Clark County Assessor Sun City Anthem Financial Club Michele Shafe - - PowerPoint PPT Presentation

Clark County Assessor

Sun City Anthem Financial Club

Michele Shafe

Clark County Assessor

Assessor’s Office

Mission Statement

The Assessor's Office performs accurate and equitable assessment functions to serve the public.

Vision Statement

The most technologically advanced, user friendly Assessor's Office in the country.

What The ASSESSOR Does:

The Assessor is required by Nevada law to discover, list and value all real and personal property within the county.

Overall Clark County Assessed Property for 2017-2018

Total Parcels Real Property – 760,395 672,085 Residential Parcels 19,685 Commercial Parcels 4,298 Industrial Parcels 284 Agriculture/Open Space Parcels 325 Golf Course Parcels 64,327 Vacant Land Parcels Personal Property 23,961 Manufactured Homes 47,008 Businesses 1,113 Aircraft

Inter-departmental Cooperation

A S S E S S O R Business License Treasurer Recorder Comprehensive Planning Development Services T A X $ B I L L S

Property Tax Governed by

 Nevada Revised Statute 361  Nevada Administrative Code 361

Property Valuation Formula

RCNLD +LV = Total Taxable Value

RCNLD = Replacement Cost New Less *Depreciation of

Improvement

LV = Market Value of Land * Depreciation is calculated at 1.5% per year based on age of improvements as

per NRS 361.227.

Property Tax Calculation Formula

Taxable Value x Assessment Ratio(.35) = Assessed Value

Assessed Value x Tax Rate = Taxes as Assessed Example: $250,000 x .35 = $87,500 $87,500 x .028987* = $2,536.36

* 2017-2018 tax rate for district 516

Appeals

 The assessment may be appealed to the County Board of

Equalization on or before January 15 of the fiscal year in which the assessment was made.

 Historical Appeal filings*: Fiscal Year

 2007/08 –

725

 2008/09 –

1,370

 2009/10 –

6,031

 2010/11 –

8,343

 2011/12 – 10,658  2012/13 –

7,456

 2013/14 –

6,100

 2014/15 –

4,174

 2015/16 –

2,450

 2016/17 –

1,862

 2017/18 –

1,565

*Figures represent appeals received

$81.5 $110.2 $160.1 $185.6 $184.7 $135.2 $101.2 $99.1 $90.8 $94.3 $110.5 $128.3 $139.2$146.8

$0 $20 $40 $60 $80 $100 $120 $140 $160 $180 $200 Billions

Note: Data as of August roll close for all years except 2004-2005 to 2006-2007 which are June roll close numbers. Unsecured Values includes Supplemental only. Secured PP has not been included .

CLARK COUNTY - RESIDENTIAL SECURED AND UNSECURED TOTAL TAXABLE

• 26.8%
• 25.1%
• 2.1%
• 8.4%

5.4% 17.2% 16.1% 8.5% 3.9%

$4.0 $4.5 $5.8 $7.2 $8.6 $8.9 $6.6 $5.3 $4.9 $5.0 $5.5 $5.9 $6.6 $7.5

$0 $1 $2 $3 $4 $5 $6 $7 $8 $9 $10 Billions

Note: Data as of August roll close for all years except 2004-2005 to 2006-2007 which are June roll close numbers. Unsecured Values includes Supplemental only. Secured PP has not been included .

CLARK COUNTY - INDUSTRIAL SECURED AND UNSECURED TOTAL TAXABLE

• 26.2%
• 20.2% -6.7%

2.5% 9.2% 7.0% 12.8% 13.2%

$32.4 $39.5 $50.6 $62.3 $75.0 $74.5 $50.0 $38.7 $38.9 $38.9 $41.4 $43.4 $46.3 $50.3

$0 $10 $20 $30 $40 $50 $60 $70 $80 Billions

Note: Data as of August roll close for all years except 2004-2005 to 2006-2007 which are June roll close numbers. Unsecured Values includes Supplemental only. Secured PP has not been included .

CLARK COUNTY - COMMERCIAL SECURED AND UNSECURED TOTAL TAXABLE

• 32.9%
• 22.6%

6.6% 0% 6.3% 5.0% .5% 8.7%

$132.5 $177.6 $253.0 $298.9 $308.9 $250.6 $172.3 $151.0$140.9$144.2 $164.3 $185.9 $201.6 $215.4

$0 $50 $100 $150 $200 $250 $300 $350 Billions

Note: Data as of August roll close for all years except 2004-2005 to 2006-2007 which are June roll close numbers. Unsecured Values includes Supplemental only. Secured PP has not been included .

CLARK COUNTY - OVERALL SECURED AND UNSECURED TOTAL TAXABLE

• 18.9%
• 31.3%
• 12.3%
• 6.7% 2.3%

13.9% 13.2% 8.4% 6.9%

Tax Abatement Law

NRS 361.471 thru 361.4725

• Provides for a Cap on Taxes

 Primary Single Family Residences – 3%  Certain Qualified Rental Dwellings – 3%  All Other Properties – between 3% & 8%

• Excludes New Construction Value
• Excludes Changes in Actual or

Authorized Use Value

Historical Tax Cap

Fiscal Year Primary All Other 2005-2006 3.0% 8.0% 2006-2007 3.0% 8.0% 2007-2008 3.0% 8.0% 2008-2009 3.0% 8.0% 2009-2010 3.0% 8.0% 2010-2011 3.0% 8.0% 2011-2012 3.0% 6.3% 2012-2013 3.0% 6.4% 2013-2014 3.0% 4.2% 2014-2015 3.0% 3.0% 2015-2016 3.0% 3.2% 2016-2017 0.2% 0.2% 2017-2018 2.6% 2.6%

CLARK COUNTY Comparison of Taxes as Assessed to Capped Taxes

$1.86 $2.64 $3.10 $3.24 $2.63 $1.83 $1.62$1.48 $1.51 $1.74 $1.97$2.14 $2.32 $1.39 $1.55 $1.79 $2.10 $2.32 $2.24 $1.79 $1.60 $1.46 $1.46 $1.52 $1.59 $1.64 $1.72

$0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 Billions Tax As Assessed Capped Taxes

Note: The abatement (capping) of taxes started in the 2005-2006 fiscal year. Preliminary tax

numbers for 2017-2078 fiscal year.

