Property Ownership
What is a possessory interest in Nevada real estate and how is it taxed?
AAn interest only created by adverse possession
BA leasehold or other right to use and possess public (government-owned) land, which in Nevada may be subject to property tax as if it were private ownership✓ Correct
CAn interest that only gives the right to pass through property
DA possessory interest is never taxed in Nevada
Explanation
Nevada taxes possessory interests — a private person's right to use government-owned property (like a long-term lease of public land or airport concession). The Nevada county assessor values these interests as if they were private property, and the possessor pays property taxes.
People Also Study
Related Nevada Questions
- In Nevada, a gross lease in commercial property management means the tenant pays:Property Management
- In Nevada, which government power allows the county to place a property tax lien on real property for unpaid taxes?Property Ownership
- In Nevada, which agency has authority over land use planning in unincorporated county areas?Land Use & Zoning
- A Nevada property owner pays annual property taxes of $3,600. If the tax rate is 3%, what is the assessed value?Real Estate Math
- A Nevada seller pays $3,900 in transfer tax. In Clark County ($1.95/$500), what was the sale price?Real Estate Math
- What is the Southern Nevada Public Land Management Act (SNPLMA) and how has it shaped Nevada real estate?Land Use & Zoning
- What is a right of first refusal in a Nevada commercial lease and how does it benefit the tenant?Contracts
- What is a 'first right of refusal to purchase' in a commercial lease and how does it benefit a Nevada tenant?Property Management
Key Terms to Know
Adverse Possession
A doctrine by which a person can gain legal title to another's land by openly, continuously, and adversely occupying it for a statutory period.
EasementA non-possessory right to use another person's land for a specific purpose.
Fee SimpleThe highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
Study This Topic
Practice More Nevada Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Nevada Quiz →