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From YouTube: 7/7/2022 - Joint Interim Standing Committee on Revenue
Description
This is the sixth meeting in calendar year 2022. Please see agenda for details.
For agenda and additional meeting information: https://www.leg.state.nv.us/App/Calendar/A/
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A
All
right,
I'm
gonna
go
ahead
and
call
the
joint
revenue
committee
to
order.
I
still
don't
have
a
functioning
laptop,
but
it's
fine
I'll
I'll
figure
it
out.
So
I
will
go
ahead
and
I
want
to
just
read
off
a
couple
of
housekeeping
items
or
should
I
take
roll
first
because
I
don't
I
don't
have
a
script.
I
don't
have
anything
russell.
C
D
E
A
Here
so
do
we
have
anyone
in
carson
city
or
no?
We
don't
have
a
okay,
assemblywoman
anderson,
all
right
thanks.
So
I
just
want
to
do
some
quick
housekeeping
items.
Opening
remarks.
A
Please
silence
all
your
devices
if
you
are
in
carson
city,
if
there's
anyone
in
carson
city,
that
is
planning
on
speaking
for
public
comment,
make
sure
that
you
come
up
to
the
mic
say
your
name
when
speaking
speak
directly
into
the
mic,
if
you're
on
the
zoom
call
and
you
need
to
speak,
raise
your
hand
or
an
icon
or
press
star
9
on
your
phone.
A
Also,
if
you
are
going
to
be
calling
in
on
the
agenda,
we
have
the
phone
number
and
fax
number
for
you
to
call
in
well
call
in
and
then
also
to
send
your
remarks
to
the
committee.
There
is
alleged
email
for
revenue
that
you
can
it's
rev
interim
lcb.state.nb.us.
A
F
Good
afternoon
madam
chair
chris
daley
nevada
state
education
association,
the
voice
of
nevada
educators
for
over
120
years
in
2019,
hundreds
of
educators
rallied
in
front
of
the
legislative
building,
calling
attention
to
nevada's,
woefully
underfunded.
Schools
47th
in
per-pupil
funding
at
the
time
during
that
session,
nsca
called
for
new
revenue,
but
democratic
majorities
took
that
off
the
table
nsa
supported
sjr-14,
to
fix
nevada's
property
tax
structure
in
2017.
F
However,
it
failed
to
even
get
a
hearing
in
2019..
Instead,
the
legislature
passed
sb543
a
new
school
funding
formula
with
no
new
revenue.
Sb
543
created
the
commission
on
school
funding
and
charged
it
with
recommending
funding
targets
and
identifying
revenues
to
fully
fund
nevada
schools.
In
april
2021,
the
commission
published
their
preliminary
recommendations
regarding
optimal
funding
proposing
to
reach
adequate
funding
by
increasing
education
investment
by
2
billion
dollars
per
year
within
the
next
10
years.
F
During
the
special
sessions
and
again
in
2021,
with
nevada
dropping
to
48th
in
the
country
in
per
people,
funding
hundreds
of
educators
rallied
again
and
again
for
new
revenue.
We
supported
a
bold
mining
tax
proposal
in
ajr,
one
several
property
tax
bills
and
senator
neil's
sb
346
to
establish
parity
for
digital
goods,
property
tax
reforms
and
the
digital
goods
tax
were
buried,
ajr1
failed
to
get
a
hearing,
while
a
backroom
deal
was
cut
with
mining.
Meanwhile,
legislators
lauded
record
education
funding
as
they
attempted
to
cover
up
the
fact
that
per-pupil
funding
actually
decreased
in
2021.
F
Now
today,
you
will
hear
a
presentation
from
the
commission
on
school
funding,
chair
guy
hobbs,
on
potential
options
to
generate
additional
funding
from
property
taxes
for
k-12
education.
Hopefully,
you
will
soon
also
hear
the
commission's
proposal
to
expand
the
sales
tax
to
certain
services
and
digital
goods.
Nsc
has
closely
followed
the
work
and
believes
the
commission
is
sincere
in
its
efforts
to
raise
new
revenue.
Unfortunately,
you
may
also
see
political
advertisements
from
the
campaigns
of
both
candidates
for
governor
with
a
slogan,
no
new
taxes.
F
If
recommendations
for
new
revenue
are
up
against
a
no
new
taxes
pledge
it's
unclear
why
the
commission
has
been
earnestly
working
on
this
issue
for
the
last
three
years.
Nevada,
educators
are
increasingly
frustrated
and
have
been
leaving
in
record
numbers.
We
will
no
longer
tolerate
political
gains
and
misdirection
adequate
funding
for
schools
is
long
overdue.
Unless
state
leaders
make
serious
progress,
things
unfortunately,
will
only
continue
to
get
worse.
Thank
you.
A
G
G
H
H
H
H
H
A
C
This
is
michael
nakamoto,
with
the
fiscal
analysis
division
before
we
move
on
to
agenda
item
four,
because
you
did
not
have
the
script.
We
thought
up
here
that
it
might
be
worthwhile
to
because,
although
there
are
members
of
the
committee
and
presenters,
both
in
carson
city
and
las
vegas,
there
still
are
members
of
the
committee
as
well
as
presenters
and
staff
in
the
zoom
meeting
that
are
participating
today.
C
So
I
thought
that
it
might
be
worthwhile
to
remind
the
members
of
the
committee,
the
presenters
and
the
individuals
who
are
in
the
zoom
meeting,
that
the
chat
feature
is
only
to
be
used
for
technical
assistance
with
bps
and
it's
not
to
be
used
for
any
communication
between
members,
presenters
or
other
individuals
in
the
meeting
unless
requesting
technical
assistance
from
vps
and
that,
if
somebody
uses
the
chat
feature
chat
during
the
meeting,
the
person
would
be
asked
by
the
chair
to
read
into
the
record
the
information
posted
to
the
chat
and
remind
everyone
that
the
chat
function
is
to
be
used
exclusively
for
requesting
technical
assistance
from
bps
and
that
any
links
or
information
that
a
presenter
would
like
shared
during
their
presentation
should
be
included
in
their
slide
deck
or
other
meeting
materials
provided
to
the
committee
and
should
not
be
sent
to
members
through
the
chat
feature.
A
A
A
So
I
can
all
right
any
any
opposed,
saying
none
approval
for
the
minutes
passes.
We
will
now
move
on
to
agenda
item
number
five,
which
is
the
presentation
on
property
taxes
by
the
nevada,
assessor
association
and
then,
after
that,
the
nevada
department
of
taxation,
so
we'll
call
miss
brianna
johnson
to
the
dais
all
right.
J
J
J
J
J
J
J
J
J
J
The
assessed
value
times
the
tax
rate
and
there
here
in
clark
county,
are
about
approximately
120
different
tax
rates,
depending
on
where
you
are
within
the
county.
Those
rates
change.
So
you
take
the
assessed
value
times
the
tax
rate
and
that's
going
to
give
you
your
taxes
as
assessed,
meaning
you
do
not
pay
taxes
based
on
your
taxable
value.
J
So,
to
give
you
an
example,
if
the
taxable
value
of
a
property
is
250
000
and
we
multiply
it
by
the
assessment
ratio,
we
get
an
assessed
value
of
eighty
seven
thousand
five
hundred
that
eighty
seven
thousand
five
hundred
is
then
sent
down
to
the
treasurer's
office
who
calculates
taxes.
We
are
on
the
value
side
of
the
equation.
We
send
the
value
down
to
the
treasurer,
they
apply
the
tax
rate
and
then
the
taxes
are
determined
and
in
this
case
the
taxes
for
a
two
hundred
and
fifty
thousand
dollar
home.
J
We
also
have
a
tax
cap
abatement
for
all
other
property
types,
which
is
sometimes
referred
to
as
the
secondary
tax
cap,
and
that
tax
cap
can
range
from
three
percent
up
to
eight
percent
that
secondary
tax
cap
changes.
We
get
that
secondary
secondary
tax
cap
from
the
department
of
taxation
once
they
calculate
what
that
is.
J
J
The
tax
cap
came
into
play
in
fiscal
year,
2005
2006,
and
what
this
tax
cap
does
it
limits
the
amount
that
your
taxes
can
increase
from
one
year
to
the
next
year.
It
is
not
a
cap
on
value.
We
continue
to
value
properties
according
to
three
six
one,
two,
two
seven,
the
cap
is
not
on
value.
The
cap
is
on
actual
taxes.
J
J
Property
tax
cap
abatements
are
administered
by
county
assessors,
again
they're,
pursuant
to
the
statutes
that
are
referenced,
nrs,
seven,
two
and
four
seven,
two
four,
this
slide
just
reiterates
what
those
tax
cap
percentages
are,
and
not
only
is
the
three
percent
on
your
primary
residence.
The
three
percent
can
also
apply
to
rental
properties
if
you
are
renting
at
or
below
the
hud
rates.
If
you
are
renting
a
property-
and
it
is
above
the
hud
rates,
then
it
qualifies
only
for
the
other
or
secondary
property
tax
cap
and
the
other.
J
The
property
tax
cap
property
tax
calculation
sample,
so
I'm
going
to
preface
this
side
slide
by
saying
that
as
the
assessor,
we
do
not
calculate
taxes,
but
for
these
purposes
we
put
this
slide
in
here
to
demonstrate
how
the
tax
cap
works.
Again,
we
are
the
value
side
of
the
equation
and
the
treasurer's
office
calculates
taxes
for
residential
properties.
J
So
what
we
have
here
in
year,
one
if
you
look
you'll,
see
a
land
value
of
64
000,
assuming
that
this
is
the
value
that
the
assessors
have
placed
on
this
particular
parcel.
Then
you
have
an
improvement
value
of
186
thousand
dollars
again.
This
is
just
for
demonstration
purposes
because
it
is
a
first-year
build.
There
is
no
depreciation,
so
the
total
taxable
value
of
this
property
is
250
thousand.
J
We
get
to
our
assessed
value
of
eighty
seven
thousand
five
hundred
we
take
then
or
the
treasurer
will
then
take
that
tax-
that
eighty
seven
thousand
five
hundred
multiply
it
by
one
hundredth
of
this
tax
rate,
and
then
we
get
taxes
as
assessed
so
the
first
year
on
a
new
home
because
they
are
not
subject
to
the
tax
cap.
Their
taxes
are
considered
taxes
as
assessed.
J
J
The
improvement
value
has
now
increased
from
186
000
to
208
thousand
dollars,
but
now
that
we
are
in
year,
two
the
one
and
a
half
percent
depreciation
applies,
and
that
is
taking
the
208
thousand
times
one
and
a
half
percent.
So
then
we
would
deduct
the
three
thousand
and
one
twenty
giving
us
a
total
taxable
value
of
two
hundred
and
eighty
four
thousand
eight
eighty.
J
The
assessment
ratio
again
is
0.35,
and
that
gives
us
an
assessed
value
of
99,
700
and
8
dollars
in
value.
We
send
that
number
down
to
the
treasurer's
office.
The
treasurer
then
says
they
have
to
do
a
it's
a
it's
a
process.
They
first
have
to
calculate
taxes
as
assessed
always
meaning
the
99708
times
the
tax
rate,
one
hundredth
of
the
tax
rate,
which
gives
us
three
thousand
two
hundred
and
sixty
eight
dollars
and
sixty
three
cents.
That
is
taxes
as
assessed.
J
Now.
What
the
treasurer
has
to
determine
is
what
were
the
taxes
paid
last
year,
which
we
have
determined
in
year,
one
they
paid
28
68
43,
so
they
take
that
number
and
multiply
it
by
1.03
or
three
percent,
which
brings
us
to
twenty
nine
hundred,
fifty
four
dollars
and
forty
eight
cents
if
it
is
their
primary
residence
and
they
get
the
three
percent
cap.
J
So
now
we
are
in
column
year.
Two
and
the
treasurer
says
is
taxes
as
assessed
or
their
capped
taxes
primary.
They
take
the
lower
of
the
two.
So,
in
this
case,
the
property
owner
in
year
two
would
get
their
tax
bill
for
twenty
nine
hundred
and
fifty
four
dollars
and
forty
eight
cents
instead
of
the
thirty
two
hundred,
because
the
tax
cap
in
place
is
in
place,
we
are
going
to
do
it
again
for
the
other
tax
cap.
J
So
the
treasurer
looks
back
in
year,
one
and
says
they
paid
28.68
and
43
cents
and
they
are
at
the
alternative
tax
cap
secondary
tax
cap
or
the
other
tax
cap.
So
they
take
the
year
one
and
I
am
using
last
year's
tax
rate,
because
everything
in
this
presentation
is
based
on
fiscal
year
2122,
because
those
are
the
numbers
that
we
have
right
now.
We
don't
have
solid
numbers
for
22
23.
Yet
so
everything
is
based
on
21
22
in
this
presentation.
J
J
And
so,
as
the
values
started
to
take
a
turn
and
go
downward,
then
it
in
turn
adjusted
the
secondary
tax
cap.
So
that's
how
you
will
see
in
fiscal
years
12
there
was
no
longer
three
and
eight.
We
were
at
three
percent
and
six
point
three
percent,
then
in
fy,
13,
3,
6.4
and
the
most
shocking
one
of
these
is
fy
17.
J
J
A
J
J
I
am
not
sure
if
jeff
mitchell
is
on
the
line,
and
maybe
he
can
answer
that
question,
because
they
are
the
ones
who
send
us
or
notify
us
that
this
is
the
tax
cap
percentage
that
we
use.
Madam.
K
J
K
Here
hi
madam
chair
dave,
dawley
carson
city,
assessor,
to
answer
your
question.
Those
years
were
based
on
cpi
times
two,
because
the
cpi
was
point
one
percent
or
point
zero.
One
percent
multiplied
times
two.
That
would
be
the
point
two
in
most
of
the
counties,
we
had
a
negative
ten-year
rolling
average,
and
so
the
cpi
was
going
to
be
the
base.
As
far
as
the
the
cap
was
concerned,.
A
J
A
J
Thank
you,
madam
chair,
and
so
those
are
the
historical
tax
caps
for
clark
and
just
to
show
you
how
each
county
can
vary.
I've
provided
on
the
next
one,
some
historical
tax
cap
for
story,
county,
which
is
another
county
up
north,
and
you
can
see
that
theirs
obviously
stayed
three
and
eight
percent
a
lot
longer
than
we
did
down
here
in
clark.
They
were
a
little
more
consistent
until
fy16,
even
in
fy
1917,
they
were
at
2.9
percent
when
we
were
at
0.2.
J
J
And
the
same
for
washoe
again
from
fiscal
year
06
through
nine,
they
were
consistently
three
and
eight,
and
then
things
started
to
fluctuate
starting
with
fy10,
and
then
they
two
in
fy17
were
at
point
two
percent,
and
then
things
are
starting
to
pick
up
for
washoe
and
for
fy22
they
were
at
6.3
percent.
So
not
all
counties
mirror
each
other
when
it
comes
to
the
tax
cap
or
the
secondary
tax
cap,
just
based
on
perhaps
their
values
or
how
the
department
of
taxation
determines
it
for
each
county.
G
J
J
J
So
here
is
an
example
of
the
taxable
values
for
some
of
the
energy
and
economic
development
abatements
that
we
have
by
county.
In
fiscal
year,
2122
story
county
had
6
billion,
like
6.9
billion
as
an
estimate
of
economic
and
energy
abatement.
Washoe
had
57
million
approximately
of
energy
and
economic
development.
Abatements
and
clark
had
about
7.7
billion
in
taxable
value
of
energy
and
economic
development.
Abatements.
J
J
A
new
value
is
from
new
construction,
new
subdivision
parcels,
new
personal
property
accounts
and
personal
property
assets
that
are
added
to
the
tax
roll
for
the
first
time.
So
there
are
many
different
types
of
new
construction,
not
just
new
buildings,
to
the
tax
roll.
But
perhaps
when
a
new
parcel
is
cut
to
build
those
new
homes,
then
they
no
longer
get
the
tax
cap
they're
starting
brand
new,
because
the
parcel
is
new
to
the
tax
roll.
J
A
A
J
A
J
It
is
revenue
added
correct
and
it
is
revenue
that
is
not
discounted,
so
to
speak.
It
is
true
revenue
that
value
times
the
tax
rate.
Those
are
the
taxes
and
then.
A
A
J
J
And
then
we
have
full
exemptions
on
parcels
or
property
that
is
not
taxed
at
all
and
those
would
be
state
lands,
political
subdivisions
of
the
state,
school
districts
and
charter
schools,
pollution
control,
qualifying
low-income
housing
projects
and
churches
and
chapels.
