Assessed valuation for Douglas County took a turn for the better this year climbing for the first time in six years.
According to the Douglas County Assessor’s Office the county’s total assessed valuation will hit $2.597 billion on July 1, up from the present assessment of $2.45 billion.
It will be a while before the county catches up to its peak valuation of $3.44 billion on July 1, 2008, just before the worst of the Great Recession.
Property taxes are charged based on the taxable value of property. In Nevada assessed value is 35 percent of taxable value.
Property owners pay different rates depending on where they are, when their property was improved and whether the property is a residence or a business.
Douglas County is home to 34 separate taxing districts, the largest number of governmental entities per capita in the state.
That means some large regional differences in tax rates.
Also many owners of homes built prior to the 2005 Legislature have seen a steady increase in their taxes over the past eight years.
In order to prevent the housing bubble from overwhelming homeowners, the Legislature passed a low limiting the amount that any assessed valuation can increase to 3 percent.
The increased value continued to be carried on the tax rolls, and since the recession has been trickling out at 3 percent a year.
The amount of abatement left is listed on tax bells. However, homes built after 2005 don’t benefit from the abatement.
The 2014-15 secured assessment roll appeared in The Record-Courier on Dec. 27.
Anyone who thinks that the market value of their property is less than the appraised value listed in the tax rolls may appeal their valuation at the County Board of Equalization by Jan. 15. The board meets in February, hears appeals and decides whether the value is correct.
If the Board of Equalization determines that the property is appraised at too high an amount, they can also order a reduction for nearby property.