Are There Limits on The Amounts a General Improvement District (“GID”) May Levy?
Yes there are.
In Nevada the maximum tax rate “for all public purposes must not exceed $3.64 on each $100 of assessed valuation.”1 And increases in ad valorem taxes are limited by NRS 361.4723(1) inasmuch as the Legislature has
“Declare(d) that an increase in the tax bill of the owner of a…single-family residence which is the primary residence of the owner is entitled to a partial abatement of the ad valorem taxes…by (no) more than 3 percent over the tax bill of that homeowner for the previous year constitutes a severe economic hardship within the meaning of subsection 10 of Section 1 of Article 10 of the Nevada Constitution.”
If neither a single family residence, nor the primary single family residence of the owner, he/she/it is entitled
“To a partial abatement of the ad valorem taxes levied in a county on that property each fiscal year equal to the amount by which the product of the combined rate of all ad valorem taxes levied in that county on the property for that fiscal year and the amount of the assessed valuation of the property which is taxable in that county for that fiscal year, excluding any increase in the assessed valuation of the property from the immediately preceding fiscal year as a result of any improvement to or change in the actual or authorized use of the property, exceeds the sum (of)…eight percent.”2
And now you know!
- See NRS 361.453(1).
- See NRS 361.4722(1).