Those
are
all
a
hundred
percent
exempt
properties.
J
And
that
concludes
the
presentation
from
the
nevada,
assessors
association.
So
if
there
are
any
questions
we
have
people
up
in
carson
myself.
That
will
do
our
best
to
answer
any
of
your
questions
that
you
may
have.
A
K
Thank
you,
senator
neil
dave,
dolly
carson
city,
assessor.
We
don't
have
anything
else
we
wanted
to
add,
but
we
did
want
to
be
here
to
represent
kind
of
all
kinds
of
different
counties
because
of
the
17
there's,
not
one
county.
That's
going
to
be
the
same,
so
andy
is
here
from
humboldt
county
representing
the
rurals,
and
then
we
have
janna,
who
is
from
story
county
who
has
a
huge
knowledge
on
the
abatements
economic
debatements
and
we're
here
for
any
questions.
For
you.
A
Thank
you.
I
I
think
I
think
this
is
going
to
be
an
interesting
conversation.
So
members
questions
I
can.
I
have
the
chat
open,
but
you
can
also
raise
your
hand,
and
I
can
so
I
see
assemblywoman,
konsama
and
then
I'll
do
considine
and
then,
who
oh
assemblyman
haven,
has
a
million
questions
so
we'll
curve
that
down
to
three
and
so
assemblywoman
kasama.
G
Thank
you
chair,
so
much
so
my
question
was
when
you,
when
you
were
speaking
as
to
the
values
outside
the
tax
cap,
when
you
gave
an
example
of
let's
say,
a
parcel
of
land
is
subdivided
they
build
a
new
house
and
that
that's
full
value,
at
least
for
the
first
year.
My
question
would
be
if
somebody
gets
permitted
in
addition
to
the
home,
they
add
a
bedroom,
they
add
a
casita
is
that
portion
of
the
house
outside
the
tax
cap.
J
G
J
Oh,
I
think
I
mentioned,
there's
blind
surviving,
spells
veterans
and
I
may
have
added
disabled
veterans.
Sometimes
we
you
know
say
veterans
and
disabled
veterans
and
then
the
blind.
Yes,
thank
you.
D
Do
have
a
couple
of
questions.
One
of
them
is
going
back
to
one
of
the
earlier
slides
on
the
tax
rates.
It
was
three
percent
of
rental
residential
at
or
below
hud
rates.
So
my
question
is:
what
is
the
process
or
what
is
what
is
somebody
who
has
a
rental
property
that
is
charging
below
or
at
hud
rates?
How
do
they
prove
that
to
get
that
three
percent
as
a
rental,
as
opposed
to
somebody
doing
higher
than
market
or
or
not
those
rates?
How
do
they
get
that
tax
rate.
J
So
what
happens
and
I'm
going
to
speak
for
clark
and
perhaps
the
other
counties
can
speak
for
themselves
if
they
do
something
different.
So
what
we
initially
do
is
when
we
send
the
card
out
to
the
property
owner
when
the
property
sells
and
if
they
tell
us
it
is
a
rental,
that's
the
box
that
they
check.
They
send
that
back
into
our
office
and
then
what
we
do
in
turn
is
send
them
an
affidavit
on
that
affidavit.
It
shows.
J
Is
it
a
studio,
one
bedroom,
two
bedroom,
three
bedroom,
we
have
boxes
for
them
and
then
they
tell
us
and
because
it
is
an
affidavit
that
they
are
signing
and
they
are
stating.
You
know,
I'm
going
to
tell
the
truth.
They
tell
us
what
they
are
renting,
that
one
bedroom,
two
bedroom,
three
red
room
for
they
write
it
in
for
us
sign
it
and
date
it
and
send
it
back,
and
when
we
get
the
form
back,
we
review
what
they
wrote
if
it
falls
within
the
hud
guidelines.
D
D
Okay,
thank
you
and
then
I
have
a
second
question.
If
you
could
just
walk
me
through,
so
I
have
an
understanding
of
how
this
works
is.
Let's
say
a
house
is
built
in
1985
and
somebody
lives
in
all
the
time.
Then
it
is
sold
in,
let's
say
2019
when
the
the
tax
calculation
is
done
and
the
depreciation
occurs.
D
J
So
it
starts
for
us
when
they
purchase
the
property.
The
tax
cap
stays
with
the
property,
so
the
value
may
have
obviously
increased
from
the
time
it
was
built
back
in
the
80s,
even
though
there's
depreciation
on
the
property,
but
that
doesn't
mean
that
the
land
can't
increase
so
over
time
the
assessed
value
or
the
taxable
value
may
have
increased.
J
However,
the
tax
cap
stays
with
the
property,
so
in
1988
the
value
of
that
home
could
have
been
ninety
thousand
dollars,
but
as
we
fast
forward
to
today's
market,
the
taxable
value
of
that
property
is
probably
a
hundred
and
thirty
thousand.
However,
the
taxes
are
big
still
capped,
based
on
going
all
the
way
forward.
J
From
the
time
the
property
started,
or
from
the
time
the
tax
cap,
those
taxes
just
stay
with
the
property
based
on
the
tax
cap,
we
do
not
say
now
that
you
purchased
we're
going
to
now.
Give
you
a
whole
new
tax
tax
bill
at
the
assessed
amount,
the
the
property
tax
cap
that
has
followed
that
property
all
the
way
through
when
the
new
owner
purchases
it
those
are
their
taxes.
K
K
It's
dave
from
carson
city
just
wanted
to
clarify
real
quick
that
the
depreciation
is
only
on
the
structures.
It's
not
on
the
land.
Land
is
not
depreciable,
and
so
just
for
clarification
purposes.
And
yes,
as
brianna
was
saying,
we
do
not
rebase
any
of
the
abatements
or
depreciation
upon
a
sale
of
the
property.
D
A
Okay,
are
there
any
assessors
of
north
that
would
like
to
add
before
I
go
to
the
next
set
of
questions,
okay,
so
assemblyman
haven,
and
then
after
that,
assemblywoman
anderson.
L
I
thank
you,
madam
chair
and
miss
johnson.
Thank
you
very
much
for
the
the
presentation.
Today
I
deal
with
property
taxes
on
a
fairly
regular
basis.
I'm
fully
aware
of
most
of
this,
but
you've
got
my
mind,
moving
in
a
million
different
directions
and
I
apologize,
but
I
I've
been
told,
I'm
only
allowed
three
questions
by
the
chair
so
I'll
try
to
keep
it
simple,
the
the
tax
abatements,
looking
at
your
charts
from
2017
and
18.
L
Never
hit
the
the
three
percent,
I'm
gonna
just
stick
with
the
residential
primary
residence
at
the
three
percent,
but
was
actually
at
point
two,
the
one
year
and
two
point
six:
the
next
year,
even
though
the
home
values
were
increasing
at
seven
to
eight
percent.
L
During
that
time
frame-
and
I
I
don't
have
a
crystal
ball-
so
I
don't
know
what
the
next
year
is.
I
know
inflation
is
out
of
control
this
year.
So
we're
probably
not
looking
at
something
like
that.
But
could
you
just
kind
of
touch
a
little
bit
on
on
the.
L
Two
point,
or
two
times
the
cpi
came
about
in
relationship
to
the
the
three,
the
three
percent
just
so
I
have
a
little
bit
better
understanding
of
why
we
we
went
so
low
when
the
values
of
the
homes
were
increasing
it
substantially.
More
than
that.
J
K
K
They
then
compare
that
to
cpi
times.
Two,
whichever
number
is
actually
higher,
is
the
number
that
they
then
compare
to
the
eight
percent,
and
then,
whichever
of
those
two
numbers
is
is
lower,
is
the
number
that
they
actually
use.
So
in
2017
for
carson
city,
we
had
a
negative
10-year
rolling
average
so
that
we
then
looked
at
the
cpi
times
two
cpi
times
two
was
0.2
percent.
K
They
compared
that
to
the
eight
percent,
but
that
was
less
than
what
the
eight
percent
is.
So
they
had
to
go
with
the
0.2
percent
because
they
had
to
do
that
for
the
commercial
industrial
vacant
property
for
the
alternative
capped
properties,
they
also
had
to
do
that
for
the
the
single
family
owner
occupied
properties.
So
at
that
point
every
single
property
in
in
carson
city
went
up
to
0.2
percent.
K
M
Madam
chair,
this
is
yours
again
if,
if
I
may
just
add
to
mr
dolly's
statement
that
I
want
to
make
clear
and
and
it's
not
that
it's
been
misstated
but
to
make
clear
that
the
it's
the
10-year
moving
average
in
the
the
growth
and
assessed
value
for
the
county
as
a
whole,
because
there's
been
some
reporting
and
discussion
that
might
lead
a
reader
to
believe
that
it's
based
on
the
10-year
moving
average
of
the
assessed
value
of
the
property.
M
It
is
the
10-year
moving
average
of
the
assessed
value
for
the
county
and
then,
as
mr
dolly
stated,
then,
that
the
number
that
comes
out
of
that
10-year
moving
average
growth
rate
calculation
is
compared
to
two
times
the
cpi
and
and
then
zero
is
the
floor
and
eight
percent
is
the
ceiling.
And
so
then
it
can
float
between
there
depending
upon
the
two-time
cpi
and
the
10-year
movie.
But
I
appreciate
you
allowing
me
to
make
that
clarification
that
just
for
the
members
that
it's
not
the
individual
properties
average
assessed
value
growth
rate.
M
L
Thank
you
for
that
in-depth
explanation
and
madam
chair.
If
you'll
endorse
me,
go
to
my
second
question,
I
am
going
to
limit
it
to
three.
I
want
to
touch
on
the
renewable
energy
facility,
abatements.
L
I
I
know
we
kind
of
touched
on
that,
but
if
I
understood
the
governor's,
I
think
it
was
the
goed
office
determines
what
those
are
going
to
be.
G
L
A
G
Thank
you
chair
and
thank
you
for
the
presentation.
So
this
year
seems
like
it
was
the
first
time
I
ever
saw
the
public
getting
very
active
in
in
the
three
percent
cap
and
whether
or
not
the
three
percent
cap
was
on
their
house.
I
don't
I
don't,
remember
social
media
discussing
it.
So
much
and
people
discussing
it
so
much
in
the
last
several
years.
So
could
you
and
there
was
a
lot
of
misinformation
out
there?
J
Thank
you,
assemblywoman
cohen.
So
again,
I'm
going
to
speak
for
clark.
I
can't
speak
for
the
other
counties
and
so
the
way
property
owners
are
notified.
The
way
they
know
about
the
property
tax
cap.
Every
year,
the
assessor's
office.
We
make
a
social
media
post
this
year.
I
believe
it
was
april
22nd.
J
We
posted
to
social
media
that
we
were
preparing
to
mail
out
property
tax
cap
cards
to
new
homeowners
and
that
existing
homeowners
could
also
check
their
tax
cap
and
we
gave
them
the
website.
So
that
is
an
annual
thing
that
we
do.
We
post
it
to
clark
county
facebook,
page
twitter.
We
we
put
it
out
there
again.
This
year
was
in
april,
and
on
top
of
that,
when
we
mail
out
the
tax
bills
that
everyone
gets
annually
from
the
treasurer's
office,
they
will
notice
on
their
tax
statement
it
states.
J
J
So
again,
we
post
it
early
in
the
year
on
facebook,
twitter,
informing
everyone
that
we
are
about
to
mail
out
cards
and
informing
existing
property
owners
that
they
can
check
their
tax
cap
percentage
at
that
time
in
july,
every
july,
when
they
get
their
tax
bill
on
their
tax
bill.
Again
it
states
if
this
is
your
primary
residence
and
your
tax
cap
percentage
is
not
three
percent
to
contact
the
assessor's
office.
J
J
Urge
people,
in
a
sense
of
urgency,
to
come
forward
almost
as,
if
you're
not
going
to
be
able
to
change
this.
If
you
don't
do
it
now,
which
is
not
a
true
statement,
so
I
believe
that
is
what
the
frenzy
was
when
it
came
to
that
message
that
was
sent
out
that
people
probably
thought
they
were
going
to
be
stuck
or
that
people
saw
the
eight
percent,
and
then
they
were
saying
eight
percent
of
your
assessed
value,
not
your
actual
taxes.
J
So
it
was
just
a
lot
of
misinformation
that
people
didn't
understand
and
then
to
put
a
deadline
on
there
that
wasn't
truly
the
deadline
made
it
even
worse
in
such
a
short
amount
of
time.
So
you
are
right,
assemblywoman
cohen,
in
that,
as
you
can
see
in
this
presentation,
as
I
mentioned,
the
tax
cap
has
been
in
place
since
fy6
2005
2006,
and
it
has
always
been
notified.
Even
when
it
initially
started.
J
We
would
send
the
tax
cap
cards
out
again
here
in
clark
on
an
annual
basis,
but
then
it
got
to
the
point
where
we
know
that
the
treasurer
is
going
to
send
those
every
year.
So
there
was
no
reason
for
the
assessor
and
the
treasurer
to
duplicate
efforts
and
sending
out
the
same
two
notices
about
the
tax
cap
when
ultimately,
the
tax
cap
lies
with
the
treasurer.
J
The
assessor's
office
is
just
the
administrator
to
say,
tell
us
what
it
is
and
then
we
in
turn
give
it
to
the
treasurer's
office
and
they
calculate
taxes
on
the
tax
cap.
So
the
tax
cap
truly
lies
on
taxes
and
the
treasurer,
and
so
that's
why
we
saw
it
best
fit
coming
from
their
office
because
that's
where
it
is
displayed
when
they
get
their
tax
bill.
K
Yes,
thank
you,
dave
dolly
carson
city
assessor,
so
in
2005
2006
we
sent
out
a
card
to
every
single
property
owner.
We
only
have
a
little
over
20
000
parcels
here
in
carson
city,
so
2005
we
sent
out
an
owner.
Occupancy
verification
card
is
what
we
called
it
to
verify,
whether
it's
its
owner's
primary
residence
or
rental
property.
We
did
that
in
2005
and
again
in
2006..
K
After
that,
the
process
for
us
was
if
they've
reported
it
as
as
it
being
owner
occupied
for
the
last
two
years,
then
we
did
not
send
out
another
owner
verification
card
for
them.
If
they
changed
their
address
or
their
mailing
address
or
if
they
they
changed,
sold
the
property.
Then
at
that
point
we
would
send
the
owner
verification
card
to
figure
out
what
was
going
on
with
the
property,
but
we
only
did
that
if
the
address
or
or
name
changed
each
year,
the
assessor's
office
is
required
to
send
out
assessment
notices
in
november
or
december.
J
Us
and
then
also
I
do
want
to
add.
Thank
you
dave
for
that,
because
we
do
the
same
thing
once
you
have
said
that
it
is
your
primary
residence
and
you
are
receiving
the
three
percent
tax
cap,
the
only
time
that
can
change
or
we
or
it
prompts
us
to
send
you
a
new
card
to,
let
us
know,
is
if
the
ownership
changes
or
something
changes
on
the
property,
then
we
also
send
out
a
new
card.
J
But
if
you
have
it
at
the
three
percent
and
nothing
changes
on
the
property,
then
the
three
percent
tax
cap
stays
with
the
property
and
dave
is
correct
in
that
he
mentioned
they
have
only
twenty
thousand
parcels
and
we
have
over
eight
hundred
thousand
parcels
here
in
clark
county
and
with
that
I
want
to
add,
because
we
have
so
many
sales
and
transactions
that
are
happening.
We
do
send
out
our
notice
of
value
cards
in
december
as
well.
J
However,
we
didn't
think
it
was
a
good
idea
to
put
the
tax
cap
information
on
our
cards,
because
sometimes
people
have
purchased
the
property
after
the
lien
date,
and
we
don't
want
them
to
think
they're.
Getting
three
percent
when
it
shows
up
on
their
notice
of
value
card,
because
that
is
subject
to
change,
because
they're
going
to
get
a
notice,
letting
them
know
that
they
need
to
tell
us
what
their
property
tax
cap
is,
so
that
we
don't
misinform
on
that
notice
of
value
card
and
they
see
three
percent
and
they
think
they're.
J
A
I
Whoo
this
is
way
outside
my
wheelhouse,
so
you're
gonna
have
to
walk
me
through
a
few
things,
and
I
promise,
though
I'll
only
do
three
questions
as
well.
My
first
question
has
to
do
with
the
slide
that
has
believe
it
was
slide.
