Eureka County Assessor's Office



GLOSSARY


AD VALORUM - "According to value". Refers to real property tax.

AGRICULTURAL PROPERTY - Land devoted for at least three (3) consecutive years immediately preceding the assessment date to agricultural use or preparation for agricultural use and 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 physically 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. Set statutorily by the legislature.


ASSESSMENT ROLL - There are two (2) rolls, the secured roll and the unsecured roll.

1. Secured Roll - The listing of real property as prepared annually by the assessor. The payment of the tax is secured by a lien against the real property.

2. Unsecured Roll - Personal property whose value is not secured by the ownership of real property and new construction which has not yet been added to the secured roll.


BOARDS OF EQUALIZATION - The County Board of Equalization is a three or five member board appointed by the chairman of the County Commission. The State Board of Equalization is composed of five members appointed by the governor. The qualifications are listed in statute. One must be a property appraiser.


BONDS - There are generally two (2) types of bonds which are sold to finance capital expenditures:

1. General Obligation (G. O.) Bonds - These bonds are secured by the full faith and credit of the issuing government. A property tax rate is established to redeem these bonds.

2. Revenue - These bonds are redeemed by a non-property tax. For example: sales tax to redeem street construction bonds, or county hospital revenues to redeem hospital construction bonds.


BONDED INDEBTEDNESS - The sale of bonds for capital construction projects or capital equipment purchases. The repayment of bonds is frequently by a property tax levy.

Short Term Debt - can only be incurred by a local government for purposes of public safety or health. These bonds must be paid back in ten (10) years. DOES NOT REQUIRE VOTER APPROVAL.

Long Term Debt - Incurred for a duration of 20 to 30 years. MUST BE APPROVED BY THE VOTERS at a regular election if property tax is to be used to redeem the bonds.


COUNTY ASSESSOR - The elected official responsible for the valuation and assessment of property.


COUNTY COMMISSION/CITY COUNCIL MEMBERS -The elected officials responsible for setting property tax rates.


COUNTY TREASURER - The elected official responsible for the billing and collection of real property taxes.


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 privilege tax.


FISCAL YEAR - In Nevada it is that period of time from July 1 of one year to June 30 of the following 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.


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.


LEVY - see Tax Levy.


MARKET VALUE - see Full Cash Value.


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.


PARCEL NUMBER - This is a numerical system used for identifying real property.


PROPERTY - Consists of two (2) categories, "real" and "personal".

1. Personal - All property not permanently affixed to land, such as mobile homes, business equipment, possessory interests, etc.

2. Real - Land, buildings and improvements which are not normally removable.


TAX - This is a compulsory charge levied by a governmental unit against the wealth of a person, natural or corporate.


TAX LEVY/RATE - This amount is expressed as $X.XX per $100.00 of assessed valuation. It is the rate necessary to support the budgets as determined by the governing boards.


TAX OVERRIDE - An increase in the allowed property tax rate, either legislatively or voter approved and used for operating expenditures.


TAX ROLL - see "Assessment Roll".


TAXABLE VALUE - For vacant land - full cash value; for improved land - full cash value based on actual use; for improvements - replacement cost less depreciation. Taxable value is not to exceed full cash value. On tax notices this may appear as "Appraised Value".


 


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Site Last Updated 09/2000