How does my assessed value relate to market value?

In Nevada, we appraise land according to its market value, then calculate 35% of that value to arrive at the assessed value. Improvements are based on a replacement cost new less depreciation. In other words, we determine how much it would cost to replace the improvement(s), depreciate it at 1.5% per year to arrive at the taxable value. Then we calculate 35% of that value to arrive at the assessed value. Market value has very little bearing on the taxable value of a property, especially as the age of the improvements increase. The 1.5% depreciation is according to Nevada Revised Statutes and the maximum depreciation allowed on real property is 75%. For more information, contact the Assessor's Office.

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1. I received a Deed Processing Notice. What am I supposed to do?
2. What is the responsibility of the Assessor´s Office?
3. Why have values increased in such a poor economy?
4. What is this assessment card I get in the mail in December? What does it all mean?
5. Who determines the tax rate?
6. Who collects taxes?
7. What is the difference between the “appraised” and the “assessed” value of property?
8. Why would my taxes change?
9. What is factoring?
10. How often would my value change?
11. How does my assessed value relate to market value?
12. How can my taxes be increasing when values are dropping ?
13. What if I don't agree with my assessed value?
14. What statutes govern the Assessor's Office?