Seven
you
had
mentioned
that
there
are
120
different
tax
rates
in
clark
county
alone.
Is
that
all
set
from
the
treasurer's
office,
or
is
that
set
in
other
areas
of
nrs
code
or
nac
or
even
at
the
county?
I'm
just
wondering
where
all
those
120
different
tax
rates
are
coming
from.
J
M
Is
yours,
and
maybe
I
can
comment
on
that
to
just
provide
some
additional
information,
so
the
what
we
call
the
combined
tax
rate,
which
is
the
sum
of
all
the
individual
rates
that
would
be
imposed
on
property
depending
on
the
tax
district
in
which
the
property
is
located,
is
a
myriad
of
rates
depending
on
the
tax
district.
M
Some
of
those
rates
are
actually
fixed
and
set
by
statute,
such
as
the
75
cent
rate
for
the
funding
of
schools,
such
as
the
17
cent
state
debt
rate.
So
some
of
the
rates
are
imposed
by
statute.
M
Others
are
imposed
by
local
governments
for
special
districts
other
based
on
other
authority
in
the
law.
To
do
so,
and
then
some
of
the
rates
are
those
rates
imposed
by
the
local
governments,
that
is,
counties,
cities,
towns
again
based
on
the
statutory
authority
for
them
to
set
rates,
and
so
they
would
have
the
authority
under
law
to
set
their
rate
and
that
rate
could
be
for
operating
purposes
and
or
for
debt
purposes.
And
then
it's
correct
that.
M
Then
all
that
information
has
to
come
to
taxation
so
that
they
can
look
at
all
those
rates
and
make
sure
that
they
don't
violate
the
maximum
three
dollars
and
66
rate
that
can
be
imposed
on
property
in
the
state
of
nevada.
I
My
second
question
actually
has
to
do
with
the
next
with
the
cap
itself
on
property
tax,
and
I
believe
I
already
know
this
answer,
but
it
is
something
that's
definitely
impacting
our
local
governments
in
particular
that
has
to
do
the
the
cap
is
present
based
upon
nrs.
J
So
I
will
take
that
question.
I
guess
no,
there
isn't
a
floor
at
this
time
so
based
on
the
historical
tax
caps,
as
you
can
see
in
the
presentation,
I
think
that's
how
we
got
to
the
point
two
percent,
because
there
was
not
a
floor,
nothing's
saying
that
it
can't
go
below
the
three
percent.
So
that's
how
we
got
to
the
point
two
percent.
There
is
a
max
of
eight
percent,
but
there
is
no
floor
at
this
time.
M
Madam
check
in
russell
and
your
staff,
I
can
just
add
to
ms
johnson's
information
that
technically
there
is
a
floor.
The
floor
is
zero
percent
and
that
comes
through
the
calculation
of
what
we've
been
referring
to
as
the
alternative
partial
pavement
cap,
which
can
rain
between
zero
and
eight
percent.
So
the
floor
is
zero,
and
so
that
thus-
and
so
what
happened
in
that
fy
17
inflation
was
point
one,
and
so
then
times
that
is
point
the
point
two.
M
Well
then,
under
the
law.
If
the
alternative
partial
abatement
offers
a
partial
abatement
cap
factor,
that's
lower
than
the
three
percent
that
could
be
for
single
family
owner
occupied
homes
or
qualified
rental
homes,
then
they
get
that
lower
cap
factor
that
comes
out.
That's
why
you
saw
both
of
them
drop
down
to
the
same
value,
and
so
thus,
if
you
would
have
a
situation
where
the
floor,
where
the
alternative
partial
abatement
cap
factor
would
end
up
being
zero
and,
for
example,
when
could
that
occur,
it
would
be
unlikely.
M
But
if
you
had
a
a
deflationary
period
and
who
knows,
after
all
this
inflation
we're
seeing,
I
don't
think
you'll
see
deflation.
You
might
you'll
see
a
slowing
inflation,
but
if
you
had
negative,
the
cpi
went
down
and
did
not
grow.
That
could
result
in
a
negative.
So
then
zero
trumps,
the
negative,
the.
As
mr
golly's
already
pointed
out,
you
can
have
a
negative
10-year
average
growth
and
assessed
value.
Then
the
zero
trumps
that
so
the
zero
sits.
M
There's
a
four
for
the
alternative,
partial
abatement
cap
factor
calculations,
and
so
if
it
would
become
zero,
then
single-family
owner
occupied
homes
would
also
get
that
zero
as
well
as
qualified
rental.
So
I
just
wanted
to
offer
that
that,
as
I
look
at
it,
there
technically
is
a
floor
for
the
partial
statements
and
that
ore
is
zero.
But
it's
coming
through
the
way,
the
the
calculation
mechanism
for
the
alternative,
partial
abatement
caps
and
if
I
misstated
that
for
any
of
the
other
assessors
please
jump
in.
I
I
Wow
and
and
thank
you
chair,
this
will
be
my
last
question.
I
I'm
looking
at
slide,
17
the
or
either
17,
or
maybe
it's
8
19.,
the
new
value
outside
the
tax
cap
by
county.
I
K
So
if
you
multiply
that
that
1
billion
585
million
times
35
percent
and
then
multiply
that
times
the
tax
rate,
that's
about
1
million
900
000
of
revenue
that
was
not
in
existence,
it's
not
based
on
the
property
tax.
That's
all
new!
That's
going
to
be
going
to
this
to
the
schools,
the
the
the
state,
the
counties,
all
those,
but
that's
just
what's
outside
the
cap
the
first
year,
so
that
would
have
been
almost
two
million
dollars.
I
G
Anderson,
this
is
jana
seddon.
I
do
want
to
also
say
like
for
story
county.
This
is
all
new
revenue
outside
the
tax
cap,
but
for
story
county.
The
vast
large
majority
of
our
new
revenue
comes
from
our
industrial
park,
so
unfortunately,
a
lot
of
this
gets
abated.
It
has
this
is
these?
Are
our
taxable
values
the
abatement
gets
applied
during
the
treasurer
side
of
things,
so
we
have
this
value,
but
for
us,
a
vast
large
majority
of
this
will
have
be
subject
to
an
abatement,
a
go
at
abatement.
A
G
Thank
you,
chair
neal,
so
I
was
following
up
on
assemblyman
hayden's
question
when
he
asked
about
the
energy
facilities
and
whether
that
production
had
to
stay
within
state
within
the
state,
and
I
was
looking
at
701a
and
I
can't
find
it,
but
my
question
is
really
to
legal
to
make
sure
they
get
back
to
us
on
that.
So,
if
we're
going
to
give
an
abatement
for
a
facility,
that's
producing
renewable
energy
and
there's
a
list
of
what
qualifies
whether
or
not
that
abatement
they
only
qualify.
A
Thank
you.
I
don't
think
anybody.
F
Solar
solar
plants
would
have
to
tie
into
the
grid,
and
I
assume
that
th
they
don't
want
to
tie
in
at
a
far
distance.
F
It
would
be
sold
from
them
to
potentially
out
of
state.
G
So
so
energy
I
used
to
work
for
power
companies,
so
energy
does
connect
to
the
transmission
system
and
then
it
gets
wheeled
different
places,
but
they
can
actually,
you
can
differentiate
the
production
and
that's
why
you
have
different
fees
or
individuals
or
companies
that
can
buy
like
renewable
energy
if
they
choose
to
buy
that
and
pay
potentially
more
or
less
I
mean
they
can
have
contracts.
G
A
Thank
you,
okay,
thank
you
for
that
senator
gansert,
all
right,
so
senator
dennis.
C
Thank
you,
man
of
chair
kind
of
I've
been
trying
to
write
off
the
ones.
I
actually
have
multiple
questions,
but
most
of
these
have
been
at
least
addressed.
I
do
have
one
clarification
on
the
with
on
the
discussion
that
was
had
earlier
on
the
deadline
and
all
of
this
information,
and
all
of
that
is
there.
Is
there
a
deadline
where
they
have
to
fill
the
the
for
to
be
able
to
get
the
cap?
Is
there
a
deadline?
J
J
So
for
the
upcoming
fiscal
year,
which
is
july
1
of
22
through
june
30th
of
23,
any
property
owner
has
the
ability
to
fix
their
tax
cap
up
until
june
30th
of
the
following
fiscal
year
of
the
following
year
and
then
next
year.
That
deadline
changes
again.
So
it
depends
on
the
fiscal
year
that
you're
in
june
30th
is
always
the
deadline
within
that
fiscal
year.
J
Any
time
so
if
they
get
their
tax
bill
and
they
decide
to
call
us
in
december
and
say
that
their
tax
rate
or
tax
cap
percentage
is
incorrect
for
the
22-23
fiscal
year,
they
can
notify
our
office
and
we
will
correct
it.
The
treasurer
arts
office
will
then
be
notified
and
they
will
received
a
revised
bill,
adjusting
any
remaining
quarters
that
they
haven't
paid
on
their
taxes.
K
Senator
dennis
this
is
dave
from
carson
city
just
for
clarification
points.
So,
yes,
the
deadline
is
june
30th
and
we
have
until
the
next
june
30th
for
them
to
notify
us
of
the
correct
tax
cap,
but
it's
only
going
to
affect
that
one
year.
So
if
they
reported
an
incorrect
tax
cap
three
years
ago,
then
that
cat
tax
cap
would
still
be
the
same.
We
can
only
correct
the
current
year
that
we're
that
we're
currently
in
for
the
tax
cut.
C
K
Correct
so
what
happens?
If,
if
somebody
was
to
send
in
a
card
today-
and
we
had
taxed
it
at
the
at
the
higher
cap,
we
would
notify
the
treasurer's
office
that
the
tax
cap
would
change.
The
treasurer's
office
would
send
them
out
a
new
adjusted
bill
to
reflect
a
three
percent
tax
cap
for
the
current
year.
C
Okay,
great,
thank
you
also
just
a
comment.
I
I
realize
that
they
get
it
on
the
on
the
sheet
on
the
card
that
you
get
at
least
with
clark
county.
I
don't
know
about
the
other
one,
but
that
you
mentioned
that
that
was
like
social
media
and
other
things,
and
I
I
know
a
lot
of
my
constituents.
C
That's
not
a
that's,
not
a
thing
for
them.
So
anytime
you
send
out
notices
on
facebook
or
or
you
know
any
other
social
media
not
very
reliable
for
folks,
at
least
in
my
district,
but
just
a
comment
and
then
the
other
question
I
had
is:
if
they
have
the
rental
property
and
they
if
they
reside
in
the
rental
property,
they
say
they
own
a
triplex
or
duplexer,
or
you
know
fourplex.
C
If
they
reside
there
is
it
different
than
than
if
it
was
just
their
residence.
K
This
is
dave
from
carson
city.
Yes,
it
does
actually,
so
our
system
is
actually
set
up
to
where
the
the
portion
that
is
actually
owner
occupied
would
get
the
three
percent,
and
then
we
would
send
out
the
questionnaire
for
the
second
unit
if
it's
hypothetically,
it's
a
duplex,
and
if
the
second
unit
was
not
under
the
fair
market
rents
and
it
was
actually
capped
at
the
higher
cap,
there
would
be
a
bifurcated
property
tax
cap,
interpolated
bifurcated.
C
Great,
I
I
think
that
answers
all
my
questions.
The
rest
of
them
were
already
asked
earlier.
So
thank
you
very
much.
Thank
you,
madam
chair.
G
Thank
you
chair
and
thank
you,
miss
johnson,
for
this
great
presentation
and
for
bearing
with
us
and
all
our
questions.
I
had
two
I
guess
comments.
One
was
with
the
recent
confusion
with
people
on
their
tax
abatements,
and
I
know
you
put
it
out
in
your
social
media.
Maybe
emphasizing
that
where
they
can
find
out
is
the
treasurer's
office
versus
the
assessor's
office,
because
I
think
everybody
goes
to
the
assessor's
office
versus
the
treasures
and,
like
I
said,
I
know,
you've
done
that.
G
But
I
think
emphasizing
that,
because
it's
right
there
on
the
on
the
treasures
for
the
parcel
with
under
the
property
characteristics,
because
I
just
pulled
one
up,
and
I
see
it's
a
residential
and
subject
to
the
eight
percent,
so
that
would
probably
help
people
maybe
find
those
a
little
bit
quicker.
And
then
I
just
wanted
to
make
a
comment
on
the
abatements
that
the
governor's
office
provides,
because
I
we
just
keep
carrying
the
word
abatements.
G
So
I
just
didn't
want
to
leave
it
with
we're
losing
revenues
when
really
the
point
of
the
abatement
is
we're
getting
more
revenues
in
other
areas.
A
A
Okay,
I
don't
know
you're
reaching
for
the
mics
for
story.
Do
you
have
a
comment?
No
okay.
Are
you
sure,
because
that
he's
looked
like
you
were
just
like?
I
cannot
hold
all
right,
then,
okay,
so
we
we.
I
think
this
has
been
a
super,
robust
conversation.
We
have
a
lot
to
cover.
I
only
had
one
one
question
and
it
was
on
the
presentation
around.
A
You
said
I
think
it
was
that
the
tent
that
it
pretty
much
goes
for
10
years.
It
was
a
slide.
I
think
it
was
at
the
beginning,
but
I
is
my
understanding
that
also
in
in
the
abatement
or
the
economic
development
statute,
they're
also
allowed
to
do
an
extension
without
having
to
come
back
which
could
turn
that
into
20
years.
A
G
Madam
chair,
this
is
jana
sudden
from
story
county.
G
Basically
how
that
works
is
that
extension
doesn't
apply
to
the
same
assets
that
it
applied
to
in
their
original,
basically,
the
extension
that
they
get
says
that
they
are
doing
an
expansion
to
their
site,
and
so
it's
kind
of
like
a
whole
new
abatement
on
additional
equipment.
So
that's
kind
of
how
that
works.
A
J
And
I
apologize
madam
chair.
I
do
want
to
make
one
clarification
when
I
talked
about
the
different
tax
rates
that
we
have.
My
wording
of
the
term
I
should
have
used
are
tax
districts
that
we
have
approximately
120
tax
districts,
not
rates.
So
I
just
wanted
to
clear
that
up
the
number
of
districts
we
have
in
clark.
A
Okay,
thank
you
for
that
all
right,
so
we
will
move
on.
I
appreciate
this
presentation
so
we'll
move
on
to
the
department
of
tax,
but
what
I
will
say
to
the
department
of
tax,
because
we've
had
a
lot
and
it's
been
super
robust.
If
there's
anything
that
we've
already
discussed,
you
can
just
go
ahead
and
move
those
things
out
of
your
slide
and
then
we'll
just
discuss
anything.
That's
new
in
your
presentation.
If
that
makes
sense,.
N
N
At
the
nevada
department
of
taxation,
I'm
going
to
spend
the
majority
of
my
time
and
presentation
on
the
interaction
and
interplay
between
the
nevada
department
of
taxation
and
local
governments
in
regards
to
the
property
tax
system.
I'll
focus
a
little
bit
on
some
of
the
things
that
the
assessors,
without
duplication,
speaking
to
different
limitations
that
are
placed
on
exemptions,
abatements
and
revenue
limits
and
so
forth.
N
The
first
slide
that
I'd
like
to
bring
forward
is
just
an
attempt
to
show
the
interaction
between
the
county,
assessors
and
the
different
boards
and
commissions
and
how
they
all
play.
These
are
all
kind
of
the
key
players
within
the
property
tax
system.
The
bada
depart.
The
nevada
tax
commission
is
the
head
of
the
department
of
taxation.
N
N
The
tax
commission
meets
about
eight
to
ten
times
a
year
to
hear
appeals,
review
and
uphold
public
hearings
on
regulations
and
pursue
other
such
actions
as
are
necessary
for
the
operation
of
the
department
of
taxation
within
the
department
and
I'll
skip
this
slide,
as
it's
kind
of
repetitive,
of
the
different
statutes
and
chapters
that
govern
govern
property
tax
within
the
department.
There
is
the
division
of
local
government
services.
N
We
deal
with
a
variety
of
different
things,
but
focusing
on
property
tax.
These
are
the
different
areas
of
the
property
tax
that
our
section
deals
with.
We
do
value
property,
the
valuation
that
we
provide.
We
value
what
is
often
referred
to
as
centrally
assessed
property,
and
this
is
property
of
an
interstate
or
inner
county
in
nature.
N
N
N
In
regards
to
oversight
of
the
process
annually,
we
complete
what
is
referred
to
as
a
ratio
study.
