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Much to the surprise of some local residents, Incline Village's land values will go up 8 percent next year.
The Nevada Tax Commission adopted factors statewide for 16 counties, including increases in Washoe County, for the 2005 property tax roll at its meeting Monday, said Chuck Chinnock, executive director of the Nevada Department of Taxation.
Factors are applied to property that is not physically re-appraised in order to ensure uniformity with property that is re-appraised, Chinnock explained. Adopting land factors is a statutory requirement practiced by the commission every year and county residents can expect more increases in the next tax year which follows the trend of a booming real estate market, he said.
"The assessor's looked at land sales and compared them to current values to make sure they are in the range of 30 to 35 percent of taxable value," Chinnock said. "That ensures that all property is uniform from year to year, whether it is re-appraised or not."
But Maryanne Ingemanson, president of the Village League to Save Incline Assets, said she was "dumbfounded" by Monday's meeting.
"I'm absolutely stunned that they went ahead and increased our taxes yet again," she said.
Ingemanson said the tax commission is not applying the new rules and regulations correctly that it adopted in June for the 2005 property tax roll.
"It's my opinion that if the new rules and regulations were correctly implemented, Incline's taxes would not increase," she said. "It became law on Aug. 4 that they were to apply the new rules in determining the factor of this area, and they didn't use the new rules and regulations in applying this factor."
Land values will go up 60 percent next year for those who own property along the lake in Douglas County.
Ingemanson said that by increasing the factor, the tax commission further increased the disparity and inequality of taxes paid by Douglas County and Washoe County property owners.
But Chinnock said it's a difference of interpretation.
"We acknowledge that the new rules and regulations are in effect," he said. "The factors we arrived at are consistent with the new rules and regulations passed."
By approving the land factors, Douglas County land values at the lake and Washoe County land values at the lake will be brought closer together, Chinnock said.
He said county assessors will apply the adopted factors to last year's valuation and apply that to the upcoming tax role on new valuation. He said property owners should expect to receive notification before the first of the year.
The Nevada Tax Commission adopted factors statewide for 16 counties, including increases in Washoe County, for the 2005 property tax roll at its meeting Monday, said Chuck Chinnock, executive director of the Nevada Department of Taxation.
Factors are applied to property that is not physically re-appraised in order to ensure uniformity with property that is re-appraised, Chinnock explained. Adopting land factors is a statutory requirement practiced by the commission every year and county residents can expect more increases in the next tax year which follows the trend of a booming real estate market, he said.
"The assessor's looked at land sales and compared them to current values to make sure they are in the range of 30 to 35 percent of taxable value," Chinnock said. "That ensures that all property is uniform from year to year, whether it is re-appraised or not."
But Maryanne Ingemanson, president of the Village League to Save Incline Assets, said she was "dumbfounded" by Monday's meeting.
"I'm absolutely stunned that they went ahead and increased our taxes yet again," she said.
Ingemanson said the tax commission is not applying the new rules and regulations correctly that it adopted in June for the 2005 property tax roll.
"It's my opinion that if the new rules and regulations were correctly implemented, Incline's taxes would not increase," she said. "It became law on Aug. 4 that they were to apply the new rules in determining the factor of this area, and they didn't use the new rules and regulations in applying this factor."
Land values will go up 60 percent next year for those who own property along the lake in Douglas County.
Ingemanson said that by increasing the factor, the tax commission further increased the disparity and inequality of taxes paid by Douglas County and Washoe County property owners.
But Chinnock said it's a difference of interpretation.
"We acknowledge that the new rules and regulations are in effect," he said. "The factors we arrived at are consistent with the new rules and regulations passed."
By approving the land factors, Douglas County land values at the lake and Washoe County land values at the lake will be brought closer together, Chinnock said.
He said county assessors will apply the adopted factors to last year's valuation and apply that to the upcoming tax role on new valuation. He said property owners should expect to receive notification before the first of the year.
