Under Nevada's property tax abatement law (NRS 361.4722), annual increases in a property owner's tax bill are capped at:
Correct Answer
B) 3% for owner-occupied primary residences and 8% for other taxable property, including rentals and commercial
Nevada's property tax abatement statute (NRS 361.4722) caps the annual increase in a property owner's tax bill at 3% for owner-occupied primary residences and 8% for all other taxable property, including rental, investment, and commercial properties. This cap applies regardless of how much the property's assessed value increases in a given year.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
Fee simple absolute is the highest and most complete form of property ownership, giving the owner unrestricted rights to use, possess, enjoy, and dispose of the property. It is of unlimited duration and fully inheritable.
Community property is a system where property acquired during a marriage is owned equally by both spouses.
A freehold estate represents ownership of real property with an indefinite duration.
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