This
is
where
staff
from
the
department
of
taxation
goes
out
to
the
different
assessors
offices
and
we
audit
a
sample
of
properties
and
see
if
the
valuation
is
being
done.
According
to
statute
and
regulation,
we
provide
guidance
to
the
assessors
as
possible.
N
We
also
reconcile
the
real
property
transfer
tax,
which
is
a
tax
upon
sell
of
the
property,
and
we
review
all
local
government
budgets.
Our
audit
function.
We
lo,
we
do
performance
audits
on
local
governments,
the
assessors
and
the
recorders
and
the
treasurers
to
make
sure
policies
and
standards
are
consistent
among
counties.
We
also
audit
the
net
proceeds
and
minerals.
N
N
We're
going
to
spend
about
a
half
an
hour,
45
minutes
on
each
one,
just
kidding
they're
available.
If
you
would
like
more
information
on
them,
we
will
touch
on
a
couple
of
them
as
we
go
through
the
presentation
here.
That
was
my
sad
attempt
at
humor
assessors
reports
to
the
department
of
taxation,
the
relationship
between
locally
our
division
and
the
assessors
is
requisite
for
a
good
functioning
property
tax
system.
N
Uniform
and
equal
rate
of
assessment
and
taxation,
valuation
of
property,
exceptions
and
exemptions
are
all
under
section
one.
The
legislature
shall
provide
by
law
for
a
uniform
and
equal
rate
of
assessment
and
shall
prescribe
such
regulations
as
shall
secure
a
just
valuation
for
taxation
of
all
property.
Real.
N
The
total
tax
levy
for
all
public
purposes
shall
not
exceed
five
cents
on
one
dollar,
as
mentioned
in
the
assessor's
presentation,
the
ter
current
cap
is
three
dollars
and
sixty
six
cents,
and
that
is
a
statutory
cap.
Then
I
will
go
over
that
statute
in
just
a
minute.
N
A
couple
of
the
exceptions
is
there
was
an
assembly
bill
passed
quite
a
few
years
ago
that
two
cents
is
outside
of
that
3.64
and
it
is
dedicated
to
various
state
purposes.
We
often
refer
that
to,
as
the
state
debt
rate
the
exceptions
mentioned
in
nrs
354
705
those
deal
with
local
government
entities
that
may
fall
into
severe
financial
emergency.
N
One
of
the
limitations
that
is
there
is
the
assessed
valuation
of
all
property,
which
was
on
the
preceding
fiscal
year.
Assessment
role
cannot
produce
106
of
the
maximum
revenue
allowable
from
taxes
at
valorum
from
the
preceding
year.
So
one
of
the
limitations
local
governments
may
face
when
they're
trying
to
establish
their
rate
is
this
revenue
limitation
and
we
work
with
the
different
entities
to
make
sure
that,
whatever
rate
that
is
asked
for
is
established,
one
doesn't
exceed
the
statutory
rate
established
of
that
360.
N
N
How
they
establish
value
is
according
to
361
227,
as
mentioned
full
cash
value
of
land,
plus
the
replacement
cost
new
of
improvements,
less
the
statutory
defined
depreciation-
and
I
I'm
cruising
through
the
slides
here,
because
some
of
this
is
repetitive.
So
if
there's
any
questions
or
you
wish
for
me
to
stop
or
pause,
please
please
interrupt.
N
N
There's
two
places
that
are
easily
found
on
the
department's
website
that
list
all
these
exemptions.
One
is
the
elements
and
applications,
but
also
produced
every
two
years,
is
the
big
tax
expenditure
report
last,
one
that
was
reported
and
on
the
website
was
for
the
1920
year,
and
this
has
a
list
of
all
the
exemptions
as
well
as
abatements,
and
the
best
estimation
that
we
can
provide
as
to
the
actual
dollar
amount
associated
with
those
exemptions
and
abatements.
N
N
N
This
is
the
tax
cap
that
we
provide
to
the
different
departments
over,
on
the
left
hand,
column,
you
can
see
the
moving
average
growth
rate
for
the
current
year,
and
this
is
a
10-year
moving
average,
so
it
considers
the
current
year
plus
the
nine
previous
fiscal
years
change
over
change,
percentage-wise
of
the
assessed
valuation,
and
so,
for
example,
if
you
look
at
carson
city,
their
moving
average
growth
rate
for
the
2223
was
right
at
5.7
percent.
N
N
It
includes
a
situation
where
there
is
a
surprise
or
a
drastic
drop
in
valuation
from
one
year
to
the
next,
and
then
that
value
recovers
in
value
if
a
property
declines
in
value
15
or
more
from
its
taxable
value
in
the
second
year
and
then
recovers
that
in
the
third
year
there
are
provisions
within
statute
and
regulation
that
allows
the
recapture
of
that.
So
it's
not
all
abated
at
that
lower
sixty
thousand
dollars
going
forward
into
perpetuity.
N
A
Yes-
and
I
appreciate
you
skipping
so
that
we
don't
have
double
information,
if
members
do
you
have
any
questions
to
department
of
taxation
they
had
some,
there
is
some
new
information
in
there
is
anyone
show
of
hands
or
assemblywoman
considine.
D
I
have
two
questions,
one
of
them
when
I
was
looking
over
the
slides
for
the
full
exemptions.
D
I
think
I
kind
of
got
stopped
where
it
says:
okay,
property
of
political
subdivisions,
property
of
school
districts
and
charter
schools,
so
the
political
subdivisions,
the
school
districts
that
make
sense,
because
that's
typically
government
property
to
begin
with,
but
as
far
as
charter
schools
are
concerned,
does
that
mean
wherever
the
charter
school
is
located,
the
the
the
owners
are
exempt
from
property
tax?
So,
for
example,
if
it's
like
a
real
estate
firm
based
out
of
new
york,
florida
somewhere
else
and
they
own
like
an
office
building
but
there's
a
charter
school
within
that
office.
D
Thank
you
and
then
my
second
question
is:
I
understand
that
real
property
transfer
tax
there's
a
lot
of
discussion
around
that
that
not
necessarily
this
is
the
right
form
to
discuss
sort
of
the
right
entity
to
discuss
it.
But
I
noticed
that
it
did
say
that
there
are
reports
that
the
department
of
taxation
gets
annual
reports
on
those
are
those
publicly
available.
N
N
I
You
mentioned
with
the
property
of
school
districts
and
charter
schools,
if
applicable.
What
does
that
mean?
Does
that
mean
that
a
certain
percentage
of
the
building
is
being
utilized
as
a
school,
or
is
it
the
number
of
hours?
I'm
just
I'm
wondering
if
there's
a
way
to
possibly
dig
deeper
into
what
that
meant,
and
then
also
how
kind
of
similar
to
what
was
in
the
last
presentation?
I
How
do
you
verify
that?
Is
that
again,
just
an
affidavit,
or
is
there
a
a
research
a
little
bit
more
like
a
school
visit
or
something
along
those
lines?
If
you
could
dig
a
little
bit
deeper
into
that
information
about
how
the
charter
schools
qualify
for
that
exemption,
if
there's
a
way
to
get
that
information.
N
Yeah,
yes,
so
the
statute
that
that
actually
follows
is
nrs,
jeff
mitchell
for
the
record.
My
apologies
361.065
and
it
states
all
lots.
Buildings
and
other
school
property
owned
by
any
legally
created
school
district
or
a
charter
school
within
the
state
and
devoted
to
public
school
purposes
are
exempt
from
taxation,
and
so,
when
I
mentioned
as
qualified,
they
would
need
to
be
devoted
to
the
public
school
purposes.
K
If
I
may
just
add
a
little
bit
to
that,
so
there's
a
there's,
a
number
of
exemptions
that
we
actually
verify
on
a
yearly
basis,
and
this
is
going
to
be
one
of
them.
So
we
actually
send
out
a
notification,
so
the
property
owner
himself
is
responsible
for
applying
for
the
exemption.
That
is
there.
K
I
Thank
you
so
much
and
thank
you
for
that
clarification,
and
then
I
did
have
another
question
on
slide:
nine,
when
you
mentioned
that
the
amount
is
three
dollars
and
64
cents.
But
then
you
also
said
that
there
was
another
additional
two
cents
and
I
either
I
zoned
out-
or
I
just
didn't
understand-
that
a
little
bit.
So
if
you
could
explain
that
a
little
bit
more
that
it's
actually
it's
three
dollars
and
sixty-four
cents
that
it
cannot
exceed,
but
then
there's
an
additional
two
cents.
N
Yes,
so
of
that
3.64
cents,
there
is
actually
a
15
cent
rate
that
is
devoted
to
capital
projects
within
the
state
sometimes
referred
to
as
the
state
debt
rate
outside
of
that
364
is
a
separate
two
cents
that
is
approved
every
legislative
session,
and
that
too,
is
part
of
the
state
debt
rate,
and
I
I
might
ask
russell
guindon
if
that
satisfies,
if
you
believe
I've
clarified
that
enough,
I
don't
mean
to.
N
I
A
A
B
B
B
If
optimal
funding
is
identified,
we
are
to
provide
the
state
with
I'd
the
identification
of
funding
sources
that
could
achieve
optimal
funding
over
a
10-year
period
and
the
10-year
period,
I
think,
is
extremely
important
to
bear
in
mind
as
we
go
through
this,
because
I
think
some
of
these
numbers
might
be
a
bit
stunning
and
I
think
some
of
the
funding
sources
that
we're
also
looking
at
it
is
not
without
a
full
understanding
of
what
we're
talking
about
that
that
I
I
bring
these
forward
to
you
they're
rather
uncomfortable
any
time
you
talk
about
taxes
and
modifying
taxes
and
creating
new
revenue.
B
B
So
one
of
the
things
that
we
did
was
well,
let's
look
at
some
other
metrics
and
see
how
we
line
up
against
those
and
on
the
chart
that
you
see
this
was
for
a
report
that
we
filed
a
year
ago,
this
past
april,
with
the
state
identifying
where
nevada
is
on
a
per-pupil
spending
basis.
I
fully
realize
that
there
are
a
lot
of
numbers
that
float
around
from
year
to
year,
but
part
of
our
objective
here
was
to
nail
this
down.
B
Okay,
thank
you.
I
can
see
it
better
now
too,
and
compare
that
to
the
national
average
and
the
other.
The
other
metric
that
we
used
was
a
subject
matter:
expert,
apa,
who's
done
a
lot
of
education,
consulting
with
the
state
and
what
their
recommended
levels
of
funding
are
on
a
per
pupil
basis.
B
There
we
go
so
that
was
for
a
2020
report
that
we
filed
and
we've
recently
updated
that
within
the
past
couple
of
months
you
can
see
the
numbers
are
largely
the
same
in
terms
of
how
they
compare
to
each
other.
All
the
numbers
have
gotten
a
little
bit
larger,
but
these
are
the
updated
values
that
we're
currently
using.
B
So
this
would
be
status
quo.
If
we
do
nothing,
this
would
show
what
we
would
project
the
amount
of
per
pupil
funding
to
be
on
an
annual
basis
going
forward,
and
the
next
slide
will
show
where
we
would
need
to
be
in
the
in
the
lighter
blue
section
if
we
were
to
achieve
the
national
average.
So
in
other
words,
that
lighter
blue
section
represents
the
amount
of
additional
funding
that
would
be
needed
each
of
those
years
to
reach
the
national
average
by
the
10th
year.
B
B
B
B
And
if
we
were
to
look
at
the
the
subject
matter,
experts
recommended
level
of
funding
walk
through
the
same
sort
of
thing.
Obviously,
that
gap
is
larger
because
it
was
a
larger
amount
of
per
pupil
spending,
and
this
is
the
incremental
shortfall
larger
than
reaching
the
national
average
and
totaling
up
to
3.2
billion
dollars
by
the
10th
year.
B
So
that,
essentially,
that
essentially
sets
forth
the
targets
that
we're
looking
at
at
this
point
using
those
values
as
a
proxy
for
optimal
funding.
And
again,
when
you
speak
with
a
number
of
the
educators,
they
would
be
more
prone
to
say
that
optimal
funding
probably
runs
beyond
the
proxies
that
we're
currently
using
so
part
of
the
task
was
then
to
look
at
ways
that
that
could
be
funded
over
a
period
of
10
years.
B
As
you
all
are
aware,
there's
a
75
property
tax
rate
that
gets
devoted
to
education
within
each
county.
The
local
school
support
tax
portion
of
the
sales
tax
is
dedicated
as
a
local
revenue
under
the
nevada
plan
was
a
local
revenue
source
within
each
county.
Those
are
all
now
put
into
the
state
education
fund,
but
we
know
there
are
other
revenues
that
also
support
education
other
than
those
the
recently
passed.
Mining
tax
increase.
B
B
That's
worth
well,
we
believe
by
the
state's
estimates
approximately
80
million
dollars
per
year,
and
so,
if
you
were
to
look
at
2032
and
consider
the
10-year
accumulated
value
of
the
mining
tax
would
be
about
800
million
dollars
deducted
from
the
2.3
billion
would
still
leave
a
sizable
amount
to
be
funded,
1.5
billion
over
that
period
of
time.
So
there's
still
much
of
that
gap
to
be
closed.
B
B
And
so
I
suppose,
madam
chair,
what
you
have
as
a
part
of
this
discussion,
is
somewhat
of
a
case
study
applying
some
of
the
principles
you've
been
talking
about
for
the
last
couple
of
hours
and
and
I'll
go
into
some
of
the
things
that
we're
talking
about,
and
I
think
the
overlap
of
that
will
will
come
rather
clear
on
the
property
tax
side
of
the
world
and
in
my
discussions
with
the
members
of
the
commission
and
given
the
fact
that
I've
been
working
in
and
around
state
and
local
government
finance
for
a
very
hard
to
admit
roughly
40
years.
B
The
statutory
change
in
the
combined
tax
rate
that
was
referred
to
earlier
in
all
of
this
discussion
of
364
plus
2
cents,
the
366
cap,
the
35
percent
of
taxable
to
assessed
valuation.
There
are
so
many
components
to
what
comprises
property
tax
and
from
time
to
time.
I
know
you
all
have
had
discussion
over
the
years
of
different
elements
of
the
property
tax
system
and
how
sensible
they
may
or
may
not
be.
You
know,
for
example,
depreciation
nevada
is
the
only
state
in
the
nation
that
uses
a
depreciation
factor
against
the
improvements
to
real
property.
B
There
is
very
little
hope
that
the
resulting
taxable
valuation
will
mimic
market
value
in
in
any
way,
shape
or
form.
It
does
not,
and
we
we've
heard
that
come
up
from
time
to
time.
B
The
abatements,
if
you
were
to
I
hate,
to
use
the
word
fix
but
modify
the
approach
to
depreciation,
for
example
like
eliminate
the
accumulation
of
depreciation
that
might
bring
us
more
in
line
with
what
the
rest
of
the
country
does
in
terms
of
how
they
assess
property,
but
because
of
the
abatement
caps,
it
would
not
generate
you
any
additional
revenue
above
what
you
have
today.
B
B
We
certainly
understand
that
the
public
has
learned
in
the
past
few
weeks
to
embrace
the
the
topic
of
abatements
because
of
the
information
that
that
went
out.
I'm
not
sure
I
got
a
number
of
those
calls
as
well
and
and
most
of
those
calls
to
me
were.
Can
you
explain
what
this
even
means
you
know
and
then
three
is
less
than
eight,
so
that
must
be
better.
B
So
it's
it's
become
a
very
cumbersome
and
complex
system
that
does
constrain
your
revenue
and
that's
where
it
departs
from
being
your
friend
in
terms
of
tax
rate
maintenance
for
the
taxpayer,
which
is
hugely
important.
We
all
agree
on
that
and
it
becomes
your
enemy
on
the
other
side,
because
it
constrains
your
ability
to
generate
additional
revenue
over
time
now.
One
thing
that
hasn't
been
said
that
I
also
remember
from
the
year
that
the
abatements
were
brought
to
the
legislature
that
wasn't
the
only
way
to
control
property
taxes
for
individuals.
B
The
setting
of
the
tax
rate
was
the
other
way
to
control
it,
and
you
know
we
can't.
We
can't
suppose
at
this
point
in
time
what
the
counties
and
the
local
governments
would
have
done
to
adjust
their
rates
while
the
assessed
valuations
were
spiking
upward.
But
I
can
certainly
tell
you,
having
spent
15
years
as
a
chief
financial
officer
for
clark
county
many
years
ago,
we
would
have
adjusted
those
rates
downward
to
compensate
for
the
increase
in
assessed
valuation.
