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Las Vegas NevadA Form 8288-A: What You Should Know
If you have any questions related to your property tax and/or tax liability, this office will assist you to help you reduce, or avoid, your property tax liability. We look forward to serving you, or your company, as you look to reduce or avoid property tax liability. The Tax Counsel is also available to answer questions about property tax, tax planning, and your personal tax return. If you have any questions about Property Tax, then check out our page on how property taxes work in Nevada. All forms used are considered as free copies of the IRS form but need to be completed for the free consultations. All documents are considered as free copies of the federal form but need to be complete or notarized. The form does not need to be signed in order to get all the free advice. What is Property Tax in Nevada? “Property” means a right to use or occupy land. The property tax is based upon the value of the property. It is a state tax, and is collected quarterly. This means that some or all of an owner's property, including land, may be assessed at different times on the same property. In the first quarter of each calendar year, the Nevada Land Tax Collector of State will compute the total amount of the property tax due in that year as well as collect and remit that amount to the Nevada Tax Collector of State. In the second quarter of the same year, that amount is reduced by the tax reduction for real property sold in the previous first quarter. The property tax rate for new construction is also increased by 100 percent for properties newly added to the record between quarters. This is an effective date for calculating the tax rate. The remaining amount is equal to 10 percent of the property tax due for properties sold, or transferred in the quarter. There is no homestead exemption, so the tax on your property will be applied to the fair market value of your property that you owe as taxes. The Nevada Tax Collector of State has the final authority in determining the amount of tax on your property that you owe. How Property Tax on Land Works: Property taxes on land are based upon the fair market value of the land. This is a total tax for the year. There are no exemptions. Nevada's property tax rates are set every two years. This is an effective date for calculating the amount due.
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