Land Use & Zoning
What is 'downzoning' and what are its implications for Nevada property owners?
ARezoning property to allow higher density or more intensive use
BChanging a property's zoning classification to a less intensive or lower density use (e.g., from commercial to residential, or from high-density to low-density residential), which may reduce the property's development potential and value✓ Correct
CA Nevada state program subsidizing property tax for senior homeowners
DLowering the flood zone designation for Nevada properties
Explanation
Downzoning restricts what a property owner can build or do with their land, potentially reducing its market value. In Nevada, downzoning is within the police power of local governments if it serves a legitimate public purpose.
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Key Terms to Know
Zoning
Local government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
VarianceOfficial permission to use land in a way that does not conform to the applicable zoning ordinance, granted by a zoning board when strict enforcement would cause undue hardship.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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