1.8% 34% 42% 17% 4%

• 19%
• 30%

15%

• 12%
• 8%

13% 8% 8% 11% 16% 12% 17%

• 11%
• 9%
• 4%
• 20%

.10% 4% 4% 3% 5%

Property Taxes, 29% Licenses & Permits, 24% Inter- governmental, 37% Charge for Services, 7% Fines & Forfeits, 2% [CATEGORY NAME], .3% Property Taxes Licenses & Permits Intergovernmental Charge for Services Fines & Forfeits Miscellaneous

Based on approved budget for year ending 6-30-2018

Clark County General Fund Revenues

Sun City Anthem Assessed Property for 2017-2018

Total Parcels Real Property – 7,307 7,224 Residential Parcels 2 Commercial Parcels 73 Common Area Parcels 8 Golf Course Parcels

Sun City Anthem Assessed Property for 2017-2018

Single Family Residence Median Taxable Value - $290,436 432 Sales (July 2016 to June 2017) Median Sales Price $356,250 527 Sales

(July 2016 to Sept 2017)

Median Sales Price $360,000

$164 $214 $197 $193 $184 $153 $132 $130 $124 $142 $162 $174 $178 $184

$100 $120 $140 $160 $180 $200 $220 $240 $260 $280 $300

SUN CITY ANTHEM Single Family Residences Historical Median Sales Price/Square Foot

380 1012 769 1299 832 593 306 332 314 373 393 389 382 432

Note: This is for detached single family residences only and does not include townhome/duplexes. The number in blue are the total # of sales reviewed for that period.

$1.5 $2.0 $2.6 $2.7 $2.7 $2.1 $1.9 $1.7 $1.7 $1.8 $2.0 $2.1 $2.3 $2.3

$0 $1 $1 $2 $2 $3 $3 Billions

SUN CITY ANTHEM SECURED AND UNSECURED TOTAL TAXABLE

• 22.2%
• 11.4% -9.3%

.7% 7.3% 8.4% 7.4% 7.7% -1.2%

37.0% 28.1% 3.9% 2.2%

• 22.2%
• 11.4%-9.2%

0.7% 7.3% 8.4% 7.4% 7.7%

• 1.2%
• 30%
• 20%
• 10%

0% 10% 20% 30% 40%

SUN CITY ANTHEM YEAR OVER YEAR % OF CHANGE

35.2% 45.4% 15.9%

• 0.5%
• 26.8%
• 25.1%
• 2.1%
• 8.4%

3.9% 17.2% 16.1% 8.5% 5.4% 39.3% 44.3% 8.0% 3.8%

• 22.4%
• 10.4%-7.0%

0.8% 6.5% 8.5% 8.1% 7.6%

• 1.3%
• 40%
• 30%
• 20%
• 10%

0% 10% 20% 30% 40% 50%

RESIDENTIAL COMPARISON CLARK COUNTY TO SUN CITY ANTHEM YEAR OVER YEAR % OF CHANGE

Clark County Sun City Anthem

Single Residential Property Example Fiscal Year 2011/2012 2012/2013 2013/2014 2014/2015 2015/2016 2016/2017 2017/2018 Taxable Value $224,234 $228,700 $242,823 $261,576 $285,041 $303,237 $296,046 Assessed Value (35% of Taxable) $78,482 $80,045 $84,988 $91,552 $99,764 $106,133 $103,616 Tax Rate for District 516 2.8958 2.8969 2.8968 2.8976 2.8977 2.8985 2.8987 Taxes As Assessed $2,272.68 $2,318.82 $2,461.93 $2,652.80 $2,890.87 $3,076.26 $3,003.52 Taxes (Capped at 3%) $2,883.28 $2,340.86 $2,388.39 $2,460.04 $2,533.84 $2,538.91 $2,604.92 Net Taxes $2,272.68 $2,318.82 $2,388.39 $2,460.04 $2,533.84 $2,538.91 $2,604.92 Tax Savings (less cap reduction) $0.00 $73.55 $192.76 $357.03 $537.35 $398.60 $463.49

$0.00 $500.00 $1,000.00 $1,500.00 $2,000.00 $2,500.00 $3,000.00 $3,500.00 $4,000.00 Taxes As Assessed Net Taxes

COMPARISON TAXES AS ASSESSED to NET TAXES

EXEMPTION PROGRAM

Property Tax Exemptions available to individuals meeting the requirements (2017-2018)

 Veterans $2,640 assessed value benefit

($66 to $90 - RP or $132 - DMV)

 Disabled Veterans from $13,200 to $26,400 assessed value benefit

($330 to $898 - RP or $660 to $1,320 - DMV)

 Surviving Spouses $1,320 assessed value benefit

($33 to $44 - RP or $66 - DMV)

 Blind $3,960 assessed value benefit

($99 to $134 - RP or $198 - DMV)

Questions?