Comment by TJSomething
2 days ago
In Nevada, it's a percentage (approximately 0.5%, varying from city to city and with other conditions, like commercial usage) of its assessed value, which is 35% of taxable value. Taxable value is the market value of the bare land plus the replacement cost for all improvements on the land, less depreciation.
Ok, but if real estate prices half the city can just double the tax from 0.5% to 1%? Correct?
Yes, but every elected official will lose their job at that millage rate increase and you'll have riots.
Why? If the real estate prices half and the municipality doubles the tax rate, everyone pays the same amount of tax in dollars per year?
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