Property Tax Alert: Nevada

August 2005

Applicable to Nevada real property taxes levied on or after July 1, 2006, any ad valorem taxes or special assessments levied by a governmental entity or political subdivision on any real property within a common-interest community must be assessed separately upon each community unit and not upon the common-interest community as a whole. Further, such taxes or assessments must not be assessed upon any common elements of the common-interest community. The term "common-interest community" means real property with respect to which a person, by virtue of owning a community unit, is obligated to pay for any real property other than that unit.

Please contact Rash & Associates for more information.