The Provisions Governing Property Tax

Overview
The State Constitution caps the property tax rate at $5.00 per $100.00 of assessed value. (NRS 361.453) It is further capped by statute at $3.64 per $100.00 of assessed value. Property in Nevada is assessed at 35% of its taxable value.

The taxable value of vacant land is determined by considering the use to which it may be lawfully put. The taxable value of improved land is determined by considering the use to which the improvements are being put. The improvements (i.e. buildings) are valued at present replacement cost less depreciation at 1½ percent per year to 50 years. For personal property, depreciation is based on life expectancy. By statute, a local government cannot receive an increase in property tax revenue more than six percent over the maximum revenue allowed for the prior year (excluding new construction).

Mobile / Manufactured Homes
Mobile/manufactured homes not converted to real property are considered personal property. To determine taxable value the Personal Property Manual used by the Assessor divides mobile/manufactured homes into two categories, as required by statute.

Homes Sold Prior to July 1, 1982:
The Assessor uses the retail-selling price when sold to the original owner, less depreciation at five percent per year to a maximum depreciation of 80 percent of the original acquisition cost.

Homes Sold on or after July 1, 1982:
The Assessor uses the acquisition cost to the original owner adjusted by cost factors provided by the Nevada Department of Taxation, less depreciation at five percent per year to a maximum depreciation of 80 percent of the adjusted acquisition cost.

Motor Vehicles
Motor vehicles registered in Nevada and operated on highways pay a government services tax instead of personal property tax.

Boats
Boars operated in Nevada pay a registration fee instead of personal property tax.

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 cost factors and life and depreciation schedules provided by the Department of Taxation.

12/13 PERSONAL PROPERTY MANUAL - Please see for more details on personal property life schedules.

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