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 $2.5755 per hundred (.025755) = $2,704 1
Property Tax Rates PROPERTY TAX RATES - FISCAL YEAR 2014-2015 CLARK COUNTY ENTITY ENTITY OVERLAPPING TAXING DISTRICTS CODE ENTITY RATE TOTAL 10 State of Nevada # 0.1700 ENTITY TAXING OVERLAPPING DISTRICTS PROPERTY 20 Clark County School District 1.3034 DISTRICT TAX RATE 50 Boulder City 0.2600 100 Clark County (unincorporated) 0.6541 Boulder City 50, 51, 58 10+20+50+100+301 2.5755 105 Laughlin Town 0.8416 52, 57, 59 10+20+50+100+301A+308B 2.5105 110 Mt. Charleston Town 0.0200 55 10+20+50+100+301A 2.5105 135 Indian Springs Town 0.0200 Clark County (unincorporated) 60, 61 10+20+100+301B+306+308A 2.5667 200 Las Vegas 0.7715 100, 102 10+20+100+306+308 2.5017 250 North Las Vegas 1.1587 101 10+20+100+302+306+307+308 2.7264 301A Boulder City Library 0.1230 103 10+20+100+306+307+308 2.5067 301B Boulder City Library - Debt 0.0650 104 10+20+100+302+306+308 2.7214 302 Clark County Fire Service Area 0.2197 120 10+20+100+305+306+308 2.5017 303 Henderson District Public Libraries 0.0593 121 10+20+100+305+306+307+308 2.5067 304 Kyle Canyon Water District 0.0000 125 10+20+100+302+305+306+307+308 2.7264 305 Las Vegas Artesian Basin 0.0000 143 10+20+100+302+305+306+308 2.7214 306 Las Vegas Metro Police -Manpower 0.2800 145 10+20+100+306+308+832 2.5017 307 Las Vegas Metropolitan Police 911 0.0050 146 10+20+100+306+308+830 2.5017 308A Las Vegas/Clark County Library District 0.0942 Henderson 500, 524 10+20+100+303+500 2.8976 308B Las Vegas/Clark Co. Library District-Debt 0.0000 503, 505, 518, 521, 528 10+20+100+303+305+500 2.8976 309 Mt. Charleston Fire Service District 0.8813 514 10+20+100+303+308B+500 2.8976 310 North Las Vegas 911 0.0050 512, 513, 516, 522, 523 10+20+100+303+305+308B+500 2.8976 311 North Las Vegas Library District 0.0632 Library Dist. (Non-City) 510 10+20+100+306+308A 2.5017 340 Sunrise Manor Town 0.2064 Library Dist. (Non-City) 515 10+20+100+302+306+307+308A 2.7264 410 Winchester Town 0.2064 Library Dist. (Non-City) 520 10+20+100+305+306+308A 2.5017 417 Spring Valley Town 0.2064 Library Dist. (Non-City) 525 10+20+100+302+305+306+307+308A 2.7264 420 Summerlin Town 0.2064 Las Vegas 200, 203, 204, 207, 212, 213 10+20+100+200+305+306+307+308 3.2782 470 Paradise Town 0.2064 206 10+20+100+200+306+307+308 3.2782 500 Henderson 0.7108 208 10+20+100+200+306+308 3.2732 550 Whitney Town 0.2064 210 10+20+100+200+305+306+308 3.2732 620 Enterprise Town 0.2064 Mesquite 901, 902, 903 10+20+100+308+901 2.7737 700 Searchlight Town 0.0200 North Las Vegas 250, 253, 255, 256 10+20+100+250+305+310+311 3.3544 800 Bunkerville Town 0.0200 254 10+20+100+250+305+308B+310+311 3.3544 810 Moapa Valley Town 0.0200 257 10+20+100+250+308B+310+311 3.3544 820A Moapa Town 0.0200 820B Moapa Town - Voter Override - Parks 0.0894 830 Coyote Springs Ground Water Basin 0.0000 832 Muddy River Springs Ground Water Basin 0.0000 833 Lower Moapa Valley Ground Water Basin 0.0000 901 Mesquite 0.5520 # PURSUANT TO AB 505 (2013), 2 ADDED TO STATE TAX RATE; $0.0055 FOR CAPITAL PROJECTS & $0.0145 FOR CONSERVATION OF NATURAL RESOURCES. OUTSIDE PROPERTY TAX RATE CAP. 2
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: http://tax.nv.gov/localgovt/policypub/archivefiles/redbook/ See also pages 22-29 in Nevada Property Tax: Elements and Applications 3