B
We
also
would
have
adjusted
rates
downward
due
to
the
maturity
of
debt.
There
are
a
couple
of
reasons
why
that
would
have
happened,
so
the
abatements
weren't
the
only
way
to
attack
that
particular
problem.
But
the
fact
remains
that
the
abatements
act
as
a
constraint
against
the
ability
to
raise
future
revenue.
B
B
What
can
be
done
to
deal
with
the
abatements
over
a
10-year
period
to
allow
for
some
additional
revenue
growth
without
losing
the?
I
guess,
the
friend
side
of
the
abatements,
the
the
good
side
of
the
abatements
is:
is
that
a
capping
mechanism
on
accrued
abatements?
It's
interesting
to
note,
for
example,
when
you
consider
the
amount
of
money
we
were
talking
about
for
education,
that
the
current
level
of
accrued
abatement.
B
B
Now
that's
accumulated
over
a
period
of
time,
so
that's
certainly
not
an
annualized
number
and
that
isn't
to
say
that
that's
a
panacea
for
funding
problems.
But
it
is
an
indicator
to
me
that
some
revenue
capacity
probably
does
lie
in
a
re-evaluation
of
the
abatements
and
how
those
accrue
over
time,
whether
that's
capping
or
phasing
or
actually
one
of
the
things
that
we're
going
to
be
looking
at.
Is
there
a
way
to
actually
reduce
combined
property
tax
rates
absorb
a
portion
of
that
abatement
to
allow
some
additional
cap
room
under
the
366
cap?
B
We
believe
mathematically
that
that
will
work.
We
also
recognize
that
there
may
be
some
challenges,
given
that
it
would,
it
could
have
differential
impacts
on
different
types
of
properties,
but
that's
being
evaluated
at
this
point
by
the
commission
so
again
to
be
transparent.
That's
something
we're
looking
at,
I
mean.
Obviously,
as
I
stated
earlier,
there
are
a
number
of
other
facets
of
the
property
tax
system
like
the
depreciation,
the
combined
rates
method
of
valuation,
the
use
of
the
35
percent
against
the
taxable
value
to
arrive
at
the
assessed
value.
B
All
of
those
could
be
looked
at
and
they
all
probably
should.
But
unless
there's
some
additional
capacity
provided
within
the
abatement
system,
looking
at
them
would
not
provide
additional
revenue
and
certainly
wouldn't
be
an
answer
to
any
of
the
education
funding
issues
that
we're
looking
at
now.
Let's
quickly
switch
one
of
the
other
things
that
we're
also
looking
at,
because
the
local
school
support
tax
portion
of
the
sales
tax
is
also
a
primary
funder
of
education.
B
So
it
caused
us
to
look
at
sales
tax.
Now
the
easy
thing
to
do
when
you're
looking
at
sales
tax
is
to
look
at
rate
and
that
we've
done
for
many
many
years
I
mean
I
do
remember
if
I'm
not
mistaken
and
again,
russ
would
correct
me
if
I
am
the
ta.
The
sales
tax
rate
in
1981
pre-tax
shift
was,
I
believe,
three
and
a
half
percent
in
the
state
of
nevada
in
clark
county
today
we're
at
8.35
percent.
So
on
the
rate
side,
we've
certainly
had
a
lot
of
of
growth.
B
What
has
happened
on
the
base
side?
That's
the
side
that
I
continue
to
focus
on
what
we've
seen
with
the
the
tax
base
for
sales
tax
is
actually
a
narrowing
of
that
base
over
that
same
period
of
time,
mostly
because
we've
added
a
number
of
exemptions,
explicit
exemptions
that
are
encoded
within
nrs
to
the
taxable
sales
base.
Our
economy
is
also
changed
and
shifted
away
from
tangible
goods
sold
at
retail
to
non-tangible
items.
That
would
thus
not
be
taxable
under
a
sales
tax
regime,
at
least
as
we
currently
have
it
in
this
state.
B
So
one
of
the
other
things
we're
looking
at
is
what
are
some
of
those
other
areas
of
trade
which
effectively
account
for
roughly
65
of
our
overall
economy.
B
B
That
would
be
beneficial
to
look
at
to
extend
some
other
form
of
excise
tax
too,
and
one
of
the
first
things
that
always
comes
up
when
we're
talking
about
sales
tax
and
rightfully
so,
is
regressivity
under
our
existing
system.
We
have
a
lot
of
those
explicit
exemptions,
as
I
mentioned
earlier,
that
exist
to
try
to
reduce
regressivity.
So
those
things
are
that
are
necessities
of
life
like
like
food
purchased
in
grocery
stores
and
pharmaceuticals
and
other
items
are
explicitly
exempted
to
try
to
reduce
the
regressivity.
B
However,
are
there
items
that
are
currently
not
sold
at
retail
and
are
not
tangible,
which
is
the
definition
of
items
to
be
taxed
under
our
sales
tax
laws
in
this
state?
That
could
also
be
looked
at
as
a
form
of
a
a
revenue
source
that
also
would
not
increase
regressivity,
and
our
belief
is
the
answer.
To
that
question
is
yes
an
earlier
speaker
today.
I
think
it
might
have
been
during
your
public
comment.
Period
gave
a
couple
of
interesting
examples.
B
You
know
a
book,
that's
purchased
in
hard
copy
or
paperback
is
taxed,
but
a
book
purchased
online
is
not
it's
the
same
product
and
so
oftentimes.
These
changes
in
technology.
B
B
Now,
it's
it's
interesting
when
we
look
at
it
from
the
commission
on
school
funding's
perspective,
because
our
task
is
to
find
funding
for
education,
so
you
know
simply
extending
something
into
the
existing
sales
tax
regime,
which
is
not
as
simple
as
it
sounds
to
do,
would
only
provide
a
small
amount
of
benefit
to
education.
Only
the
lsst
portion
would
be
extended
to
education
and
go
into
the
state
education
fund.
The
basic
and
supplemental
city
county
relief
tax
pieces
would
continue
to
go
to
cities
and
counties.
B
B
Another
way
to
do
that
would
be
to
apply
a
separate
rate
to
some
of
those
areas
that
are
not
taxed
under
the
existing
sales
and
use
tax
regime,
allowing
for
100
of
that
to
go
to
funding
education
throughout
the
state.
Again.
These
are
concepts
that
we're
working
on.
They
are
not
formalized
recommendations
from
the
commission
on
school
funding.
A
Thank
you,
mr
hobbs
yeah.
It
was
a
lot
of
information.
The
good
thing
about
this
committee
is
they're
used
to
a
lot
of
information
which
makes
them
awesome.
So
are
there
any
questions
show
of
hands,
so
I
have
assemblywoman
kasama
assemblyman
hafen.
Is
there
anyone
else
that
I'm
missing
a
hand,
assembly,
woman
anderson?
So
I
can
do
my
list
you're
good
yeah,
okay,
so
I
will
start
with
assemblyman
hayfin
and
then
go
to
zoom.
L
L
L
Us
to
a
good,
a
good
portion
of
what
the
goal
or
the
national
average.
I
guess
I
should
say
is
and
then
may
I
have
a
second
question.
The
other
one
is
during
public
comment.
We
had
testimony
saying
that
nevada
was
48th
in
per-pupil
funding
when
I
googled
it.
That
did
not
seem
accurate,
and
so
I
just
want
to
get
on
the
record.
If
you
know
where
we
are,
it
just
didn't
seem
to
compete
with
what
I
was
able
to
google
not
saying
google's
right,
but
I
just
like
to
know
from
you.
B
Always
go
to
wikipedia
first
right:
that's
the
primary
source,
those
rankings
we
we
actually
at
our
last
commission
on
school
funding,
meeting,
had
a
presentation
from
the
gwen
center
on
all
of
those
various
rankings
that
you
all
hear
about.
48Th
here,
18th
there
26
they're
very
hard
to
sort
out
they're,
not
apples
to
apples.
B
L
Thanks,
madam
chair
I'll,
keep
it
to
three
and
in
your-
and
I
know
this
is
all
hypothetical
and
probably
above
my
pay
grade
but
you're,
using
the
mining
tax
as
an
additional
80
million
you're,
I'm
assuming
you're,
not
taking
into
any
factor
of
either
growth
in
the
value
of
the
the
the
tax
revenue,
then
for
those
mines,
it's
just
a
straight
80,
80
million
per
per
year
over
the
10-year
period.
B
G
G
B
A
Thank
you,
assemblywoman
anderson.
I
Thank
you
chair.
Thank
you,
mr
rocca,
for
this
information
and
I
promise
not
to
yell
either
you
mentioned
with
the
abatement
changes,
and
I
really
appreciate
you
mentioning
the
abatement
changes
and
how
that's
going
to
impact
the
county,
but
with
the
prior
presentation
that
there's
some
significant
abatements
that
are
currently
in
place,
which
again,
I
really
appreciate
you
bringing
forward.
I
Has
there
been
discussion
with
county
officials
as
to
how
that
will
impact
them
as
well,
or
is
that
outside
of
the
purview
of
this
of
this
committee,
and
then
I
do
have
a
second
question
as
well.
B
To
your
question:
it's
it's
not
part
of
the
charge
of
the
commission
on
school
funding.
However,
I
have
ongoing
interaction
with
a
number
of
folks
at
the
local
government
level
and
state
level
about
the
types
of
things
that
this
commission
is
considering.
You
know
this
is
something
that's
being
staffed
by
the
nevada
department
of
education.
B
The
attorney
general
has
someone
assigned
to
to
our
committee
as
well,
and,
given
you
know
my
background,
also
having
included
being
a
chief
financial
officer
of
a
very
large
governmental
entity
in
this
state,
I
recognize
that
the
potential
impacts
of
abatements
or
anything
to
do
with
excise
tax
base
are
potentially
going
to
have
broader
impact
than
just
education
or
potentially
could
have
broader
impact.
I
Thank
you
for
that
clarification
and
then
my
second
question
has
to
do
with
the
with
the
for
lack
of
a
better
term.
I
guess
the
looking
into
the
future,
because
when
we're
looking-
and
I
don't
know
if
it's
a
question
or
a
comment,
I'll
try
to
make
it
into
a
question
chair
when
you're
looking
at
the
national
average
funding,
this
is
what
is
currently
what
is
believed
to
be
projected.
I
This
does
not,
or
does
it
reflect
possible
increases
that
other
states
are
currently
considering
when
they
put
more
money
into
education
and
and
other
public
entities.
I
know
there
are
more
than
a
few
states
currently
considering
putting
more
money
into
the
into
their
education
world.
So
is
this
considering
those
other
taxes
that
were
here?
Excuse
me
investments
that
we're
hearing
about,
or
is
this
more
what
is
currently
in
place
and
if
everything
continues
on
that
way,
with
the
projections
that
are
presented
here.
B
To
your
to
your
question,
and
I
appreciate
that
one
as
well
as
you
can
see
on
the
chart
that,
hopefully
is
up
once
again,
we
did
anticipate
that
the
national
average
funding
would
grow
the
darker
bar
over
time.
Now
my
recommendation
and
it
will
probably
be
included
in
our
report
to
all
of
you-
is
that
something
like
the
education
funding
commission
continue
over
time
to
update
these
values
on
annual
basis,
because
they
will
change.
B
You
know
looking
at
them
at
one
point
in
time
is
very
interesting,
but
it's
our
best
assessment
as
to
what
we
think
the
future
might
look
like
you
know.
Perhaps
if
all
of
the
other
states
increase
funding
to
funding
for
education,
the
gap
between
us
and
the
national
average
would
naturally
close,
but
a
lot
of
the
other
states
are
also
facing
a
lot
of
the
same
issues
that
we
are.
I
Thank
you,
mr
hobbs,
and
thank
you
again
for
the
presentation,
greatly
appreciate
it,
as
well
as
the
amount
of
time
and
energy
you've
put
into
the
commission.
I'm
sure
it's
been
incredibly
quiet
during
those
meetings.
So
thank
you
so
much
for
all
that
time
and
effort
towards
it.
A
Okay,
thank
you
for
that.
Any
additional
questions
senator
dennis
and
then.
C
Senator
gansert,
I
I
have
mostly
just
a
comment
as
one
who
put
together
this
new
funding
helped
put
together
the
funding
formula
with
senator
woodhouse,
and
I,
as
we
were,
anticipating
you
know,
having
a
new
funding
formula.
C
The
creating
this
commission
was
so
important
because
it
would
allow
us
to
be
able
to
look
at
these
issues
and
be
able
to
adjust
what
costs
were
and
those
kinds
of
things
and
the
reason
I
bring
this
up,
because
we
have
a
lot
of
new
folks
in
the
legislature
and
we've
never
had
that
before
in
the
past.
When
we
wanted
to
talk
about
education
funding,
we
had
to
wait
during
120
120
day
window
or
during
a
special
study
of
some
kind.
C
C
You
know
for
me
when,
when
I
created
that
I
kind
of
looked
at
the
education
funding
commission
kind
of
like
what
we
do
with
the
economic
forum,
that
gives
us
the
ability
to
look
at
where
we
need
to
be
and
where
we're
at
and
where
we
need
to
be.
And
so
I
appreciate
all
of
the
folks
that
serve
on
there
and
that
they'll
be
able
to
to
give
us
this
information
so
that
we
could
have
these
discussions
not
only
during
session
but
especially
during
the
interim
as
we
prepare
for
new
sessions.
C
So
thank
you
for
all
that
work,
and
I
appreciate
madam
chair
being
able
to
have
this
report
today
to
bring
us
up
to
speed
on
on
that,
because
it's
such
an
important
topic
and
we
don't
always
get
the
opportunity
to
have
in-depth
discussions
about
these
issues.
So
thank
you.
G
Thank
you,
cherniel.
I
want
to
drill
down
on
the
numbers
a
little
bit
more,
and
so
we
went
from
a
basic
support
number
with
lots
of
different
buckets.
There
was
transportation
or
disability
or
textbooks,
and
things
like
that
to
the
pupil
center
funding
plan,
and
so
in
in
this
number,
the
pupil,
centered
funding
plan.
I
think
there's
still
some
dollars
that
are
outside
of
that,
such
as
transportation,
and
so
I
want
to
know
if
that's
in
there
and
then
you
know.
G
Another
question
I
have
is
when
we
look
at
funding
to
school,
traditional
public
schools
versus
charter
schools,
there's
dollars
that
are
spent
on
capital
that
I
don't
think
are
included.
So
I
don't
think
charter
schools
get
transportation
or
capital,
so
that's
kind
of
part
b
and
then
also
in
this
number.
In
addition
to
the
people-centered
funding
plan,
I
know
that
there
was
a
question
asked
about
whether
local
support
is
in
there,
and
I
think
you
know
if
you
look
at
local
support
from
an
operational
standpoint
that
is
in
there.
G
But
I
don't
think
the
funds
that
go
towards
capital
towards
construction
are
in
that
the
numbers
that
you
have
presented.
So
it's
really
about
looking
at
this
shift
from
basic
support
to
people-centered
funding
plan,
and
if
are
there
dollars
outside
the
fuel
center
funding
plan
on
an
annual
individual
basis
that
are
different
for
regular
schools
versus
charter
schools
and
then
are
there
capital
dollars
anywhere
in
the
numbers
that
have
been
presented
since
those
are
locally
derived
and
they're,
but
they're
not
operating
they're
different
they're
sort
of
different.
But
I'm
not.
B
To
your
question,
senator
ganser-
and
I
appreciate
that,
because
that
that's
something
that
we
wrestled
with
in
comparing
nevada's
per
pupil
spending
to
the
national
average
and
to
the
subject
matter,
expert
recommended
level.
We
wanted
to
make
sure
those
were
all
on
a
parity
basis
and
we
believe
that
they
are
now
to
the
point
that
you're
raising
about
capital
capital
is
quite
significantly
different
between
each
of
the
school
districts
around
the
state
and
this.
B
The
numbers
that
you
see
here
do
not
include
capital,
the
capital
is
and-
and
that
presents
itself
as
almost
a
separate
challenge.
You
know,
particularly
in
those
counties
in
which
you
have
the
combined
366
cap
rate,
constraining
their
ability
to
go
out
to
do
ballot
initiatives,
for
example,
that's
quite
problematic
for
some
of
your
smaller
districts,
whereas
for
somebody
like
like
clark,
which
I
believe
has
a
55
debt
rate
that
was
voter
approved
to
be
locked
in
over
time
for
capital
doesn't
put
them
on
a
parity
basis.
B
Now,
that's
within
the
state
of
nevada
between
the
national
average
that
we're
showing
and
the
nevada's
per
pupil
spending,
that
is
on
an
apples
to
apples
basis.
