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If a structure has been removed from the property and the Assessor’s office is notified, the Assessor will delete the value from the assessment. Also, if on or after the lien date there was partial or total destruction of an improvement and the property was rendered unusable for not less than 90 consecutive days, the owner of the property may be entitled to an adjustment or credit. NRS 361.227
In the state of Nevada there are two components to your valuation. The land value set according to current market values (NAC 361.118) and the improvements to the land is valued using the approved Marshall and Swift costing manual and Nevada Tax Commission approved Rural Manual in accordance with the Nevada Administrative Code (NAC 361.128). A depreciation factor of 1.5% per year is applied to the age of the improvements, structures, etc, up to a maximum of 50 years. Land values are derived from market sales or other recognized appraisal methods, in accordance to the Nevada Revised Statutes, and are added to the improvement values. All of these values are updated annually.
• If the property is your primary residence within the State of Nevada, the abatement equals the amount of taxes that exceed last year`s tax bill plus 3%.
• If the property contains rental unit(s) and the rent on all units within the property are at or below the fair market rent for the county in which the dwelling is located, as most recently published by the United States Department of Housing and Urban Development, the abatement equals the amount of taxes which exceed last year`s tax bill plus 3%.
• Most other properties (rental units where the rent exceeds the HUD guidelines, commercial, industrial, vacant land, mixed use, etc.), except as noted below, are subject to an abatement at a higher level which is calculated by comparing
• (1) The greater of: (a) The average percentage of change in the assessed valuation of all the taxable property in the county, as determined by the Department, over the fiscal year in which the levy is made and the 9 immediately preceding fiscal years; (b) Twice the percentage of increase in the Consumer Price Index for all Urban Consumers, U.S. City Average (All Items) for the immediately preceding calendar year; or (c) Zero; or (2) Eight percent, whichever is less.
Because the current year tax bill is calculated based on the prior year tax bill, changes in assessed value do not have as much impact on a tax bill (up or down) as they did prior to the law change.
The abatement is the amount of additional taxes that would have been owed if not for the tax cap. For a property with a 3% tax cap, if the 2008 tax bill was $1,000 the 2009 tax bill could be no more than $1,030 even if the calculated taxes (assessed value x tax rate) were $1,050.
In the example above the $20 difference between the actual tax bill of $1,030 and the calculated tax bill of $1,050 is the abatement.NRS 361.4722 through NRS 361.4733