 when our house was being built.