Posted August 06, 2018 09:19:31When Nevada passed a statewide sales tax increase last year, some property owners were surprised.
But the tax change doesn’t seem to have changed the way property owners think about property taxes.
Nevada State Treasurer Dan Bishop says he’s received many phone calls about the tax, but there are no hard numbers about the amount of property taxes paid.
“The general consensus among the property owners is that it’s not that much,” Bishop said.
Property taxes are paid by the state based on a formula, which is based on how much the property is worth.
Property taxes can vary widely, depending on the value of the property, such as how much land the property has and whether it’s a farm or apartment building.
The new tax increases the rate for property taxes from 5.25 percent to 5.75 percent.
The change applies to property taxes collected from August 1, 2018, through July 1, 2019.
Bishop says the tax increase has not hurt the property tax collections of Nevada residents.
“We’re actually seeing an increase in the tax base because we have more people that have been paying property taxes,” Bishop told ABC News.
“As the population increases, so does the tax burden and the tax revenue that the state gets.”
The Beacon Property tax is a way for the state to reduce the amount property taxes are owed.
The Beacon Property taxes are collected at the same rate as the general sales tax, which also goes to the state.
Property tax collections are based on the following formula:When the total value of all properties in a certain geographic area is $200,000 or more, the county, city, school district, or township gets the entire amount of the tax.
That portion of the amount is divided by the total number of properties in that area to determine the total property tax rate.
The tax is then levied at the county or city level, whichever is higher.
Property owners have a number of different ways to get property taxes reduced.
The first and most popular method is for the property owner to pay the difference between the property taxes and their assessed value.
The property owner must be eligible for a tax credit, and that amount of tax reduction can range from 10 percent to 25 percent.
Property taxpayers who are not eligible for the tax credit are eligible to apply for the reduced tax.
If a property is subject to a special tax, such the value and amount of land that the property qualifies for, the owner may be eligible to take the tax down to a lower amount, such a 10 percent reduction.
The county, school districts, and township are also allowed to waive property taxes if they provide the property with a deed of easement, which would lower the tax to zero.
The second and most common method for reducing property taxes is to get rid of the stamping on property.
Stamping is a type of tax that is applied to the property to show that the land is exempt from taxes.
If the property does not qualify for stamping, then it is eligible for reduction.
Bishops office does not recommend that property owners get rid for property tax reduction.
However, property owners can still have their property taxes deducted.
They can do this by paying the county and township property tax for the year, or by filing a Form 8965 with the county recorder.
A property owner may also elect to deduct the property from their property tax bill, but only for one year, unless the property was sold before August 1.
“If you’ve been paying your property taxes, you probably would have been expecting to see an increase, so you probably wouldn’t expect to see a decrease in the amount that you’re paying,” Bishop explained.
The Beacon property tax changes are effective until January 1, 2020, and are expected to reduce property taxes in Nevada by about $1 billion.