ValuationNevada_property_tax_assessment_and_ratesMEDIUM
A residential property in Washoe County, Nevada has been assigned a taxable value of $320,000 by the county assessor. The combined property tax rate in the district is $3.50 per $100 of assessed value. What is the owner's annual property tax bill?
Correct Answer
D) $3,920
Nevada assesses property at 35% of taxable value, so the assessed value is $112,000; applying $3.50 per $100 of assessed value yields an annual tax of $3,920.
Answer Options
A
$4,480B
$11,200C
$16,000D
$3,920Why This Is the Correct Answer
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Why the Other Options Are Wrong
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Deep Analysis of This Valuation Question
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Background Knowledge for Valuation
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Related Topics & Key Terms
Key Terms:
property_tax_calculationassessment_ratiotaxable_valuetax_ratewashoe_county
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