Real Property Information
The Department of Taxation has announced that the tax cap rate for the 2016/2017 fiscal year is .2% for all properties: residential (owner and non-owner occupied), commercial, land and personal property. This excludes new construction or property that has a change of use. As a cost saving measure to taxpayers, the Assessor's Office will not be mailing the tax cap cards or Rental Affidavit letters this March. You can contact the Office at (702) 455-3882 if you have any questions.
WHAT IS TAXABLE VALUE?
Taxable value is the value of property as determined by the Assessor using methods prescribed by Nevada Revised Statutes and the Department of Taxation regulations. Generally speaking, taxable value of real property is the market value of the land and the current replacement cost of improvements less statutory depreciation.
HOW DOES THE ASSESSOR DETERMINE TAXABLE VALUE?
The appropriate method under current law is that of replacement cost. Using this method, the Assessor must calculate the amount and cost of materials and labor it would take to replace the subject property. A depreciation factor of 1½ % per year is applied to the effective age of the property, up to a maximum of 50 years. Land values are derived from market sales or other recognized appraisal methods and are added to improvement values. Property values are updated every year.
HOW ARE TAXES CALCULATED?
There are several tax districts in Clark County. To look at the breakdown of tax districts and the tax rates, please click on tax districts below. The tax rates for these districts are based on the amount of monies budgeted to them for the necessary maintenance and improvements of their facilities and services. The tax monies collected for the districts pay for schools, roads, police and fire protection, along with the other services that a taxpayer demands and desires from his local government. These tax rates vary depending on the type of services provided to an area. Comparison of cities of comparable size in the west will reveal that the City of Las Vegas and Clark County enjoy one of the lowest property tax burdens.
Tax Districts/Tax Rates
NRS 361.4723 provides a partial abatement of taxes.
To calculate the tax on a new home that does not qualify for the tax abatement, let's assume you have a house with a taxable value of $200,000 located in the City of Las Vegas with a tax rate of $3.50 per hundred dollars of assessed value. To determine the assessed value, multiply the taxable value of the home ($200,000) by the assessment ratio (35%): $200,000 X .35 = $70,000 assessed value.
To calculate the tax, multiply the assessed value ($70,000) by the tax rate (.035): $70,000 x .035 = $2,450.00 tax for the fiscal year.
If the home has already qualified for a 3% or 8% tax abatement, taxes will be figured on the assessed value from the base year it qualifed. Questions regarding a tax amount for a specific property should contact the Treasurer's Office at (702) 455-4323.
WHY DO MY TAXES GO UP WHEN MY PROPERTY CHANGED?
The Assessor is required by Nevada law to assess all property every year. The Assessor is required by law to assess all real property at current value, which is represented by the replacement cost of the improvement less depreciation and market value of the land. Nevada Administrative Code requires the Nevada Assessors to use Marshall & Swift Building Cost Service to determine improvement replacement costs, minus depreciation. The land is then appraised at market value. Marshall & Swift costs are updated each year to reflect current building costs.
WHAT IF YOU DISAGREE WITH THE VALUE THE ASSESSOR PLACES ON YOUR PROPERTY?
If, in your opinion, the taxable value of your property exceeds the value indicated in the real estate market, please call or come in to the Assessor’s Office and discuss your appraisal with an appraiser in the Assessor’s Office. The Assessor welcomes the opportunity to review any evidence you can provide that will show the valuation is unrealistic.
If, after discussing the matter with the Assessor’s staff, a difference of opinion still exists, you may appeal your assessment to the County Board of Equalization. You may obtain the forms from the Assessor’s Office during the month of December and until the deadline for filing, which is January 15 unless it falls on a holiday or weekend, which then would make the deadline the next business day. Please call (702) 455-4997 to have an appeal form mailed to you. The forms are relatively easy so you may represent yourself rather than incur legal expenses.
If the County Board, after hearing your petition, still agrees with the Assessor’s appraisal, you may appeal the County Board’s decision to the State Board of Equalization. If the State Board also agrees with the Assessor’s Office and you still disagree, you may take your appeal to District Court.
PROPERTY TAX EXEMPTION PROGRAMS:
The Nevada Legislature provides for property tax exemptions to individuals meeting certain requirements. Some of these include veterans, disabled veterans, surviving spouses, blind persons, and property owned by religious, educational or non-profit organizations.