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 the cost method, using 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 1.5% 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 the improvement value. Property values are updated annually.
HOW ARE TAXES CALCULATED?
There are many tax districts in Clark County. To look at the breakdown of tax districts and the tax rates, please click on Tax Districts/Tax Rates link below. The tax rates for these districts are determined by the Department of Taxation.
Tax Districts/Tax Rates
NRS 361.4723 provides a partial abatement of taxes.
Below you will find an example of how to calculate the tax on a new home that does not qualify for the tax abatement.
Total Taxable value of a new home = $200,000
Assessment Ratio = .35
Tax District = 200
Tax Rate = 3.2782 per hundred dollars
Determine the assessed value by multiplying the taxable value by the assessment ratio: 200,000 (taxable value) x .35 (assessment ratio) = 70,000 assessed value.
To calculate the tax, multiply the assessed value by the applicable tax rate: 70,000 (assessed value) x .032782 (tax rate per hundred dollars) = $2,294.74 for the fiscal year.
If an existing home has already qualified for a 3% or 8% tax abatement, taxes will be calculated on the assessed value or apply the appropriate tax cap percentage to the tax amount paid in the previous year; whichever is lower. Questions regarding the tax amount for a specific property, please 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 to discuss your property value with an appraiser. The Assessor will gladly review any evidence you can provide that will show that we may be exceeding market value.
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 up until the filing deadline of January 15. If January 15 falls on a holiday or weekend, the deadline would extend to the next business day. Please call (702) 455-4997 to discuss your value and/or have an appeal form mailed or emailed to you.
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.