ValuationNevada_property_tax_assessment_and_ratesEASY
In Nevada, the statutory tax rate cap on real property is set by the Nevada Constitution. What is the maximum property tax rate that can be levied on the assessed value of real property in Nevada?
Correct Answer
B) 5 cents per $1 of assessed value
Under the Nevada Constitution (Article 10, Section 2), the total combined property tax rate in Nevada cannot exceed $5 per $100 of assessed value, which is equivalent to 5 cents per $1 of assessed value. This constitutional cap applies to the combined levy of all taxing entities (state, county, city, school district, etc.).
Answer Options
A
3 cents per $1 of assessed valueB
5 cents per $1 of assessed valueC
8 cents per $1 of assessed valueD
10 cents per $1 of assessed valueWhy This Is the Correct Answer
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Why the Other Options Are Wrong
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Background Knowledge for Valuation
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Real World Application in Valuation
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Related Topics & Key Terms
Key Terms:
property_taxtax_rate_capnevada_constitutionassessed_value
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