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Incline Village property owners earned a victory Monday morning at the Nevada Tax Commission meeting in their battle to slow the local tax rate. The meeting resulted in a promise to implement a study whose results will be ready by May 1, 2005.
The commission will reassess the land values of 60 homes in the Incline Village/Crystal Bay area plus 40 in Douglas County. No commercial or multiresidential property will be included in the study, according to Chuck Chinnock of the Nevada Tax Commission.
"Once and for all, the study will determine what the market values should be and compare them with what the values actually are," Chinnock said.
Incline Village resident Maryanne Ingemanson said the study will use the new rules and regulations that were made into law Aug. 4.
"They will analyze every component of the improved property, including consultants and TRPA permits," Ingemanson said.
Chinnock said that when there isn't much vacant land, the commission study will examine the sale of improved properties.
"The value of the improvements is deducted from the total sale price to determine the value of the land," he said. This is what is meant by the "abstraction" method delineated in the new law, which is "based on what Incline Village wanted".
The meeting also addressed an issue acted upon during a meeting Oct. 4 of the Nevada Tax Commission. The decision was made to increase the taxable land value in Incline Village/Crystal Bay by 8 percent.
During the years when an area's property is not assessed, the area is given a land factor, and that's what the 8 percent represents.
"People will get an assessment notice soon that will indicate this," Ingemanson said.
Barbara Campbell, chairwoman of the tax commission, encouraged property owners to not just sit back and assume the land factor and the upcoming study will resolve their concerns.
If people don't agree with the values, she encourages them to present their concerns to the Washoe County Board of Equalization, Chinnock said.
Merry Thomas can be reached at mthomas@tahoebonanza.com or 831-4666, ext. 112.
Box:
The Board of Equalization Workshop will meet tomorrow, Nov. 4, from 9 to 11 a.m. in the Washoe County Commissioners' Caucus Room, 1001 E. Ninth Street, Building A, Reno. The meeting will update the public about how the new law will be applied when hearing appeals from taxpayers.
For more information about the new law, visit www.leg.state.nv.us and click on the Law Library. Go to the Nevada Register table of contents; then click on 2003 regulations. The law code is R031-03A.
The commission will reassess the land values of 60 homes in the Incline Village/Crystal Bay area plus 40 in Douglas County. No commercial or multiresidential property will be included in the study, according to Chuck Chinnock of the Nevada Tax Commission.
"Once and for all, the study will determine what the market values should be and compare them with what the values actually are," Chinnock said.
Incline Village resident Maryanne Ingemanson said the study will use the new rules and regulations that were made into law Aug. 4.
"They will analyze every component of the improved property, including consultants and TRPA permits," Ingemanson said.
Chinnock said that when there isn't much vacant land, the commission study will examine the sale of improved properties.
"The value of the improvements is deducted from the total sale price to determine the value of the land," he said. This is what is meant by the "abstraction" method delineated in the new law, which is "based on what Incline Village wanted".
The meeting also addressed an issue acted upon during a meeting Oct. 4 of the Nevada Tax Commission. The decision was made to increase the taxable land value in Incline Village/Crystal Bay by 8 percent.
During the years when an area's property is not assessed, the area is given a land factor, and that's what the 8 percent represents.
"People will get an assessment notice soon that will indicate this," Ingemanson said.
Barbara Campbell, chairwoman of the tax commission, encouraged property owners to not just sit back and assume the land factor and the upcoming study will resolve their concerns.
If people don't agree with the values, she encourages them to present their concerns to the Washoe County Board of Equalization, Chinnock said.
Merry Thomas can be reached at mthomas@tahoebonanza.com or 831-4666, ext. 112.
Box:
The Board of Equalization Workshop will meet tomorrow, Nov. 4, from 9 to 11 a.m. in the Washoe County Commissioners' Caucus Room, 1001 E. Ninth Street, Building A, Reno. The meeting will update the public about how the new law will be applied when hearing appeals from taxpayers.
For more information about the new law, visit www.leg.state.nv.us and click on the Law Library. Go to the Nevada Register table of contents; then click on 2003 regulations. The law code is R031-03A.
