The amount of property taxes a homeowner pays is determined by multiplying the tax rate by the assessed value of the property, both land and improvements (the home). Nevada law (NRS 361.225) states that the assessed value of a property is based on a ratio of 35 percent of the taxable value which is determined by guidelines established by the State Department of Taxation. Nevada law prohibits a taxable value that exceeds the full cash value of the home, and the county assessor is required to make a reduction if the owner calls to his or her attention the facts warranting it. The assessor may consider comparable sales based on prices actually paid in market transactions when determining whether taxable value exceeds full cash value.
So, even if you can’t change the tax rate, you can try to do something about how your home is valued. Review your assessment for accuracy, including the size of your lot and the number of bedrooms and bathrooms. Research the assessed value of other comparable homes in your neighborhood; if they’re being assessed differently, you may have a case for relief. Review your taxable value and check with a REALTOR® to determine comparable sales in your area if you believe the taxable value is too high.
Homeowners who believe that the market value of their property is less than the taxable value listed on the assessment roll or believe that they were assessed differently than comparable property may contact the Assessor’s Office Appraisal Division at 455-4997 for an explanation of the values. If not satisfied after speaking with the Assessor’s Office, a property owner may file a petition with the County Board of Equalization for a review of the values. The petition must be filed on or before January 18, 2011. The petition forms are available in the County Assessor’s Office, located at 500 S. Grand Central Parkway, second floor.
Even if your assessment is accurate and comparable homes are being taxed at the same rate, there might be another way to see some property tax savings. Nevada law provides for several exemptions for individuals who meet certain requirements. Exemptions include surviving spouses, veterans, disabled veterans and blind persons. Click here for more information or check with the Assessor’s office.