Exclusive
of
capital,
but
you're
also
right
in
the
sense
that
different
states
across
the
country
will
also
have
different
grant
programs
outside
of
this.
B
B
Speaking,
first
to
what
we
refer
to
as
the
weighted
categories,
which
would
be
for
things
like
english
language,
learners,
special
education,
gifted
and
talented
and
students
at
risk,
those
numbers
are
included
and
on
a
parity
basis
with
the
comparison
to
the
national
average
and
the
the
apa
recommended
levels
of
funding.
B
In
fact
that
you
know
that
points
up
as
one
particular
question
that
I
would
assume
all
of
you
would
be
asking
if,
if
these
recommendations
were
to
come
before
you,
if
you
were
to
spend
to
the
national
average
or
spend
to
the
levels
that
you
saw
in
the
earlier
charts
each
year,
exactly
how
would
those
monies
be
deployed?
B
And
you
know
what
are
the
programs
that
would
be
affected
by
those?
Now,
that's
not
something
I
can
speak
to,
because
I
you
know
my
primary
background
is
not
the
world
of
education,
but
that's
a
question
that
we're
posing
to
all
of
the
superintendents
right
now,
and
I
do
believe
that
one
of
those
areas
that
is
a
bit
deficient
as
reaching
each
of
the
recommended
weight
levels
for
each
of
those
programs.
I
just
mentioned
to
you
special
ed
english
language,
learners.
G
Thank
you
for
letting
us
know
those
are
included,
because
those
are
fundamental,
I
think,
to
the
per
pupil
funding
plan
of
the
pupil
center
funding
plan,
but
I
still
think
there's
dollars
outside
of
that
that
I'm
not
sure
if
they're
captured
or
not
whether
it's
transportation
or
other
items,
but
we
can
follow
up
with
that
chair.
I
appreciate
the
time.
A
Okay,
so
thank
you
for
presenting
this.
I
just
want
to
know
in
in
this
study
how
you
guys
are
going
forward.
Are
you
guys
going
to
be
looking
at
because
let
me
frame
this
right?
A
I've
been
focused
on
you
know
what
what
the
population
growth
is
going
to
be
and
how
that
may
change
because
of
other
factors,
and
so
I'm
wondering
when
you
talk
about
pupils
continuing
to
grow
over
10-year
period,
and
then
you
have
a
reduction
in
your
population.
B
To
your
question,
madam
chair,
you
know
that
is
one
of
the
the
most
thrilling
aspects
of
doing.
Projections
like
this
is
trying
to
get
your
arms
wrapped
around
exactly
what
you're
talking
about
the
projections
that
we
are
using
as
our
baseline
right
now
would
include
what
I'd
refer
to
as
normal
growth
in
student
population
over
that
period
of
time
now.
I
think
that
goes
to
an
earlier
point
that
we
discussed
as
well.
Is
there
a
need
to
continue
to
monitor
all
of
this
and
recalibrate
it
each
year?
I
believe
absolutely
there's
a
reason.
A
A
But
I
think
that,
while
we're
in
a
position
to
think
about
all
of
those
multiple
factors
that
are
probably
going
to
come
into
play,
we
should
be
building
models
that
have
all
of
those
assumptions
in
the
model
so
that
we
can
know
well.
If
this
occurs,
if
we
were
to
flatline
here's
the
effect
on
this
property
tax
idea
that
we're
considering
or
this
combination
right,
because
it
looks
like
from
what
you
said-
it's
probably
going
to
be
a
combination
two-part,
it
could
have
an
abatement
piece.
A
It
could
have
some
other
piece,
but
I
think
how
that
the
structure
of
the
revenue
matters
and
it
matters,
because
it
is
being
built
based
on
this
growth
pattern
that
may
or
may
not
come
into
existence.
And
then
your
people
have
put
decisions
in
place
and
saying.
Well,
I
made
this
decision,
and
now
I
need
the
money
that
I
made.
The
decision
for
for
2025.
B
That's
that's
an
exceptionally
important
point,
and
just
you
know,
by
way
of
a
little
bit
more
insight
to
some
things
that
the
commission
has
discussed.
You
know
I
ran
the
commission
through
an
exercise
of
looking
at
principles
of
taxation
that
I'm
sure
all
of
you
have
seen
a
number
of
times.
You
know
things
like
sufficiency,
stability,
predictability,
equity,
ease
of
administration,
there's
a
very
lengthy
list
of
those
and
at
the
forefront
of
this.
B
Identified
as
top
priorities-
and
that
only
makes
sense
right
if
you're,
if
you're,
investing
in
something
as
important
as
education,
you
would
like
to
know
that
the
revenue
sources
that
you're
committing
to
it
are
going
to
be
stable
and
reliable
and
you're
not
going
to
have
to
adjust
your
level
of
programming
in
the
future
because
of
volatility
in
one
or
two
of
the
key
revenue
sources,
and-
and
that's
you
know,
I
think
part
of
the
I'll
refer
to
is
that
ancient
underpinnings
of
property
tax
was
that
was
a
virtually
100,
reliable
revenue.
Pre-Abatement.
B
You
knew
what
a
penny
of
property
tax
was
going
to
generate
and
it
would
generate
that
each
successive
year
and
as
more
assessed
valuation
came
in,
you
had
growth.
You
didn't
have
to
go
through
the
calculations
of
pre
and
post
abatement
that
stabilized
funding
for
a
lot
of
services
throughout
the
state,
including
education
sales.
Tax.
B
We've
certainly
come
to
learn
in
the
last
15
years.
There
can
be
volatility
in
taxable
sales.
You
know
partic,
particularly
when
you
consider
a
county
like
clark,
that
is
20
percent
reliant
on
any
eating
and
drinking
establishments
and
tourism,
and
you
know
the
effects
of
recessions
and
pandemics
and
other
such
things
as
you
look
out
into
the
future,
which
goes
back
to
your
point.
B
It
does
make
sense
to
try
to
model
a
number
of
different
scenarios
again.
This
is
baseline
that
we're
looking
at.
We
could
look
at
a
more
conservative,
a
more
optimistic
and
one
that
would
assume-
and
this
is
just
hypothetical
what
if
we
went
into
a
two-year
recession
in
2030
and
31.
How
would
that
affect
the
revenues?
I
mean?
B
Those
are
all
things
that
can
be
done
and
I
think
that's
all
something
that
should
be
considered
when
you're,
you
know
putting
together
your
portfolio,
because
that's
really
what
it
is:
a
portfolio
of
revenues
to
support
state
services
and,
in
particular,
education.
You
want
it
to
be
stable,
reliable
and
predictable
over
time.
A
Thank
you
for
that
response,
so
we
will
go
ahead.
Oh
senator,
dennis.
C
Thank
you,
madam
chair,
just
want
to
make
a
clarification.
Senator
ganzar
brought
up
some
issues
earlier
and
I
just
wanted
to
clarify
transportation
costs
are
not
in
the
people-centered
funding
plan.
The
reason
for
that
is
that
they
are
different
yeah,
because
when
we,
when
we
looked
at
when
we
created
it,
we
looked
at
that
and
those
costs
vary
so
much
between
rural
and
whatever.
C
So
we
those
did
not
get
included
the
other
ones
that
are
not
included
nutritional
everything
else.
He
already,
he
already
addressed
the
the
capital
costs
those
are
outside,
because
each
county
has
the
ability
to
to
raise
their
own.
Every
other
revenue
that
has
been
set
aside
for
education
is
all
in
the
big
the
the
fund.
C
So
I
just
want
to
make
sure
to
clarify
that
there's
not
a
bunch
of
other
little
things
out
there
that
are
not
in
the
funding,
so
we
are
now
able
to
compare
ourselves
with
all
the
costs
that
it
takes
to
educate
outside,
except
for
the
nutrition
and
the
transportation,
because
those
are
those
those
are
costs
that
just
vary,
and
nobody
has
a
way
to
compare
that
as
well
from
state
to
state
as
we're
looking
at
those
costs.
So
I
just
want
to
clarify
that.
Thank
you.
A
E
Good
afternoon,
yep
good
afternoon,
chair
neil
vice
chair
cohen
members
of
the
committee
for
the
record,
steve
across
the
administrator
of
the
nevada
housing
division.
Thank
you
for
giving
me
the
opportunity
to
discuss
this
topic.
Thank
you
for
bumping
me
up
a
little
bit.
I
certainly
appreciate
that,
and
I
promise
I
will
try
to
be
thorough,
but
relatively
quick
here.
E
So
I
think,
in
order
to
better
understand
the
need
for
the
property
tax
exemption
on
affordable
properties,
like
I
kind
of
want
to
do
a
comparison
of
the
development
of
an
affordable
property
versus
that
of
a
market
rate
property.
So
please
bear
with
me,
as
I
kind
of
walk
you
through
this,
going
back
to
the
way
a
market
rate
property
is
developed.
E
You
assemble
all
of
those
together,
you
determine
the
cost
to
build
costs,
to
operate,
and
then
based
on
those
numbers
you
need
to
recoup
those
costs,
create
reserves,
make
a
profit
respond
to
the
market
and
you
make
your
determination
of
rental
rates
and
so
just
for
sake
of
argument,
because
it's
going
to
work
a
little
better.
When
I
get
to
the
math
portion
of
this
presentation,
1500
dollars
a
month
is
determined
to
be
your
going
rate
for
one
bedroom
apartment.
E
So
now,
let's
look
at
how
an
affordable
development
is
built,
and
the
first
thing
I
want
to
mention
is
there:
there
has
to
be
somebody
participating
in
this
field,
who's
a
little
bit
magnanimous
benevolent
and
that's
without
getting
into
the
compliance
regulatory
burdens
which
are
placed
on
the
developer.
Just
focusing
here
on
the
financial
componentry.
E
Second
thing
is
your
tenants
will
be
restricted
at
being
a
maximum
of
60
percent
of
area
median
income,
so
you
still
have
the
five
l's
land,
labor
laws,
lending
and
they're,
not
necessarily
cheaper,
for
building
an
affordable
property.
E
E
So
while
it
truly
doesn't
work
this
way
again
for
simplicity,
say
you're
not
going
to
be
able
to
collect
market
rate
rents,
you
are
contractually
bound
to
rent
at
a
lower
rate,
heard
it
earlier
than
the
hud
rates
and
effectively
you're
only
going
to
be
again
for
some
simple
math
able
to
collect
60
of
what
market
rate
is
so
instead
of
collecting
fifteen
hundred
dollars
for
a
one
bedroom
apartment
you'll
only
collect
nine
hundred
and
that's
a
six
hundred
dollar
per
month
deficit
on
one
unit.
E
So
that's
where
the
division
comes
in,
in
combination
with
our
low
income,
housing
tax
credit
program
provided
to
the
federal
government
which
we
administer
it's
done
through
a
private
prop
public
partnership
and
with
that
tax
credit
program,
equity
is
created
that
will
significantly
reduce
the
cost
of
lending
effectively,
because
we
are
reducing
that
loan.
L
equity
is
replacing
debt
and
the
developer
doesn't
have
to
borrow
as
much
money
so
that
immediately
results
in
the
project
becoming
more
sustainable.
E
You
then,
can
bring
in
other
layers
of
subsidy,
affordable
housing,
trust
funds,
federal
home
loan
bank
grants,
and
this
will
ultimately
result
in
what
some
of
you,
I'm
sure,
have
heard
of
the
lasagna
financing
that
enables
these
projects
to
pencil,
but
that
still
doesn't
get
us
there.
That
does
help
in
the
construction
of
the
of
the
project.
E
It
doesn't
really
help
in
the
operational
end
of
things.
So,
for
that
30-year
affordability
period,
we
need
to
somehow
reduce
the
burden
on
the
developer
in
in
that
manner,
and
so
another
way
to
insist,
assist
in
this
endeavor
is
to
lower
the
property
tax
burden
on
the
property
and
nrs
361.082,
which
has
been
demonstrated
or
indicated
in
a
couple
of
previous
presentations
allows
for
the
exemption
of
property
tax
for
qualified
loan
composite
projects.
E
This
is
specifically
done
through
a
reference
to
hud
provided
home
funds
via
the
cranston
gonzales
national,
affordable
housing
act
and
annually.
The
state
and
local
jurisdictions
of
clark
county,
las
vegas,
reno
and
henderson
receive
home
funds
directly
for
your
edification
in
the
federal
fiscal
year
for
2022
that
amount
statewide
is
going
to
be
12.5
million
dollars.
E
In
this
lasagna
financing,
I've
described
we're
going
to
sprinkle
just
a
little
bit
of
these
home
funds,
and
this
is
always
done
with
the
local
jurisdiction's
knowledge
or
by
that
local
jurisdiction
to
receive
the
property
tax
exemption.
So
in
our
typical
property.
This
can
result
in
about
an
annual
savings
of
350
000
per
year
for
each
year
of
that
affordability
period.
Ultimately,
it
makes
these
projects
much
more
financially.
Sound
lowers
the
risk
profile
and
enables
them
to
be
affordable
for
that
30-year
time
frame.
E
Typically,
it's
an
incredibly
small
but
a
critical
component
of
the
capital
stack
that
has
that
layered
lasagna
financing
and
it's
incredibly
important,
particularly
here
in
nevada,
because
it
does
trip
that
property
tax
extension.
So
with
that,
that
concludes
my
presentation
happy
to
answer
any
questions.
If
assemblyman
hafen
has
three
I'm
ready
for
him,
if
anybody
else
has
any
I'm
ready
for
him
too,.
A
Thank
you,
mr
a
croft.
Any
questions
from
members.
A
Okay,
so
I
I
don't
have
any
because
I've
already,
I
think
I
asked
mine
in
a
prior
meeting
private
activity
bond
council,
but
okay,
then
well.
Thank
you,
mr
across
for
presenting
this
information.
A
Okay,
so
then,
that
send
moves
us
to
actually
agenda
item
number,
seven,
which
is
actual
the
fiscal
analysis,
division
on
the
presentation
on
hypothetical
and
actual
informational
property
tax
values.
M
We
have
time
this
is
russell
again,
madam
chair.
What
I
can
try
and
do
is
go
through
it,
a
little
quicker
than
probably
attended,
and
then
there
is
a
lot
of
information
in
the
packet
for
this
agenda
because
there's
two
additional
exhibits,
but
those
are
more
informational
and
I
will
try
before
we
shut
down
today,
to
make
the
comments,
because
I
those
tables
will
supplement
the
the
presentations
that
have
been
made
for
the
other
agenda
items,
as
well
as
the
questions
that
were
made
by
the
members
and
the
answers
provided.
M
But
what
I've
tried
to
do
here
is
to
create
some
work
product
that
we
can
go
through
quickly
today.
But,
as
mr
hobbs
has
stated
for
his
agenda
item,
that
you
have
the
commission
on
school
funding
with
its
statutory
duties
to
look
at
potential
funding
sources
for
k-12
education.
One
of
those
is
potential
changes
to
the
property
tax.
M
M
Not
just
this
interim,
but
also
if
the
commission
of
school
funding's
recommendations
have
to
come
forward
to
the
joint
interim
standing
committee
on
education
and
those
possibly
could
be
a
a
topic
for
discussion
in
the
2023
session.
M
What
these
tables
do
is
use
hypotheticals,
because,
because
of
all
the
the
functional
elements
of
the
property
text
system,
it
becomes
hard
to
get
to
find
real
world
examples
to
allow
you
to
demonstrate
the
points
that
you're
trying
to
make
when,
as
your
staff
trying
to
go
through
the
proper
tech
system
and
make
changes
and
show
you
the
effects
of
those
so
decided
here,
you
can
see
in
table
one.
M
Let's
consider
this
as
jeff
by
2005
the
the
fiscal
year
before
the
legislature
approved
the
the
property
tax,
partial
abatements
in
the
2005
session,
that
became
effective
for
fy
2006..
So
what
I've
done
here
is
taken.
You
have
seven
different
houses,
and
so
you
have
one
that's
50
years
old,
40
years
old,
30
years
old,
20
years
old,
10
years
old,
one
year
old
and
brand
new,
it
came
on
the
property
tax,
roll
in
fy
2005..
M
So
to
trying
to
simplify
things-
and
I
know
the
assessors-
probably
would
you
know,
go
wow-
this
is
an
oversimplification.
M
M
The
replacement
cost
is
the
same
at
150
000,
so
you
have
70
000
and
land
150
000
in
replacement
costs
for
the
improvements
that
are
on
the
land.
