Real property includes land, improvements attached to the land, such as buildings, and improvements to the land, such as driveways and bulkheads. Mobile homes and floating homes are valued as real property.
There are four categories of real property assessments.
- Commercial - These properties are zoned and/or used for commercial purposes, including retail, restaurants, offices, etc.
- Industrial - Industrial lands are those lands and structures zoned and/or used for industrial purposes, such as manufacturing or fabrication.
- Multi-Family - This category includes lands and structures zoned and/or used for residential purposes that have more than two living units.
- Residential - Properties and lands zoned and/or used for single-family purposes, including duplexes and condominiums.
Regardless of its category, every real property is valued each year. However, only properties in designated areas of the county are physically inspected by appraisers as part of the valuation process. These designated areas are known as Cycles (see Physical Inspection Cycle Map). One sixth of the county’s residential parcels are physically inspected each year while one fourth of the commercial industrial and multi-family parcels are physically inspected each year.
Real Property Annual Assessment
Properties in Clark County are appraised on an Annual Assessment cycle. Under Annual Assessment, the Assessor's Office reviews all parcels in the county each year to set the value of the property to market value. Property owners are notified of any changes made to the land or improvements on their parcels. State law requires that all property be valued at 100% of true and fair market value.
During the Annual Assessment process,
- Industrial, commercial, and multi-family properties are evaluated and new values are placed on properties to bring them to market value.
- Properties with new construction (including incomplete structures) and one-sixth of the existing residential properties in the County are physically inspected and valued.
- The five-sixths of the residential properties that are not physically inspected are evaluated and are adjusted to market value based on sales information from the previous year.
The Annual Assessment process allows all property values to rise and fall with the market. This provides greater equity among property owners and a more stable tax base for the taxing districts which rely heavily on property taxes to fund the services they provide.