Basic Property Tax Formula

Transcription

1 Basic Property Tax Formula Full cash value of land plus Replacement Cost New Less Depreciation (RCNLD) of Improvements = Taxable Value Full cash value of land = $50,000 RCNLD of Improvements = $250,000 Total Taxable Value = $300,000 Taxable Value x Level of Assessment = Assessed Value $300,000 x 35% = $105,000 Assessed value x Tax Rate = Revenue $105,000 x $ per hundred ( ) = $2,704 1

2 Property Tax Rates PROPERTY TAX RATES - FISCAL YEAR CLARK COUNTY ENTITY ENTITY OVERLAPPING TAXING DISTRICTS CODE ENTITY RATE TOTAL 10 State of Nevada # ENTITY TAXING OVERLAPPING DISTRICTS PROPERTY 20 Clark County School District DISTRICT TAX RATE 50 Boulder City Clark County (unincorporated) Boulder City 50, 51, Laughlin Town , 57, A+308B Mt. Charleston Town A Indian Springs Town Clark County (unincorporated) 60, B A Las Vegas , North Las Vegas A Boulder City Library B Boulder City Library - Debt Clark County Fire Service Area Henderson District Public Libraries Kyle Canyon Water District Las Vegas Artesian Basin Las Vegas Metro Police -Manpower Las Vegas Metropolitan Police A Las Vegas/Clark County Library District Henderson 500, B Las Vegas/Clark Co. Library District-Debt , 505, 518, 521, Mt. Charleston Fire Service District B North Las Vegas , 513, 516, 522, B North Las Vegas Library District Library Dist. (Non-City) A Sunrise Manor Town Library Dist. (Non-City) A Winchester Town Library Dist. (Non-City) A Spring Valley Town Library Dist. (Non-City) A Summerlin Town Las Vegas 200, 203, 204, 207, 212, Paradise Town Henderson Whitney Town Enterprise Town Mesquite 901, 902, Searchlight Town North Las Vegas 250, 253, 255, Bunkerville Town B Moapa Valley Town B A Moapa Town B Moapa Town - Voter Override - Parks Coyote Springs Ground Water Basin Muddy River Springs Ground Water Basin Lower Moapa Valley Ground Water Basin Mesquite # PURSUANT TO AB 505 (2013), 2 ADDED TO STATE TAX RATE; $ FOR CAPITAL PROJECTS & $ FOR CONSERVATION OF NATURAL RESOURCES. OUTSIDE PROPERTY TAX RATE CAP. 2

3 Property Tax Rates Tax rates may be found in the Property Tax Rates for Nevada Local Governments, also known as the Redbook The Redbook may also be found on the Department s website at: See also pages in Nevada Property Tax: Elements and Applications 3

4 Fallon Gardnerville Town Minden Town Indian Hills GID Topaz Ranch Estates GID Kingston Town Caliente Coyote Springs GID Property Tax Rates Tax Entities at Maximum $3.66 rate for : 15 of 266 Entities Yerington Mineral County Reno Sparks Palomino Valley GID Truckee Meadows Fire Protection District White Pine County 4

5 Property Tax Timeline See pages 15 and 16 in Nevada Property Tax: Elements and Applications (handout) Also located at: efiles/elements_and_applications/ 5

6 Total Assessed Value by Property Type Statewide Millions 160, , , ,000 80,000 60,000 40,000 20, Land & Improvements Local Personal Property Net Proceeds Fiscal Year Centrally Assessed Mining Personal Property Private Carlines 6

7 STATE WIDE Total Assessed Value by Property Type Land & Improvements 63,901,369,023 82,115,329, ,095,774, ,658,696, ,371,882, ,034,143,311 83,933,864,988 75,032,096,532 70,926,708,767 71,876,235,193 Centrally Assessed 2,120,496,884 2,276,935,085 2,382,880,236 2,673,181,672 3,179,658,963 3,552,490,247 3,532,938,256 3,856,849,768 3,824,347,885 4,581,108,392 Local Personal Property 4,717,801,946 5,127,452,123 5,171,139,419 5,510,828,549 5,872,925,667 5,930,007,708 5,514,180,970 5,188,029,608 5,581,428,948 6,328,304,955 Mining Personal Property 118,747, ,010,904 88,576, ,156, ,255, ,000, ,651, ,531, ,987, ,981,129 Net Proceeds 904,837, ,542,044 1,222,673,505 1,459,623,581 1,879,450,695 1,770,704,563 2,940,523,149 4,364,454,971 5,038,580,874 3,250,579,483 Private Carlines 4,396,738 4,866,948 5,106,754 4,921,718 4,547,323 4,444,869 4,444,869 4,342,103 4,033,979 4,185,695 Total 71,767,649,543 90,483,136, ,966,151, ,409,408, ,562,720, ,545,791,522 96,307,603,903 88,775,304,497 85,763,087,988 86,663,394,847 Annual Growth Rate from from Land and Improvements 1.32% 1.34% Centrally Assessed 8.94% 19.79% Personal Property 3.32% 13.38% Mining Personal Prop 20.22% 60.57% Net Proceeds 15.27% % Private Carlines -0.55% 3.76% Total 2.12% 1.05% 7

