RENO (AP) - Reno's Atlantis and Peppermill casinos will receive property tax reductions for the 2010-11 tax year.
The reductions come as business is lagging and mark the first time that every major hotel-casino in Washoe County is being devalued.
The chief appraiser for the county assessor's office for downtown Reno says the Atlantis and Peppermill are now valued for their income instead of their real estate. It's a change that triggers the tax reductions.
The taxable property values of the 17 largest hotel-casinos could drop by nearly $238 million from 2009-10. That would result in a property tax loss of $8.7 million for the budget year that starts July 1. Much of that money would have gone to the redevelopment agencies in Reno and Sparks.