CARSON CITY, Nev. (Legal Newsline)-A proposed Nevada constitutional amendment to limit property taxes has moved closer to the November ballot after the state Supreme Court ruled that signatures calling for the initiative could be accepted.

The Nevada Supreme Court ruled Wednesday that signatures on the initiative petition submitted through June 17 should be accepted as valid.

The high court said a constitutional amendment setting the deadline at June 17 supersedes a law that set a May 20 deadline.

A lawsuit challenging the deadline was filed by We The People Nevada, after Clark County refused to accept the signatures.

Proponents of the initiative must collect 58,628 valid signatures to qualify the measure for the November ballot. The petition must have 10 percent of the signatures of registered voters in each of the 17 counties to qualify.

The proposal would limit property taxes to 1 percent of the base value of the property; the base property tax value would be tied to fiscal 2003-2004.

Then when the property is sold, the base value would be increased annually by 2 percent or the rate of inflation, whichever is smaller.

The measure would have to be passed in the 2008 and 2010 elections to become part of the state constitution.

From Legal Newsline: Reach reporter Chris Rizo at chrisrizo@legalnewsline.com.