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Biggest Little City

City of Reno Property Tax

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The total overlapping tax rate for 2014/15 (subject to approval by the Nevada Tax Commission) for the City of Reno is $3.660615 per $100 of assessed valuation.  Therefore, a home which has a replacement value of $100,000 will have an assessed value of $35,000 ($100,000 x 35%) and the home owner will pay approximately $1,281 in property taxes ($35,000 x 3.660615).  The City of Reno will only receive about $336 of that amount.  The rest will go to other governmental agencies.

Assuming a hypothetical Taxable Value Property                $ 100,000

Assessed Value is calculated at 35% of Taxable Value          $35,000

 

The above calculations are presented for a hypothetical property. 

This calculation does not take into consideration abatements, depreciation, special assessment districts, maintenance districts, Redevelopment Districts, etc. The 3% cap for an increase in assessed valuation was also excluded from the calculation.

 This is to be used for discussion purposes only.  Your property tax bill may vary. 

1 - In May 1988 voters approved a ballot measure for the purpose of increasing police services.  The original ballot question is as follows:

Shall the City of Reno, Nevada be authorized to permanently increase the levy on ad valorem taxes in an amount not to exceed $0.1684 (sixteen and eighty four one-hundredths cents) per $100 of assessed valuation for the purpose of increasing police services including hiring, training and equipment additional police personnel for a total estimated annual value of $3,500,000.

2 - In May 1987 voters approved a ballot measure to increase the property tax for the purpose of upgrading and equipping the Reno Fire Department.  The original ballot question is as follows:

Shall the City of Reno, Nevada be authorized to permanently increase the levy on ad valorem taxes in the amount not to exceed 6.54 cents per $100 of assessed valuation for the purpose of upgrading and equipping the Fire Department for a total estimated annual value of $1,319,529. 

3 - In 2004, voters approved a ballot measure to continue to collect the property taxes previously assessed for maintaining City of Reno streets.  The original ballot question is as follows:

Shall the City Council of the City of Reno l be authorized to continue to levy the current property tax rate for the purpose of acquiring, constructing, reconstructing, improving and maintaining City streets in the amount of up to 22.98 cents per $100 of assessed valuation for a period of up to 30 years. The cost for the owner of a new $100,000 home will not increase, but would continue in the estimated amount of up to $80.43 per year.

4 - In November 1996, voters approved a ballot measure to temporarily increase property taxes for the purpose of improving fire protection in the City of Reno.  The original ballot question is as follows:

Shall the City Council of the City of Reno be authorized to levy an ad valorem property tax at a rate (to be determined each year by the City Council) not to exceed 7.15 cents per $100 of assessed valuation, for the period commencing fiscal year 1998 to and including fiscal year 2027, for the purpose of improving fire protection in the City by hiring additional fire fighting personnel and providing facilities and equipment therefore and the cost of operation and maintenance thereof.  (This is estimated to raise between $2,428,900 and $7,574,900 annually).  Voter approved November 1996.

Defining Property in Nevada

 
REAL PROPERTY - Land, improvements and appurtenances such as water rights, which are not normally removable and mobile/ manufactured homes that have been converted to real property. PERSONAL PROPERTY - All property not permanently affixed to land, such as aircraft, business equipment, agricultural equipment, billboards, etc., and mobile/ manufactured homes not converted to real property.

Who Pays Property Tax?

 
REAL PROPERTY - is paid by the owners or possessory interest holders of land, buildings and other improvements which are permanently affixed to land. PERSONAL PROPERTY - is paid by all persons, firms or businesses located or doing business in Nevada, owning, renting, leasing or controlling business personal property; the owners of mobile/manufactured homes not converted to real property; and the owners of aircraft and billboards.

The Basic Purpose of Property Tax

Property tax, also known as “ad valorem”, is based on the value of property, both real and personal. It is used to partially fund the expenditures of local governments including school districts and for the State’s bond debt redemption.

How the Tax Rate is Determined

The tax rate is proposed in April of each year based on the budgets prepared by the various local governments: counties, cities, school districts and general or special improvement districts such as fire protection districts, etc. The property tax bill separately states the various rates levied in your county, including any rate levied for debt. The operating rates for the county, each city and each general and special district functions within each county are respectively determined by the County Commission, City Council, City Supervisors and Improvement District Boards to cover the functions they are responsible for. Those rates may increase, decrease or remain the same, depending on the actions of the elected officials. Other rates, such as the school district operating and indigent fund rates are set in Nevada Revised Statutes. Debt rates are usually voter approved, although local government debt shorter than 10 years is approved by the Department of Taxation and the rate for State debt is set by the legislature. 

Prior to the budget hearings held in the third week of May, the County will publish a newspaper ad which identifies any property tax rate increases and the times and places for the different budget hearings. These budget hearings present an opportunity for you to question expenditures and the property tax rates, which will be set to cover the proposed expenditures. 

The local government’s budget must be adopted no later than June 1. In June of each year, the Nevada Tax Commission approves the property tax rates based on the budgets submitted by the local governments. 

The local government’s budget must be adopted no later than June 1. In June of each year, the Nevada Tax Commission approves the property tax rates based on the budgets submitted by the local governments. 
 

How the Taxable Value of Property is Determined

REAL PROPERTY - The assessor estimates the land’s taxable (full cash) value by considering its location, zoning, actual use, etc. Land values are estimated from market sales or other recognized appraisal methods. The taxable value of buildings is the estimated replacement cost new less depreciation. The land value is added to the improvement’s taxable value to arrive at the property’s overall taxable value.

Property in Nevada is required to be reappraised (revalued) at least once every five years. Between reappraisal years the values are adjusted each year by factors approved by the Nevada Tax Commission. Currently all county assessors value land annually and land factors are not required. Improvement factors are still calculated by the Department of Taxation. Additional appraisals may occur when improvements are added, new structures are built or because of use or zoning changes.

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 a real property improvement or personal property 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.

PERSONAL PROPERTY - The assessor uses the “Personal Property Manual” as annually approved by the Nevada Tax Commission to determine taxable value of buildings (replacement cost, less depreciation). A copy of the Manual can be found on the Department of Taxation’s website.

The assessor uses the acquisition cost to the original owner adjusted by the cost factors, less depreciation at 5 percent per year to a maximum depreciation of 80 percent of the original acquisition cost. Mobile/Manufactured homes not converted to real property are considered personal property.

Billboards - The taxable value of a billboard is computed by using the acquisition cost to the current owner adjusted by the cost factors, less depreciation of 1½ percent per year up to a maximum of 50 years.

Business Fixtures and Equipment - The taxable value is computed by using the acquisition cost to the current owner adjusted by the cost index, less depreciation based on the expected life specified in the “Personal Property Manual”, which is annually approved by the Nevada Tax Commission.

Important Links to Information

Washoe County Assessor is responsible for estimating property values and setting classifications for tax purposes.

Washoe County Treasurer is responsible to collect, invest and distribute all revenues that fund vital local government services.

Additional information can be found in the Nevada Revised Statues, NRS 361 and at the Nevada Department of Taxation.

 

 

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