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 visit the Tax Districts/Tax Rates link below. The tax rates for these districts are determined by the Department of Taxation.
Tax Districts/Tax Rates : https://treasurer.co.clark.nv.us/TaxRate-District/
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.
