The presidential election has come and gone, but it’s not without its consequences. These consequences differ, of course, on a state by state basis – but we’ll be focusing our attention on the state of Nevada. So, let’s get straight to it…
In 2016, there were 162 state-wide ballot measures certified in 35 states. Just under half of these, seventy-one, were put to the citizens of those states. These measures – which you can find here – can have serious implications for property managers across the country.
By amending legislation in this way, it opens new questions about the real estate industry, how it is currently run, and the costs that it now accrues. Property managers need to keep informed of these new legislative developments as they unfold.
Case Study: State of Nevada
Let’s take a closer look at measures recently approved in the state of Nevada.
There, they were asked the following questions:
- Firearms – background checks for gun purchases
- Marijuana – legalization of marijuana
- Energy – regulations on the energy market
- Taxes, healthcare – Sales tax exemption for medical equipment
Clearly, some of these measures do not directly affect property managers, but some do. All four of these measures were passed, the most significant of which is the deregulation of the energy market. Greater competition in the energy market lowers costs in the long-term. Energy costs can, for many, prove substantial for property owners.
It also means that cities, such as Las Vegas, become more attractive for workers and families. The measure also impacts the marketing. Nevada can now be featured as a lower-cost energy destination compared to neighboring states, such as California. These are small but significant positives that property managers, nationwide, need to consider.
Let’s assess some of the other measures, passed in other states, that can have implications for property managers:
- Energy Tax Exemptions, Amendment 3
- Tax exemptions for Energy Conservation Improvements, Amendment 3
- Property Tax Exemptions for Renewable Energy Equipment, Amendment 4
- Solar Energy Subsidies and Personal Solar Use, Amendment 1
- Proposition 3; Tax Exemption for Alternative Energy
There are innumerable others, but the take home point here is that election day does impact property managers; both in positive and negative directions.
It’s up to property managers, as experts in their field and their region, to know about these measures, whether they were passed, and, if so, what implications – both practical and legal – they have on properties.
If you’d like to learn more about how election day has impacted the greater Las Vegas region, contact Triumph Property Management at (702) 367-2323. Our team of real estate professionals are on-hand to deal with any queries you may have.