Property Valuation
In Nevada, what is the assessed value for property tax purposes versus market value?
AAssessed value always equals 100% of market value
BIn Nevada, assessed value is set at 35% of the property's taxable value (which is based on replacement cost minus depreciation for residential properties)✓ Correct
CAssessed value is set by NRED annually
DAssessed value is set by the state legislature each year
Explanation
Nevada assesses property at 35% of the taxable value. For residential properties, taxable value is determined by the county assessor using a cost-replacement method, not necessarily market value.
Related Nevada Property Valuation Questions
- What is the 'principle of progression' in real estate appraisal?
- What is the economic life versus the physical life of a building in Nevada appraisal?
- What is 'external obsolescence' in real estate appraisal and provide a Nevada example?
- What is 'effective age' versus 'actual age' in real estate appraisal?
- Which appraisal approach is most commonly used for single-family residential properties in Nevada?
- What is the principle of contribution in Nevada real estate appraisal?
- In Nevada, 'highest and best use' in an appraisal means the use that is:
- What is the primary reason Nevada residential appraiser must physically inspect the property?
Practice More Nevada Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Nevada Quiz →