Why We Should Reconsider the Nevada Property Tax Formula
Posted by Jeff Sallan on
Written by Nancy Fennell, Dickson Realty President
I would like to talk about property taxes. First, let's agree that no one wants to pay more taxes, but taxes should be fairly distributed. Next, we believe cities, counties and states should offer certain services including fire, police and education in order to remain healthy and vibrant communities.
Property taxes in Nevada are determined by a complicated formula. The property tax valuation for the land is fair market value. The improvement (house) tax valuation is determined by replacement cost less depreciation at 1.5 percent per year for up to 50 years. The assessment rate is 35 percent of taxable value.
The State of Nevada Constitution, Article 10 section 2, limits the property tax rate to…
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