HOW IS REAL PROPERTY TAX ASSESSED IN CLARK COUNTY?

By Mary J. Drury, Esq.

By state law, real property (vacant and improved) must be appraised at least every five (5) years. However, in Clark County, all property is reappraised annually, and assessments are made for the market value of land and improvements as of July 1 st of each year.*

By state law, all property must be assessed at 35% of its taxable value. Taxable value is determined by looking at the market value of either the vacant land or improved land. It is critical to note that the value of raw land (e.g., a 25-acre property purchase) will typically be based on its purchase price, however, in the event that a plat map has been recorded to create individual lots, said plat map is considered an improvement and the property is no longer vacant land; therefore, market value for comparable vacant lot sales must be used.

As an example, assume a piece of property is located in Tax District 204, and has a taxable value of $6,500,000. In looking at taxes for 2000-2001, the tax would equal $72,074.28 in annual taxes (payable quarterly), as follows:

The tax rates for district 204 (the Las Vegas City Redevelopment Library District) were/are as follows:

The assessed value is 35% of the taxable value of $6,500,000, which equals $2,275,000. Multiply $2,275,000 at a rate of $3.1681 per hundred dollars of assessed value and it equals $72,074.28 in annual taxes (payable quarterly).

So why are there variations in assessments? There are over a dozen appraisers in Clark County. As an appraisal is a matter of opinion, it is possible to have variances in what might otherwise be comparable values throughout the valley. Additionally, determination of the value of a view and location is a matter of opinion.

Finally, if you disagree with the assessment value of property in Clark County, you have a limited time period within which to file an appeal. In sum, every real property taxpayer receives a “notice of value” postcard on or after December 18 of each year. By state law, you can appeal to the County Board of Equalization on or before January 15. Hearings are held in the months of February and March by the County Board of Equalization.

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Mary J. Drury is an attorney with the Las Vegas law firm of Marquis & Aurbach. She can be reached at (702) 382-0711 or visit the firm's web site at www.marquisaurbach.com .

*Please note that it is possible that in the event improvements are in existence as of July 1 st but not discovered by the Assessor's office until later in the year, that a supplemental assessment will be made and a supplemental tax bill will be sent by the Treasurer's office later.