Glossary

Glossary Terms
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A
  • Ad Valorem: "According to value". Refers to the property tax system.
  • Agricultural Property: Land devoted for at least three (3) consecutive years immediately preceding the assessment date to agricultural use on which $5,000 gross income has been produced in an agricultural pursuit.
  • Appraisal: The valuation of property. Nevada Revised Statutes require all real property to be reappraised at least once every five years. This is the responsibility of the County Assessor who determines the estimate of the full cash value of land by taking into account its location, zoning, actual use, income produced etc. The taxable value of buildings is the estimated replacement cost less depreciation.
  • Assessed Value: Thirty-five (35) percent of the total appraised value (taxable value) of the property.
  • Assessment Roll: There are two rolls, the secured roll and the unsecured roll.
    • Secured Roll: The listing of real property values as prepared annually by the Assessor?s office. The payment of the tax is secured by a lien against the real property.
    • Unsecured Roll: Personal property values not secured by the ownership of real property and can include the value of new construction, which has not yet been added to the secured roll.
  • Assessment: The valuation of property for tax purposes.
  • Assessor's Parcel Number (APN):This is a numerical system used for identifying real property.
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B
  • Boards of Equalization: The County Board of Equalization is a five-member board appointed by the County Commission. The State Board of Equalization is composed of five members appointed by the Governor. The qualifications are listed in statute. One member of the State Board must be a property appraiser.
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C
  • Consumable Supplies: All tangible personal property consumed (used up, drained, absorbed, dissipated, or expended) during the normal day-to-day operation of the business, not intended to become a component part of a manufactured item for sale. These items are not subject to personal property tax.
  • County Assessor: The elected official responsible for the valuation and assessment of property. In some counties the Assessor also collects the personal property tax.
  • County Commission / Towns / Special Districts: The elected officials responsible for setting budgets and spending levels within the county, towns, or districts. These expenditures will determine the property tax rate needed to fund the respective budgets.
  • County Treasurer: The elected official responsible for the billing and collection of real property taxes.
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D
  • Depreciation: This is the estimate of the decrease in value in a wasting asset (not land) due to such factors as use and obsolescence. In Nevada, for purposes of real property appraisal, depreciation is calculated at 1.5 percent of the cost of replacement for each year up to 50 years. Personal property depreciation is calculated according to a schedule approved by the Nevada Tax Commission. For purposes of taxation motor vehicles are not considered personal property and are not subject to property taxes. They are however subject to a separate government services tax.
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F 
  • Fiscal Year: In Nevada it is that period of time from July 1 of one calendar year to June 30 of the following calendar year. It is also the taxable year for purposes of property taxation.
  • Full Cash Value: The most probable price which property would bring in a competitive and open market under all conditions requisite for a fair sale.

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  • Improvements: All buildings, structures, fences, etc., fixed to the land.
  • Improvement Districts: (General or Special) - Districts created by a local government to provide a specific service to the residents within the district. Districts may be created for fire service, streets, sewers, etc.
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  • Leasehold Improvements: Modifications to a building that are made to accommodate a specific business. Some examples are: Draperies, partitions, paneling, counters, shelving, built-in compressed air systems, heavy duty electrical systems, etc.
  • Levy: see Tax Levy.
  • Lien: Under Nevada Law taxes levied against property are a perpetual lien against the property assessed until the tax and any penalty charges and interest, which may be due, are paid.
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M
  • Market Value: see Full Cash Value.
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N
  • Notice of Assessment: A statement sent by the County Assessor in December to the property owner, showing the taxable value and assessed value of land, buildings and secured personal property for the current fiscal year and next fiscal year. If the property owner disagrees with the taxable value, he may file an appeal with the County Board of Equalization.
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P
  • Personal Property: All property not defined as real property (manufactured homes, businesses and airplanes, etc.)
    • Personal Property On The Secured Roll: Included on the statement sent in December to the property owner that will be billed with the real property.
    • Personal Property On The Unsecured Roll: The request for a list of personal property is generally sent out by July 1 and should be returned to the Assessor by July 31. The taxpayer must pay within 30 days of the billing demand.
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R
  • Real Property: Land, buildings and improvements which are not normally removable and manufactured homes converted to real property.
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S
  • Secured Property: Property on which the taxes are a lien against the real estate.
  • Special Assessments: Direct charges, which are against the property but not included in the assessor's valuation.
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T
  • Tax Base: Total assessed value in a given tax district.
  • Tax Rate: Rate in dollars which when applied to each $100 of assessed value will give the tax amount. Rates vary from one district to another depending on the tax base and the needs of the people in that district.
  • Tax Year or Fiscal Year: Most governments operate on a fiscal basis. Nevada?s fiscal year begins July 1 of each year and ends on June 30 of the following calendar year.
  • Taxable Value: Generally speaking, taxable value is the appraised value of the land and the current replacement cost of improvements less depreciation as determined by the Assessor.
  • Tax Levy / Rate: The rate necessary to support the budgets as determined by the elected governing boards. The amount is expressed as $X.XX per $100.00 of assessed value.
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U
  • Unsecured Property: See personal property.
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