The final bill, signed into law by Gov. Kenny Guinn on Wednesday, included a 3 percent cap on an owner-occupied residential property. All other property is subject to an 8 percent cap. Legislators also made it easier for small businesses to get property tax breaks, and they capped taxes on low-income rental properties at 3 percent.

The original plan proposed a 3 percent cap on tax increases for owner-occupied homes and would allow all other property to increase at the greater of either the 10-year average rate of assessed valuation growth or double the consumer price index.

While businesses indicated that the final plan was an improvement, they still question the fairness of separating business and residential tax rolls.

"It still has a fundamental flaw, which is a split roll," said Ray Bacon, executive director of the Nevada Manufacturers Association.

Sharon Powers, chief executive of the North Las Vegas Chamber of Commerce, agreed.

"It is a whole lot better that what was proposed prior to that," she said. "But anytime you have that inequity -- 3 percent versus 8 percent -- it's a concern."

Christina Dugan, government affairs director for the Las Vegas Chamber of Commerce, also criticized the added burden the new tax policy puts on businesses.

"We are still concerned at this point," she said. "This is a de facto split roll."

The matter of a legal challenge against the new tax law remains uncertain, but Powers suggested that business groups might wait to see what lawmakers' next move would be because of the approval of a hard cap on commercial property.

"If they hadn't, I think you would be seeing a number of legal challenges," she said. "But at this point, I suspect business groups will take a step back just waiting to see how the process goes."

Bacon also predicted a similar tactic from business organizations.

"If this is a stop-gap measure, that's fine," he said. "If they truly do come up to look at the policy issues in the state's tax policy, we could be alright."

Dugan also said the chamber had no current plans to mount a legal challenge.

"We do not intend to litigate on this issue right now," she said. "I think there will be further discussion," she said. "We intend to be a part of that as we move through the session and into the election cycle."

If this is the final word on property taxes and state tax policy, however, businesses will likely push back, Bacon added.

"If this becomes what's determined to be a permanent fix, not only is a Prop 13 measure certain to take place, but I think you'll see a number of businesses support it," he said.

A property tax measure similar to California's Prop 13 was discussed during the legislative debate. Assemblywoman Sharron Angle, R-Reno, said she still plans to push it as a ballot petition. That plan would likely roll back values to 2003 levels and tax 1 percent of the value of the home, capped at about 2 percent a year.

Critics said such a plan would send many counties into a financial crisis.

Still, a recent poll conducted by the Las Vegas Chamber of Commerce said that while just about any plan to ease the effect of rising property taxes would be widely favored, a Prop 13 plan fared well when stacked up against other plans.