So
you
can
see
the
next
line
here.
Is
it
depreciation,
as
you
heard
today,
it's
1.5
per
year
times
the
number
of
years
old
for
the
improvements,
but
it
it's
for
50
years,
so
it
caps
out
at
the
the
75
is
the
max.
M
M
So
then
you
take
the
depreciation
factor
times:
150
000,
to
get
the
amount
of
depreciation,
and
you
can
see
that
on
the
line
here
and
as
you
would
expect
more
depreciation,
the
larger
depreciation
factor,
because
the
home
is
older,
then
you
have
more
depreciation.
M
M
M
So
then,
the
next
block
here
in
the
darker
with
the
darker
orange
highlighted,
set
off
is
you're
just
going
to
take
those
respective
lines
above
for
taxable
value
times.
35
that's
assessed
value.
M
M
Now
I
I
do
want
to
point
out
for
the
members
of
the
committee
that
you
hear
the
statement
about
well,
that
nevada
is
the
only
state
that
has
depreciation
or
depreciation
like.
I
want
to
be
careful
there.
That
nevada
is
potentially
the
only
state
that
has
this
statutory
construct
that
you
get
1.5
per
year
times
the
age
of
the
improvements.
M
I
believe
every
state
inclu,
including
nevada,
that
they
always
have
a
construct
for
depreciation,
or
you
heard
the
other
term
obsolescence,
because
it
occurs
to
property.
In
fact,
the
the
1.5
depreciation
that
we're
talking
about
was
put
in
place
by
the
legislature
in
the
1983
session.
Prior
to
that
we
were
based
on.
We
had
a
construct
where
we
weren't
on
taxable
value.
We
were
on
full
cash
value,
which
you
can
think
about
as
being
market
value,
but
we
still
had
provisions
in
the
law.
M
That
said,
assessors
had
to
look
at
one
of
the
things
they
could
look
at
as
the
value
of
the
land,
even
at
the
full
cash
value
and
then
the
improvements
but
subtracting
the
amount
of
depreciation
or
obsolescence
based
on
the
age
of
the
improvements.
So
I
just
wanted
to
make
that
slight
clarification.
M
That
depreciation
isn't
a
new
thing
in
nevada
law
for
property,
and
it's
probably
a
thing
that
you're
going
to
see
across
all
states
because
property
depreciates,
especially
if
you
don't
do
a
very
good
job
of
keeping
it
up,
you
may
have
the
assessor-
may-
have
to
go
and
look
at
obsolescence
or
depreciation
that's
going
on,
and
so
I
just
want
to
make
that
that
it's
possibly
true,
I'm
not
an
expert
on
the
other
49
state
statutes
that,
but
we're
probably
the
only
one
that
has
this
fixed
rate
of
1.5
depreciation
by
law.
M
So
then,
what
I
did
down
here
in
the
lower
block
of
this
table
is
just
to
try
and
calculate
the
different,
effective
tax
rates,
and
so
what
this
is
is
the
construct
here
is
like
when
we
file
our
federal
income
taxes,
we're
writing
down
our
wage
income
or
other
income
to
get
to
our
total
income,
and
then
you
get
to
take
certain
deductions
or
or
credits
depending
on
the
nature
of
you
as
a
taxpayer
and
then
you're
going
to
get
to
a
net
tax.
M
So
here
you
can
see
that
the
tax
rate
for
the
100
of
assessed
value
after
depreciation
is
the
tax
rate,
the
3.66
cents,
but
depending
on
the
age
of
the
home,
the
effective
rate
goes
down
once
you
start,
accounting
for
the
depreciation
and
accounting
for
the
you
move
from
taxable
value
to
assessed
value
by
taking
it
times,
35
percent.
M
So
you
can
see
for
the
examples
here
that
the
brand
new
home
had
the
effective
tax
rate
of
a
dollar
twenty
eight
per
hundred
dollars
of
a
asset
value
of
taxable
value,
which
that
would
be
the
value
that
assessor
says
on
your
home
and
in
the
land
before
doing
any
depreciation.
Before
doing
any
35
percent
reduction
to
get
to
assessed
value
versus
the
50
year
old
home
has
an
effective
tax
rate
of
approximately
63
cents
per
hundred
dollars
in
the
system.
M
So
I
just
wanted
to
spend
a
little
bit
more
time,
so
you
as
members
what
this
table
is
presenting
and
how
to
sort
of
read
it.
So
then
the
next
table
is
goes
and
looks
at
table.
Two
is
fy
2006,
so
that
was
the
first
year,
the
partial
davis.
M
So
I've
got
so
you
can
see
each
one
of
the
homes
gets
one
year
older,
but
I've
also
added
a
brand
new
home
under
the
tax
roll
as
house
eight
compared
to
the
priority,
and
so
again
to
try
and
control
the
structural
elements
and
or
the
results
here.
I've
assumed
and
and
improvements
for
every
one
of
these
houses
increases
by
five
percent
from
so
from
fy
2005
to
fbi
2006
the
land
in
in
in
the
improvements
the
replacement
cost.
Is
they
both
have
increased
by
five
percent,
but
they
stay
the
same.
M
So
you
go
from
the
seventy
thousand
to
the
seventy
three
thousand
five
hundred
and
you
go
from
the
hundred
and
fifty
thousand
to
the
hundred
fifty
seven
thousand
five
hundred
for
the
land
and
replacement
cost
of
the
improvements
for
every
house.
So
you
can
see
for
the
51
year
old
house.
It
doesn't
gain
any
more
depreciation.
They
were
maxed
out
at
the
75
percent,
but
the
depreciation
for
every
other
house
goes
up
by
the
1.5
percent,
except
for
the
new
home
because
you
don't
get
any
depreciation
the
first
year
again,
taking
it
times,
35
percent.
M
You
get
the
assessed
value
and
what
I've
kept
here
is
the
green
block,
which
is
the
taxes
before
depreciation.
But
now
I'm
going
to
show
you
the
taxes
before
and
after
taking
into
account
the
partial
day,
and
here
the
partial
abatement
factor
is
the
three
percent,
because
I'm
trying
to
do
a
single
family
owner
occupied
home
at
the
three
percent,
then
the
orange
block
again
is
the
tax
due
after
depreciation
before
and
after
partial
dates.
So
it
is
this,
so
you
can
see
the
tax
due
on
your
assessed
value
after
depreciation.
M
Now,
the
next
line
you
can
see
well
those
except
for
the
new
home,
because
it's
also
not
eligible
any
for
any
partial
abatements.
As
you
heard
today,
it
pays
the
same
before
and
after
partial
maintenance,
but
then
the
tax
you
see
with
the
the
the
three
percent
partial
abatement
place,
your
taxes
from
fy
2005
for
fbi.
2006
can
only
go
up
by
83.
M
So
then
just
for
the
so
I
could
simulate
this
and
build
tables
that
again
can
be
used.
I've
showed
you
fy
2010,
so
I've
a
lot
every
all
the
land
and
replacement
for
the
improvements
every
year
from
between
fy
2006
and
2005,
grow
by
five
percent
a
year
to
get
these
land
and
replacement
cost
values
and
I've.
M
Also,
then,
the
age
of
the
home
goes
up
by
four
more
years
from
now
by
2006
and
you
add
more
depreciation,
and
so
then
I'm
calculating
the
taxes,
and
you
can
see
now
the
amount
of
the
partial
abatement
is
getting
bigger
and
then
I'm
showing
you
the
cumulative
amount
of
partial
maintenance,
which
was
a
term
that
mr
hobbs
referenced
about,
hey
what
you
have
abatements,
that
it
concur
with
for
a
fiscal
year.
But
then
they
accumulate
the
amount
of
the
partial
abatements
on
a
property.
M
So
that's
what
you're,
seeing
here
and
again
you
can
see
it
over
the
age
of
the
homes
and
here
I've
added
a
house
nine
as
a
new
home,
and
that
came
online
enough
by
2010
and
again
you
can
see
that
home
pays
the
full
rate
times
their
assessed
value
because
they're
they're
not
eligible
for
depreciation
and
they're,
not
eligible
for
partial
event
compared
to
the
existing
homes
that
get
older
each
and
so
again
in
table
four.
M
It's
just
going
another
five
years
out,
which
would
be
the
tenth
year,
the
partial
abatement,
since
they
became
effective
in
fy,
2015
and
again
growing
land
and
the
replacement
cost
at
five
percent
a
year
and
again,
you
can
see
now
house
two
has
actually
gotten
to
50
years,
so
it's
reached
its
maximum
depreciation,
and
so
I'm
not
going
to
go
through
the
2015.
so
finally
get
to
fy
2020,
which
should
just
be
the
15th
year
of
the
partial
abatement.
M
Since
it
became
effective
and
you
can
see
the
houses
there
that
how
old
they
are
now
in
fy
20
for
those
that
were
existing
and
then
also
added
a
new
house.
And
again,
it's
all
the
same
mechanics
of
the
assumption
of
growing
things
by
five
percent
a
year
so
that
they
have
identical
land
values,
replacement
costs.
What's
driving
the
difference
in
the
taxable
value
is
depreciation.
M
What's
then
driving
the
difference
in
the
taxes
due
is
the
partial
abatements,
so
you
can
start
to
see
the
accumulative
level
of
the
the
partial
abatements,
as
well
as
the
order
magnitude
of
the
partial
maintenance
increases.
M
So
that's
tables
well
tables
one
through
five
are
trying
to
show.
You
is
the
you
can
see
here
the
mechanics
or
the
functional
elements
of
the
property
tax
system
for
different
age
homes.
That
was
explained
to
you
by
the
assessors
department,
taxation
and
the
questions
and
answers.
M
So
what
I've
done
then
is
tried
to
take,
as
mr
hobbs
was
discussing,
that
the
commission
of
school
funding
as
an
entity
looking
into
doing
the
study
of
property
taxes
and
what
are
some
of
the
potential
changes
you
can
make
to
the
property
tax
structure
under
the
current
statutory
structure.
And
how
would
that
look
so
in
table
five?
Eight
here
I've
got
I'm
just
taking
fy2020,
so
it
was
the
table,
five
that
we
just
looked
at,
but
for
5a.
M
And
so
then
you
work
through
this
and
you
can
I'm
calculating
the
tax.
So
it's
like
table
5
just
table
5a
eliminates
the
1.5
per
year
depreciation
factor,
which
is
a
statutory
construct
which
the
legislature
can
change.
M
So
it's
it's
actually
easier
by
then
looking
at
table
6a,
it's
it's
showing
you
the
difference
between
five,
a
minus
the
numbers
or
results
in
table
five.
So
again,
here
you
see
because
we're
changing
depreciation.
You
see
the
changes
occurring
in
the
taxable
value
block
of
this
table.
Why?
Because
making
changes
to
the
depreciation
factor,
changes
taxable
value
and
then
because
of
you,
got
to
take
the
taxable
value
times:
35
percent,
you
change
ss
value,
but
you
can
see.
M
I
don't
change
the
taxes
due
before
depreciation,
but
you
can
see
the
taxes
changing
after
depreciation
but
notice
here.
The
taxes
before
partial
abatements
would
go
up
and
you
can
see
as
would
be
expected,
that
the
older
homes
are
going
to
have
a
much
larger
increase
in
their
tax
liability,
because
you're
adding
backs
for
the
the
65
and
55
year
old
homes,
you're,
adding
back
75
of
the
value.
M
So
you
can
see
the
order
of
magnitude
of
the
increases
in
taxes
that
would
occur
if
you
got
rid
of
this
1.5
percent
and
just
said
no
depreciation.
Now
again,
I
to
offer
is
the
point
I
mean
at
the
beginning
of
this.
If
you
did
such
a
thing
and
left
in
that
taxable,
you
left
the
current
construct
for
how
assessors
are
going
to
determine
the
taxable
value
and
that
taxable
value
can't
exceed
the
market
value.
M
Then
I
wouldn't
be
surprised
that
many
of
the
assessors
in
these
counties
they're
going
to
have
to
go
in
and
put
obsolescence
on
some
of
the
properties.
Why?
Because
they
would
end
up
with
taxable
value,
probably
exceeding
the
market
value,
so
they'd
have
to
go.
There'd
still
have
to
be
quote,
unquote
obsolescence
or
you
can
think
of
it
as
depreciation,
just
no
longer
the
statutory
1.5
per
year.
M
It
doesn't
increase
your
tax
liability
so
and
then
table
5b
is
it's
a
scenario
where
you
take
table
five
for
fy2020
and
you
again,
as
mr
hobbs
reference,
you
change
the
35
factor
to
40,
so
you're
going
to
increase
that
35
by
5
to
40.
M
M
You
you,
your
taxes
would
go
up
before
the
partial
date
that
there
is
no
increase
in
your
taxes
after
partial
payment.
Why?
Because
every
one
of
these
homes,
I've
set
it
up
so
that
they're
already
getting
the
three
percent
abatement,
so
any
increase
in
the
value
that
would
result
in
an
increase
in
taxes
before
partial
abatement
results
in
no
inc
increase
in
taxes
after
the
personal
debt
table.
M
5C
is
the
scenario
where
everything's
the
same
in
table
five,
except
for
you're,
going
to
increase
the
tax
rate
by
10
cents
per
hundred
dollars
of
assessed
value,
so
the
tax
rate
goes
from
3.66
to
3.76
per
hundred
dollars
of
assessed
value
and
again
it
doesn't
really
matter
whether
you
think
of
this
as
being
a
a
new
rate
or
you're
increasing
an
existing
rate.
But
here
it's
inside
the
partial
abatements
for
the
purposes
of
the
mathematics.
M
So
again,
you
can
see
going
to
table
6c,
that's
on
page
61
of
the
packet,
we're
not
doing
anything
to
either
taxable
value
or
system.
So
the
so
here
in
this
case,
we've
done
nothing
to
affect
what
this
these
county
assessors
have
to
do,
because
we're
not
requiring
them
to
make
any
change
to
how
to
determine
your
value.
But
again
you
drop
down
we're
changing
the
tax
rate
by
increasing
it
by
the
10
cents,
but
again
because
the
I'm,
assuming
this
rate,
is
inside
the
partial
abatements.
M
Your
taxes
before
partial
abatement
would
go
up
and
you
can
see
they
actually
go
up
more.
The
younger
the
home
is
compared
to
the
older
home
because
why
you
got
more
value
there,
because
you're
not
getting
as
much
depreciation,
but
the
tax
due
after
partial
abatement,
again
zero.
There's
no
change,
because
why
the
the
home
was
already
fully
abated
out
at
the
three
percent.
M
So
these
are
the
three
examples
where
you
can
change
depreciation
and
in
the
first
scenario
you
can
change
the
35
percent
factor
for
converting
taxable
value
to
assessed
value,
and
here
you
could
increase
the
rate
in
it
and
it
could
be
a
new
and
a
totally
new
rate
or
it
could
be
a
increase
in
existing.
But
you
get
no
increase
so
then
find
the
last
scenario
here
is
in
table.
M
5D
is
we're
going
to
increase
it's
table
five,
but
we're
going
to
increase
the
abatement
cap
from
three
percent
to
six
percent,
so
we're
not
making
any
changes
to
the
depreciation,
we're
not
making
any
change
to
the
35
factor
and
we're
not
changing
the
tax
rate.
It's
table
five,
we're
just
increasing
the
partial
abatement
factor,
doubling
it
from
three
percent
to
six
percent
and
thus
we're
recalcing
the
taxes.
M
M
M
If
you
can
make
changes-
and
I
don't
mean
to
imply
that
if
you
would
make
changes
to
the
value
or
the
rate,
you
wouldn't
pick
up
some
revenue,
because
potentially
not
every
parcel-
may
be
fully
abated
out,
depending
on
what
the
abatement
percentages
end
up
being,
especially
for
the
property
that
may
be
at
say,
an
eight
percent
partial
abatement
versus
a
three
percent.
And
but
you
can
clearly
then
see.
M
What
happens
here
is
for
like
this
home,
the
new
home
doesn't
pay
any
more
taxes,
because
they
were
already
paying
the
full
rate
at
the
full
value.
So
when
you
decide
to
make
changes
to
the
partial
payment
cap
factors,
you're
going
to
pick
up
the
additional
revenue
from
the
property
that
was
existing
on
the
roll
in
the
prior
tax
year,
that's
where
the
additional
revenue
comes
from
when
you
change
or
increase
the
partial
abatement.
M
So
that's,
if
you
have
a
chance
to
look
to
these
tables,
that's
one
of
the
things
to
look
at
is
you're.
