Home values a worry

Owners near closed golf course appeal tax assessments

A number of homeowners in a Las Vegas neighborhood may soon see their property values drop.

As of last week, 59 Queensridge homeowners had filed appeals with the Clark County assessor’s office, with 40 of those coming from owners adjacent to the recently closed Badlands golf course, where custom homes overlook winding fairways.

The course, which closed in late 2016, is the site of a proposed residential development proposal the Las Vegas City Council has been considering for months.

“The problem with Queensridge is a lot of homeowners are anxious about what will happen in the future to property values, but our data will only reflect what has happened in the past,” said Doug Scott, the assistant director of assessment services for Clark County.

If it is determined that reducing taxable value is warranted, the assessor can strike a stipulation agreement with the property owner, subject to the the county Board of Equalization’s approval. As of last week, 20 stipulations had been completed, Scott said.

The assessor’s office is continuing to work through the Queensridge appeals, so the number of stipulations could grow before a Feb. 24 hearing, Scott said.

Some Queensridge homeowners have staunchly opposed EHB Companies’ proposal to put a residential development on the course, and contend it will hurt property values. Anthony Spiegel, an executive with EHB Companies and a Queensridge homeowner, acknowledged that values are down in Queensridge, but calls that blame misdirected and contends the development will add value to the community.

“Anyone who wants to say they’re down because of the development is flat wrong,” Spiegel said.

Spiegel said values in Queensridge have lagged behind other luxury communities in the valley and suggested the proposed development for the golf course will create a “cultural and economic revival” of the community.

When there are appeals, assessors study recent, comparable property sales — sales in that neighborhood within the past six months or year — to determine whether a reduction in assessed value is called for, Scott said.

Queensridge resident Roger Wagner bought his custom home adjacent to the Badlands golf course in September 2015, and said the stipulation agreement with the county assessor’s office recommends a 30 percent reduction in the value of his land from the original assessment.

So for an initial assessed land value of roughly $250,000 for the 201718 fiscal year, a 30 percent reduction would mean a $75,000 drop in assessed value.

“I would have never bought there had I known they were going to close the golf course,” Wagner said.

Wagner is a plaintiff in a pending lawsuit against the city and three limited liability companies that own the golf course to try to stop the development from advancing.

Badlands, however, is not governed by stipulations that call for the land to always be used as a golf course.

Yohan Lowie, CEO of developer EHB Companies, has said multiple golf course operators have been unable to make it work financially to keep the Badlands course open. EHB Companies built the luxury high-rise Queensridge towers, Tivoli Village and dozens of custom homes within the Queensridge community.

On top of the 59 homeowner appeals, the assessor’s office had received four appeals from residents of the Queensridge Towers, which sit at the course’s eastern tip, near the corner of Rampart Boulevard and Alta Drive.

The Queensridge Owners Association sent homeowners in the community an email Jan. 12 reminding them that the deadline to appeal the assessor’s office determination was Jan. 17 and instructions on how to do so.

Some property owners in Queensridge have fought for more than a year in court and at city meetings a proposal to put a residential development on the course.

“The good news is our taxes are going to go down,” Wagner said. “The bad news is the value of our homes went down, which is why our taxes went down.”