Inside this issue
  LEGAL: Put a cap on it!  
By Christal Park Keegan, NVR Legal Information Line Attorney
Tax Cap/Abatement Information
Have you checked to see what rate your property tax is being capped at this year? If not, you need to be aware that the tax cap status of your property may be set to the default, which is the higher abatement ("high cap"), and will remain at the higher general abatement level until a qualifying claim is filed.
Currently, properties qualifying as the owner's primary residence will receive a 3% tax cap, all other properties are subject to the "Other" tax cap, also known as the "commercial property tax rate", which can be up to 8% but this year is set at 4.8%. Even so, property owners need to "claim their abatement" to ensure they are receiving the 3% tax rate on their primary residence. Moreover, if a property owner was over charged, they have until June 30, 2020 to appeal. Click here to read the full article.


  Magic Johnson dazzles at NAR Annual  
  The National Association of REALTORS® never disappoints when it comes to boasting a big name for its General Session during its annual conference earlier this month. NBA Hall of Famer and business mogul Magic Johnson was the guest speaker for the event this year. More than 6,000 REALTORS® took in the event as Johnson shared stories and insights from his professional and personal life.

The crowd was also introduced to NAR's five Good Neighbor award winners as well as each state's REALTOR® of the Year, a parade of real estate talent that included Nevada honoree, 2019 NVR President Keith Lynam. 

Motion picture star Mark Wahlberg was a hit when he spoke at General session during NAR annual in Boston a year ago and Magic was without a doubt the star of the show Saturday afternoon (Nov. 9) at the Moscone West Convention Center. Johnson is acutely aware of real estate and its impacts on his various business ventures. Click here to continue reading the full article.


  REALTOR Magazine: How to be the Harley-Davidson of Real Estate  

By making the customer experience the laser-focus
of your business, you'll win clients for life

In the mid-1980s, Harley-Davidson Motor Company was on the brink of bankruptcy. The company was facing increasing competition, dwindling market share, and a faltering brand image. Hollywood had latched on to the stereotype that bikers are criminals or involved in gangs. It didn't help that dealerships were rundown, dirty, and often had nude magazine centerfolds handing up behind the parts counter. They weren't exactly places where customers would take their kids, and there was little to no marketing toward female motorcycle riders. 

Something had to change. In 1985, Harley-Davidson hired Ken Schmidt to be director of communications to improve the company's image and help sell more products. It was a tall order. Schmidt, who told his story at the REALTORS® Conference & Expo in San Francisco Friday, started by writing down these three questions. Click here to continue reading.



  Housingwire: Mortgage delinquencies fall to 25-year low  

The share of U.S. homeowners who were late paying mortgages fell to an almost 25-year low in the third quarter as a strong labor market helped borrowers pay their bills on time, the Mortgage Bankers Association said on Thursday.

The delinquency rate fell to 3.97% in the third quarter, the lowest since 1995's first quarter, MBA said. The rate that measures all loans past due that aren't yet in foreclosure fell 56 basis points from the second quarter and 50 basis points from the year-ago period. To read the full story, click here.



  Celebrate Chris Bishop at his installation