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 2014-15: 15 of 266 Entities Yerington Mineral County Reno Sparks Palomino Valley GID Truckee Meadows Fire Protection District White Pine County 4
Property Tax Timeline See pages 15 and 16 in Nevada Property Tax: Elements and Applications (handout) Also located at: http://tax.nv.gov/localgovt/policypub/archiv efiles/elements_and_applications/ 5
Total Assessed Value by Property Type Statewide Millions 160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000-2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 Land & Improvements Local Personal Property Net Proceeds Fiscal Year Centrally Assessed Mining Personal Property Private Carlines 6
STATE WIDE Total Assessed Value by Property Type 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 Land & Improvements 63,901,369,023 82,115,329,870 112,095,774,868 130,658,696,853 141,371,882,585 114,034,143,311 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 118,747,625 105,010,904 88,576,220 102,156,342 254,255,309 254,000,824 381,651,672 329,531,515 387,987,534 622,981,129 Net Proceeds 904,837,327 853,542,044 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 90,483,136,975 120,966,151,002 140,409,408,715 152,562,720,542 125,545,791,522 96,307,603,903 88,775,304,497 85,763,087,988 86,663,394,847 Annual Growth Rate from 04-05 from 12-13 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% -35.49% Private Carlines -0.55% 3.76% Total 2.12% 1.05% 7
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 47-52 in Nevada Property Tax: Elements & Applications 8
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 2013-2014 Tax Expenditure Report at http://tax.nv.gov/uploadedfiles/taxnvgov/content/t axlibrary/tax_expenditure_report_2013-2014.pdf 9
Property Tax Distribution for 2014-15 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 $27,796,839 - - $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 $1,680,242 - - - $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 $3,152,752 - - $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 $3,849,575 300,149 $79,090 $1,191,643 $482,332 $9,165,622 Storey 517,931,276 $4,633,931 $9,588,980 - - $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 $8,963,671 - - $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
Property Tax Abatement Statewide Summary 2006 through 2014 Percentage of Abatement to Total Tax ABATEMENT AMOUNT NET TAX 2013-14, 6% 4% 4% 5% 2014-15, 13% 76% 73% 2006-07, 25% 14% 24% 2006-07, 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) 2014-15, 87% 2013-14, 94% 96% 86% 96% 95% 2006-07 3,543,926,763 874,559,485 2,669,367,578 24.68% 2007-08 4,195,566,804 1,124,092,921 3,071,473,883 26.79% 2008-09 4,507,712,749 1,102,963,297 3,404,851,862 24.47% 2009-10 3,775,931,339 523,116,571 3,252,814,769 13.85% 2010-11 2,869,149,742 151,404,231 2,717,745,511 5.28% 2011-12 2,600,376,424 95,984,796 2,504,391,629 3.69% 2012-13 2,463,386,608 101,737,721 2,361,648,886 4.13% 2013-14 2,513,336,071 151,757,562 2,361,578,508 6.04% 2014-15 2,845,102,865 368,011,487 2,477,091,381 12.93% % Change, 06 to 15-19.72% -57.92% -7.20% Total for 9 years 26,469,386,502 4,125,616,584 22,343,872,626 Median 2,869,149,742 368,011,487 2,669,367,578 12.83% 11