Golf course closure puts hit on home values in Las Vegas neighborhood
More than three dozen property owners in an upscale Las Vegas development have seen assessed property value drops after filing appeals in the wake of the closure of the Badlands golf course.
Some Queensridge properties had their assessed land values slashed by as much as 30 percent. For one home on Orient Express Court, that meant a land value adjustment from $462,000 to $323,400. The assessment for that home and other improvements made on the property declined by 5 percent, dropping the total value from $2.63 million to $2.49 million.
The Clark County assessor’s office has signed agreements with 40 of 59 Queensridge property owners who filed appeals and agreed to the assessor’s subsequent downward adjustment in value.
The Board of Equalization approved on Friday recommended reductions from the assessor’s office, and heard from a handful of Queensridge property owners who argued their values should have been decreased beyond the recommended adjustments.
Queensridge resident Ron Iversen had appealed, but ultimately reached an agreement with the assessor’s office when they reduced his property taxes from the previous year.
“At least they’re listening,” Iversen said. “It was kind of like adding insult to injury.”
The golf course closed in late 2016, but the 250-acre property has been part of a prolonged dispute as neighbors have pushed back against a development proposal.
The Las Vegas City Council last week approved EHB Companies’ plan to develop a portion of the golf course: 435 condominiums at the corner of Alta Drive and Rampart Boulevard, which was significantly cut back from the previous proposal for 720 units at that corner.
The assessor’s office sent notices to property owners by Dec. 18. After the tax roll was finished, though, they decided with changes in Queensridge, property values were worth a closer look, senior property appraiser Jeff Bonesteel said at Friday’s meeting.
Queensridge residents on Friday argued they’re going to struggle to sell their homes because they’re not sure what will happen with the development, and because of the loss of a golf course view. The assessor’s office bases its recommendations on similar recent sales, taking into account factors like the neighborhood, lot and home size and pools.
But while property owners continue to decry what they think will result in continued hits to their property values, the assessors are not trying to predict what might happen around the properties in the future.
A number of appeals have come before the board recently from properties lining the Silverstone Golf Club, which has also closed.
“This one’s a little scarier than Silverstone,” said Tami Campa, a member of the Board of Equalization. “This one doesn’t have a lot of sales happening.”
Contact Jamie Munks at jmunks@reviewjournal.com or 702-383-0340. Follow @JamieMunksRJ on Twitter.
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