The assessment procedure begins with examining sales of comparable vacant land in that particular area. In Nevada, all properties must be re-appraised at least once every 5 years. The assessor divides the county into 5 sections in order to assess the properties in each section once every 5 years. During the year in which a section of the county is to be assessed the county Assessor’s Office will physically visit the properties, take measurements, and examine all improvements made to the land.
Factored & Physical Assessments
A cost to replace the property new is then obtained and depreciated based on age. Other sections of the county that are not physically appraised that given year are assigned an improvement factor. This factor is obtained by the Nevada Department of Taxation which keeps replacement costs on file collected by contractors and builders to achieve a statewide average of increase in cost to build. Therefore, during any given year, 4 sections of Storey County receive factored assessments while 1 section receives physical assessments.
As a current or prospective citizen or business owner in Storey County, you have access to this valuable information. For further information about property values, please contact the Storey County Assessor’s Office at 775-847-0961.
Determining Property Tax
The Storey County Assessor’s Office places a property value on each parcel in the county. Property tax is then calculated by taking 35% of the taxable value* multiplied by the Storey County wide tax rate, which during the tax year 2016-17, is 3.4607%.
*Taxable value = market value of land + (costs of new improvements - 1.5% depreciation per year)
Once the assessments are compiled, the Storey County Treasurer calculates and distributes the tax bills, and collects the tax revenue from property owners.