How Are Property Taxes Calculated?
Here is an example of how one would calculate property tax. Assume
you have a home with a taxable
value of $100,000, located in the City of Las Vegas. The tax rate
for 2005-06 in the City is $3.3002
per hundred of assessed value. To determine the assessed value,
multiply the taxable value of the
home ($100,000) by the assessment ratio (35%):
$100,000 X .35 = $35,000 assessed value
To calculate the tax, multiply the assessed value by the tax rate
($3.3002 per hundred dollars assessed
value).
$35,000 (assessed value) x .033002 (tax rate) = $1,151 taxes for the
2005-06 fiscal year.
In Clark County there are currently 88 tax districts. The tax rates
for these districts are based on the amount
of monies budgeted for the necessary maintenance and improvements of
their facilities and services. The
tax monies collected for the districts pay for schools, police and
fire protection, along with other services
that taxpayers demand and desire from their local government. These
tax rates vary depending on the type
of services provided to an area. Below are the basic city taxes,
many districts have additional percentages
to pay for the specific needs of the area. Example: special water,
police, library, fire prevention,
redevelopment, etc.
The Nevada State Legislature has passed a law to provide property
tax relief to all citizens. Assembly Bill
489, signed into law on April 6, 2005, provides a partial abatement
of taxes by applying a 3% cap on the tax
bill of the owner's primary residence (single-family house,
townhouse, condominium or manufactured home).
Only one property may be selected in the State of Nevada as a
primary residence. An 8% cap on the tax bill will be applied to residences that are not
owner occupied. The 8% cap would also
apply to land, commercial buildings, business personal property,
aircraft, etc. New construction or property
that has a change of use (zoning change or manufactured home
conversion) will not qualify for any cap for
this fiscal year but will receive the 3% or 8% cap starting July 1,
2007.
Tax rate questions: Clark County Manager's Office - Budget Division
702-455-3543
Assessment questions: Assessor's Office 702-455-4997
Provided compliments of Equity Title of Nevada 702.432.1111 or
www.equitynv.com |
