The function of any assessor's office is threefold: 1) to discover 2) to list 3) and to value all property, both real and personal subject to taxation, within their jurisdiction. The appraisal division`s role within the Washoe County Assessor`s Office is just that, to value property under guidelines by the Nevada Revised Statutes(N.R.S.) and the Nevada Administrative Code(N.A.C.).
There are three methods by which real property may be valued:
Market approach - look at similar properties which have sold, adjust for the differences, and estimate the price the subject property might sell for.
Income approach - estimate the amount of money the subject property might rent for based on similar properties that are being rented. Divide the annual income, after expenses, by a reasonable interest (capitalization) rate which would be determined by market rates.
Cost approach - determine what it would cost to purchase a vacant parcel and build a structure(s) with similar utility as that of the subject property.
All counties within the State of Nevada are required to use the third method or cost approach to value real property for taxation purposes. Nevada Revised Statute (N.R.S.) 361.227 requires the Assessor to establish the "taxable value" by determining the "full cash value" of the land and adding to that the estimated replacement cost of improvements (buildings, etc.) less appropriate depreciation. The replacement cost of the improvements are determined by using Marshall & Swift Valuation Service as required by Nevada Administrative Code. The appropriate depreciation, for real property, is one and one-half (1.5) percent of replacement cost for each year of age of the structure(s).
The Assessor is also required by statute (N.R.S. 361.260) to determine the taxable value for all real property subject to taxation each year. For additional information on personal property please read our Business Personal Property, Mobile Home and Aircraft pages. The statute requires the Assessor to reappraise each real property at least once every five years. Currently, the Washoe County Assessor's Office is reappraising each property annually.
The total taxable value cannot exceed the "full cash value" (market) of the property as defined by N.R.S. 361.025. For value information on your property assessment data please click here to access the property assessment data page.
If a property owner feels that the "taxable value" of their property has exceeded the "full cash value" (market value) or was arrived at incorrectly they may appeal to the Washoe County Board of Equalization for review. An appeal form and instructions for completing the form may be obtained from the Assessor`s Office along with assistance from the appraisal staff. This completed form must be returned to our office no later than the fifteenth of January of the year in which the taxes are due. For more information regarding appeals please visit the web pages maintained by the Office of the Washoe County Clerk.
For information on tax rates and calculations please visit the web pages maintained by the Office of the Washoe County Treasurer.