8 Property Tax Relief Property Tax Limitations Tax rate limits Revenue limits Assessment limits Truth-in-Taxation provisions Spending limits Property Tax Rollbacks Property Tax Credits and Exemptions Partial exemptions Full exemptions Abatements Classification of property Deferrals See pages in Nevada Property Tax: Elements & Applications 8

9 Property Tax Exemptions For an alphabetical list of all property tax exemptions and abatements, see Appendix I of Nevada Property Tax: Elements and Applications See also Tax Expenditure Report at axlibrary/tax_expenditure_report_ pdf 9

10 Property Tax Distribution for TOTAL PROPERTY TAX REVENUE DOLLARS PROJECTED TOTAL COMBINED ASSESSED SPECIAL COUNTY VALUE * SCHOOLS COUNTIES CITIES TOWNS DISTRICTS STATE TOTAL Carson City 1,286,890,682 $15,185,310 $27,796, $1,967,942 $2,187,714 $47,137,805 Churchill 701,513,275 $9,119,673 $8,789,260 $1,402,419 - $755,734 $1,192,573 $21,259,659 Clark 62,904,942,089 $819,903,015 $411,461,226 $234,730,389 $66,653,626 $282,822,115 $106,938,402 $1,922,508,773 Douglas 2,659,900,426 $22,609,154 $31,067,637 - $2,091,560 $23,889,525 $4,521,831 $84,179,707 Elko 1,838,648,027 $27,579,720 $15,418,902 $6,071,194 $193,567 $875,565 $3,125,702 $53,264,650 Esmeralda 80,030,559 $600,229 $1,680, $136,052 $2,416,523 Eureka 1,226,192,011 $9,196,440 $10,371,132 - $37,026 $125,261 $2,084,526 $21,814,385 Humboldt 1,341,476,202 $11,872,064 $10,077,169 $1,930,657 - $8,082,336 $2,280,510 $34,242,736 Lander 1,202,751,794 $9,020,638 $23,144,553 - $51,208 $6,147,628 $2,044,678 $40,408,705 Lincoln 350,079,071 $3,406,619 $4,682,308 $131,955 $109,257 $1,804,569 $595,134 $10,729,842 Lyon 1,421,732,302 $19,004,296 $13,203,628 $3,802,376 - $9,367,361 $2,416,945 $47,794,606 Mineral 139,502,311 $1,436,874 $3,152, $227,253 $237,154 $5,054,033 Nye 1,344,708,603 $17,951,860 $18,110,535 - $4,179,589 $1,828,437 $2,286,005 $44,356,426 Pershing 283,724,599 $3,262,833 $3,849, ,149 $79,090 $1,191,643 $482,332 $9,165,622 Storey 517,931,276 $4,633,931 $9,588, $2,819,315 $880,483 $17,922,709 Washoe 13,286,283,600 $151,264,339 $184,905,209 $82,654,124 - $23,068,520 $22,586,682 $464,478,874 White Pine 459,439,835 $4,589,804 $8,963, $2,480,975 $781,048 $16,815,498 TOTALS 91,045,746,662 $1,130,636,799 $786,263,618 $331,023,263 $73,394,924 $367,454,179 $154,777,771 $2,843,550,554 10

11 Property Tax Abatement Statewide Summary 2006 through 2014 Percentage of Abatement to Total Tax ABATEMENT AMOUNT NET TAX , 6% 4% 4% 5% , 13% 76% 73% , 25% 14% 24% , 75% 27% FISCAL YEAR (10) (11) (12) TOTAL PRE- ABATED TAX AMOUNT ABATEMENT AMOUNT NET TAX Percentage of Abatement to Total Pre-Abated Tax (Col. 11/Col. 10) , 87% , 94% 96% 86% 96% 95% ,543,926, ,559,485 2,669,367, % ,195,566,804 1,124,092,921 3,071,473, % ,507,712,749 1,102,963,297 3,404,851, % ,775,931, ,116,571 3,252,814, % ,869,149, ,404,231 2,717,745, % ,600,376,424 95,984,796 2,504,391, % ,463,386, ,737,721 2,361,648, % ,513,336, ,757,562 2,361,578, % ,845,102, ,011,487 2,477,091, % % Change, 06 to % % -7.20% Total for 9 years 26,469,386,502 4,125,616,584 22,343,872,626 Median 2,869,149, ,011,487 2,669,367, % 11