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

CLARK COUNTY - RESIDENTIAL Billions SECURED AND UNSECURED TOTAL TAXABLE $200 5.4% $185.6 $184.7 8.5% -26.8% $180 16.1% $160.1 $160 17.2% -25.1% $139.2 $146.8 -2.1% 3.9% $135.2 $140 -8.4% $128.3 $120 $110.5 $110.2 $101.2 $99.1 $90.8 $94.3 $100 $81.5 $80 $60 $40 $20 $0 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 Billions SECURED AND UNSECURED TOTAL TAXABLE 13.2% $10 $8.9 12.8% -26.2% $9 $8.6 7.0% 2.5% 9.2% $8 -20.2% -6.7% $7.5 $7.2 $7 $6.6 $6.6 $5.9 $5.8 $6 $5.5 $5.3 $5.0 $4.9 $5 $4.5 $4.0 $4 $3 $2 $1 $0 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 Billions SECURED AND UNSECURED TOTAL TAXABLE $80 $75.0 $74.5 8.7% $70 -32.9% 6.6% $62.3 5.0% 6.3% $60 -22.6% 0% .5% $50.6 $50.3 $50.0 $50 $38.7 $38.9 $38.9 $41.4 $43.4 $46.3 $39.5 $40 $32.4 $30 $20 $10 $0 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 Billions SECURED AND UNSECURED TOTAL TAXABLE $350 -18.9% $298.9 $308.9 6.9% $300 8.4% 13.2% $253.0 $250.6 -31.3% $250 13.9% -12.3% -6.7% 2.3% $215.4 $201.6 $200 $185.9 $177.6 $172.3 $164.3 $151.0$140.9$144.2 $150 $132.5 $100 $50 $0 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 .

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 4% 17% $3.50 $3.24 Billions $3.10 42% -19% $3.00 $2.64 $2.63 8% $2.32 8% $2.50 13% -30% $1.97$2.14 34% 15% $1.83 -12% $1.86 $2.00 $2.32 $1.74 1.8% -8% $1.62$1.48 $1.51 $2.24 $2.10 11% $1.50 17% $1.79 -4% $1.79 $1.60 $1.46 $1.46 $1.52 $1.59 $1.64 $1.72 $1.39 $1.55 16% 5% -20% 3% 4% $1.00 4% 12% -11% -9% .10% $0.50 $0.00 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.

Clark County General Fund Revenues Fines & Forfeits, 2% [CATEGORY Charge for Services, 7% NAME], .3% Property Property Taxes Taxes, 29% Inter- Licenses & Permits governmental, Intergovernmental 37% Licenses & Charge for Services Permits, 24% Fines & Forfeits Miscellaneous Based on approved budget for year ending 6-30-2018

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

SUN CITY ANTHEM Single Family Residences Historical Median Sales Price/Square Foot $300 $280 $260 769 $240 1299 $214 $220 832 $197 $193 593 432 382 $200 380 $184 $174 $178 $184 1012 389 $180 306 $164 $162 $153 393 $160 332 314 $142 373 $132 $130 $124 $140 $120 $100 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.

SUN CITY ANTHEM Billions SECURED AND UNSECURED TOTAL TAXABLE 7.7% -1.2% $3 -22.2% 7.4% $2.7 $2.7 8.4% -11.4% -9.3% $2.6 7.3% $3 .7% $2.3 $2.3 $2.1 $2.1 $2.0 $2.0 $2 $1.9 $1.8 $1.7 $1.7 $1.5 $2 $1 $1 $0

SUN CITY ANTHEM YEAR OVER YEAR % OF CHANGE 40% 37.0% 28.1% 30% 20% 7.3% 8.4% 7.4% 7.7% 10% 3.9% 2.2% 0.7% 0% -1.2% -10% -11.4% -9.2% -20% -22.2% -30%

RESIDENTIAL COMPARISON CLARK COUNTY TO SUN CITY ANTHEM YEAR OVER YEAR % OF CHANGE 50% 45.4% 44.3% 39.3% 40% 35.2% 30% 17.2% 16.1% 20% 15.9% 8.5% 6.5% 8.5% 8.1% 8.0% 10% 7.6% 5.4% 3.9% 3.8% 0.8% 0% -0.5% -1.3% -2.1% -10% -10.4%-7.0% -8.4% -20% -25.1% -22.4% -30% -26.8% -40% 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 $78,482 $80,045 $84,988 $91,552 $99,764 $106,133 $103,616 (35% of Taxable) 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 $0.00 $73.55 $192.76 $357.03 $537.35 $398.60 $463.49 (less cap reduction)

COMPARISON TAXES AS ASSESSED to NET TAXES $4,000.00 $3,500.00 $3,000.00 $2,500.00 $2,000.00 $1,500.00 $1,000.00 $500.00 $0.00 Taxes As Assessed 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)

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