Making
these
changes
to
keep
in
mind
where
the
distribution
of
the
the
effects
would
be.
If
there
is
any
change
because
of
the
partial
maintenance
center
in
play,
but
to
keep
in
mind
well,
who's
being
impacted,
older
homes,
well,
existing
homes
versus
new
homes
and
within
the
existing
homes
category
is
it
more
the
older
homes
or
the
newer
homes.
In
terms
of
the
the
magnitude
of
the
change
and
the
potential
tax
liability?
M
M
M
If,
if
you
have
a
system
based
on
taxable
value,
then
the
value
is
the
same
for
every
age
of
home,
as
it
increases
over
time
for
each
of
the
the
reference
periods
that
I've
done.
The
calculations
for
chart
two
and
one
of
the
things
to
keep
as
you're.
Looking
at
these
charts,
I
keep
the
scale
on
the
left
side.
The
same
so
chart
two
shows
you
what
the
the
assessed
value
would
be
before
the
depreciation,
so
you're,
just
taking
account
of
the
35.
M
So
you
can
see
how
much
you're
reducing
that
taxable
value
to
get
to
assess
that,
in
terms
of
just
the
order
of
magnitude
of
that
element
of
the
state's
property
tax
system
and
then
chart
three
shows
you
then,
oh
now,
I'm
going
to
bring
in
depreciation.
So
now,
you're
going
to
start
to
see
the
bars
be
lower
for
the
older
homes
as
expected
because
of
depreciation,
but
I've
kept
the
scale.
So
right
right,
you
can
just
if
you
would
flip
between
the
charts.
M
You
can
start
to
see
how
starting
with
taxable
value
at
full
cash
value
for
land
and
replacement
costs
for
improvements.
And
then
you
got
to
go
and
add
the
35
to
get
assessed
value.
And
then
you
got
to
add
in
depreciation
how
that
changes,
the
value
to
which
you're
going
to
end
up
applying
a
tax
rate
so
then
chart
force
just
graphing
the
tax
due
on
assessed
value
after
depreciation,
but
before
the
three
percent
partial
date
chart.
M
So
it's
hard
for
you
to
see
why
they
look
the
same
to
me
so
chart
six
is
actually
taking
the
ratio
of
chart
five
to
chart
four
to
show
you
the
the
effect
of
the
partial
abatements
of
in
terms
of
the
taxes
that
were
actually
due
and
payable
after
partial
david
versus
the
taxes
that
would
have
been
due
without
personal
abatements
under
our
current
statutory
taxes
and
then
finally,
chart
seven
is
just
showing
you
those
effective
tax
rates
that
are
sitting
at
the
bottom
of
each
one
of
those
tables
in
terms
of
the
effective
tax
rate
per
100
of
assessed
value
after
depreciation
before
depreciation,
and
then
the
last
chart
oops.
M
Sorry,
the
last
chart
here
of
this
effective
rate
is
chart
nine.
So
this
just
shows
you
what
the
effective
tax
rate
is
per
100
of
taxable
value
before
accounting
for
depreciation.
Just
to
give
you
the
idea
of
what
is
the
effective
tax
rate
we
we
talk
about.
This
3.66
is
the
maximum,
but
remember
that's
the
rate,
that's
imposed
for
100
of
assessed
value.
So
what
if
you
took
into
account
taxable
value
before
depreciation
as
the
tax
base?
This
then
shows
you
the
the
effective
tax
rate
and
then
finally
chart
10.
M
Here
oops
is
showing
you
just
for
fy
2020.
Some
of
those
scenarios
that
I
was
going
through,
and
so
the
first
block
here
is
showing
you
the
taxes
due
by
the
age
of
the
home
after
depreciation,
but
before
the
partial
date
in
fy
2020.
Here's
what
the
second
block
of
bars
would
be
fy,
2020
after
depreciation
and
after
the
partial
day.
So
you
can
start
to
see
the
reduction
that's
occurring
in
fy
2020
because
of
the
partial
abatements
fy.
M
2020
shows
you
what
the
taxes
would
be
if
you
would
eliminate
depreciation
but
retain
the
partial
latent.
Well,
as
we
showed
in
those
tables,
there's
no
difference.
These
bars
between
the
two
blocks
are
the
same.
That's
you.
You've
made
a
change
to
how
to
determine
value,
but
because
these
homes
are
already
fully
abated
out,
there's
no
change
in
the
tax.
So
then
fy
2020
shows
you
to
eliminate
depreciation
and
the
partial
abatements
which
could
be
done
statutorily
because
of
the
depreciation
of
partial
maintenance
or
statutory
construct.
M
And
finally,
here
I
just
put
in
you
go
well
the
bars
look
the
same
for
this
last
and
I
just
put
in
here
because
it's
come
up
in
the
conversations.
I
believe
it's
one
of
the
things
that
potentially
the
commission
of
school
funding
may
have
the
entity
look
into
as
an
option.
It
was
sgr
14
that
was
brought
up
in
2017
and
and
then
was
back
on
the
list
of
bills
for
2019
was.
Is
this
thing
of
resetting
depreciation
and
the
partial
abatement
upon
sale,
which
would
is
a
requires
a
constitutional
amendment?
M
But
you
can
see
that
oh
well.
Look
if
you
did
that,
then
you'd
end
up
in
the
same
place,
but
remember
this
would
be
the
this
block
here,
the
second
from
the
right,
it's
not
dependent
upon
the
sale,
so
this
block
would
only
be
for
homes
that
sell
would
get
this.
This
increase
in
taxes,
because
you're
going
to
reset
the
depreciation
and
the
partial
statements
upon
the
sale.
M
M
So
that's
one
of
the
things
that
just
to
keep
in
mind
is
that
as
I
look
at
it
you,
you
currently
have
a
tax
property
tax
system
that
it's
it's
tied
to
the
property
and
the
value
of
the
property
independent
of
the
owner.
In
some
sense,
it
can
be
dependent
on
what
the
owner
is
doing
with
the
property,
but
we
don't
that
in
terms
of
what
I
mean
by
that
is,
when
was
the
property
taken
into
possession
by
the
current
owner
that
business
that
was
sold
or
transferred
from
one
owner
to
another?
M
Our
current
property
tax
system,
as
you
heard
today,
it
doesn't
care
about
that.
It
just
they're
supposed
to
determine
the
land
at
full
cash
value,
the
improvements
that
replacement
cost
less
the
depreciation
and
so
where,
if
you
went
to
so,
if
you
sit
here
and
you
look
at
this
middle
block
and
go
well,
maybe
I
don't
like
this
differential
in
taxes
that
are
occurring
between
properties
based
on
the
age.
But
you
can
see
in
my
examples.
M
M
Then
you
would
start
to
have
bars
that
would
look
like
this
for
the
same
age
homes
right
that
if
you
walk
through
a
neighborhood
that
had
a
bunch
of
it,
was
built
and
it's
a
bunch
of
40
year
old
homes
well,
depending
on
which
homes
sold
and
when
they
would.
It
could
potentially
have
tax
liabilities
that
the
bars
would
look
like
this
middleton,
because
you're
going
to
now
say
hey,
depending
on
your
sold,
I'm
going
to
reset
your
value
and
reset
taxes.
M
M
Because
if
you
had
provisions
where,
if
you,
if
a
parent
sells
it
to
their
child
and
that's
not
deemed
to
be
a
sale,
then
you
could
now
start
to
have
similarly
situated
taxpayers
in
terms
of
their
demographic
or
economic
characteristics
that
they
bought
40
year
old
homes,
side
by
side
and
one's
tax
doesn't
have
to
go
up
because
you're
not
going
to
deem
it
to
be
a
sale
because
they
bought
it
from
their
parents
and
versus
the
person
right
next
to
them,
bought
the
home,
but
didn't
wasn't
able
to
buy
it
from
the
parent.
M
Then
those
two
homes
will
have
vastly
different
tax
sliders.
So
I
just
wanted
to
start
to
get
that
information
out
there
on
this
property
tax
system
in
terms
of
the
current
statute,
making
changes
to
it
and
then
sort
of
these.
This
concept
of
reset
on
sale
that
is
now
going
to
tie
to
when
the
property
is
comes
into
the
ownership
or
possession
of
the
current
property
owner,
and
that
now
triggers
something
to
make
them
look
different,
even
though
their
home
has
the
same
age
or
characteristics
of
another
home
that
didn't
sell.
M
So
if
you
don't
like
this
potential
issue
under
the
current
statutory
structure,
reset
on
sale
could
start
to
have
something
look
like
this,
but
it
wouldn't
look
like
this
across
homes
of
different
ages.
It
could
look
like
that
of
homes
of
the
same
age
and
characteristics,
and
so,
madam
chair,
that
was
the
information
I
wanted
to
present.
I'm
just
going
to
quickly
go
through
the
other
tables
that
were
created
as
part
of
the
tax
team
work
product
based
on
conversation
with
senator
neil
to
start
creating
some
information
on
property
taxes
or
potential
useless
interim.
M
Given
the
commission,
school
funding
is
looking
into
making
proposals
to
make
changes
to
property
taxes,
and
thus
it
could
be
an
issue
for
the
2023
session.
This
takes
this
table
here,
beginning
on
page.
M
I
believe
it's
75,
it's
an
actual
home
and
it
goes
back
to
when
it
was
first
on
the
roll
and
so
to
let
you
see
real
world
data
for
the
land
value,
the
the
the
replacement
cost,
the
depreciation
occurring,
but
and
then
what's
happening
on
the
value
side,
but
then
what's
happening
on
the
tax
side
and
then,
as
you
venture
remember,
as
you
enter
into
fy
2006,
that's
where
you
see
the
partial
abatement
starting
to
occur
and
and
then
I'm
showing
you
the
tax
before
and
after
partial
abatement
and
the
amount
of
partial
abatements
for
the
property,
and
so
one
of
the
things
as
you
look
through
this,
if
you
have
time
as
you,
you
go
to
the
second
page,
you'll
you'll
see
here
in
fy,
2011
2012-13.
M
Well,
the
the
land
value
was
going
down
in
the
the
improvement
were
going
down,
so
the
the
taxable
value
in
the
assessed
value
were
decreasing.
But
if
you
go
look
at
the
tax
due
on
line
21
after
a
personal
statement,
it
was
still
going
up
three
percent.
So
that's
another
element
to
keep
in
mind.
You
heard
it
somewhat
referenced
in
today's
discussions
about
well
depending
on
what
side
of
the
fence
you're
standing
on
with
regards
to
partial
abatements.
M
It's
a
good
thing
and
it
might
not
be
such
a
good
thing,
because
what
the
personal
maintenance
do
are
somewhat
stabilizing
a
property
owner's
tax
liability,
but
then
they're
also
stabilizing
the
amount
of
revenue
for
the
people
who
are
trying
to
get
revenue
from
their
tax
rate.
And
so
you
can
see
as
okay.
M
Well,
if
it's
going
to
increase
by
more
than
three
percent,
you
can't
go
up
by
more
than
three
percent,
but
there
can
be
cycles
where
you,
your
taxes,
would
have
gone
down,
but
they
don't.
They
still
go
up
by
three
percent,
but
you're
still
paying
less
than
what
you
would
have
paid
at.
Potentially
at
your
tax
rate
times
your
assessed
value
after
depreciation,
because
that's
the
maximum
amount
that
you
can
pay
is
the
actual
tax
rate
times.
Your
value,
so
the
partial
abatements,
can
keep
you
below
that
amount
and
that's
really
the
ceiling.
M
So
I
wanted
to
show
you
here's
a
real
world
example
of
of
a
house
and
what
it
looks
like,
and
also
seeing
that
the
the
combined
property
tax
rate
was
going
up,
going
down
going
up
going
down
and
that
may
or
may
not
generate
additional
taxes,
depending
on
what
was
going
on
with
your
value
and
whether
you
were
above
or
below
the
abil,
the
three
percent
or
the
0.2
partial
abatement
cap
factor,
because
that
this
home
was
in
accounting
that
led
you,
then
what
I
put
in
here
is-
and
you
heard
this
discussed-
and
I
thought
this
after
looking
up
to
some
of
the
slides.
M
This
is
actually
the
table
that
shows
you.
For
every
year
the
partial
abatement
has
been
in
place.
The
partial
abatement
cap
factors
for
this-
this,
what
I
call
the
single
family
aren't
occupied
or
the
qualified
rental
cap
and
then
the
alternative
cap.
M
What
the
actual
cap
factor
was
for
each
county
by
the
fiscal
year,
so
the
ones
that
are
highlighted
in
orange.
Those
are
years
where
the
partial
abatement
cap
was
below
three
percent.
Thus,
both
both
caps,
the
single
family
owner
occupied
and
the
alternative,
were
below
three
and
then
the
green
ones
are
just
highlighting.
M
Then
what
was
the
two-time
cpi
and
remember
it's
the
greater
of
those
two
but
not
exceed
eight
percent
and
again
the
floor
would
be
the
zero
percent
and
then
the
three
percent
for
single
family
and
lust
in
those
particular
counties
where,
in
fiscal
years,
where
the
alternative
abatement
cap
went
below
three
percent.
So
that's
just
the
details,
that's
lying
behind
it,
and
these
are
tables
that
we
put
together
and
we
keep
out
there.
M
And
so,
madam
chair,
that
was
the
information.
What
I
the
last
thing
I
wanted
to
mention
is
an
additional
exhibit
that's
outside
the
packet,
because
one
set
of
the
tables
is
actually
a
legal
size.
Paper
is,
and
this
gets
to,
I
think,
sort
of
assembly,
woman,
anderson's
questions
about
the
the
tax
district's
tax
rates.
It's
the
it's
labeled,
the
agenda
item
five
and
it's
the
property
tax
rates
or
it's
the
agenda
of
items
to
other
property
tax
rates
for
fy23
that
there's
a
detailed
and
then
a
summary.
M
And
then
it's
telling
you
the
number
of
districts
that
are,
at
that
rate
each
ray,
and
then
it's
just
calculating
showing
you
the
difference
if
they
are
below
the
366
cap.
How
much
difference
is
that?
And
so
this
got
to
where
mr
hobbs
was
referencing,
that
for
these
entities
that
are
at
the
3.66
cents,
they,
even
if
there
might
be
an
entity
within
that
that
area
that
could
raise
their
rate.
They
have
room
for
their
individual
rate
to
increase.
M
They
can't
because
once
the
the
rate
in
that
taxing
district
hits
3.66
cents,
then
nobody
can
raise
their
rate,
and
so
you
can
see
this
is
mr
hobb's
reference.
That
would
be
one
of
the
things
that
would
have
to
be
considered
as
to
whether,
if
you
wanted
to
go
say,
increase
the
75
school
rate
by
say
10
cents
to
85
cents,
then
to
have
it
generate
revenue
you'd
have
to
put
it
outside.
The
partial
bands
then
you'd
have
to
give.
M
As
as
a
two
cent
rate
and
it's
tied
to
the
q1
conservation
in
auto
resource
bonds,
just
for
to
provide
some
additional
information
on
that
to
what
mitchell
stated
and
so
that's
that
table,
then
the
detailed
table
is
the
companion
table
and
it
actually
goes
in
and
shows
you-
and
this
is
information
just
being
extracted
from
the
it's
called
the
red
book
for
those
that
have
been
around
here.
M
Long
enough
to
know
that
this
document
that
the
department
taxation
prepares,
that's
very
detailed,
showing
you
the
tax
rates
for
each
of
the
tax
districts
in
each
county.
It's
showing
you,
the
the
states
rate,
the
school
district
rate
and
the
city,
a
city
rate,
a
county
rate,
and
then
there
can
be
special
districts.
M
We've
keep
trying
to
keep
some
of
these
tables
updated,
but
thought
they
would
be
worth
adding
to
the
record
for
this
meeting.
Given
the
other
agenda
items
that
you
had
and
they
have
available
to
your
members
and
the
public
as
the
discussions
on
property
taxes
may
proceed
forward
or
and
with
that,
those
were
the
statements
that
I
wanted
to
make
and
if
any
questions-
and
there
was
to
go
longer
or
again,
if
any
of
the
members
would
like
they
have
questions
or
would
like
us
to
go
through
any
of
this
information.
M
A
little
more
detail.
Please,
just
let
us
know,
and
we
can
make
our
avail
ourselves
to
the
members
to
go
through
this,
because
I
I
think
it
it's
done
the
chairs
thing.
It
is
important
to
have
an
understanding
of
the
current
property
tax
system
if
the
legislature
is
going
to
give
any
consideration
to
proposals
to
make
changes
to
it
and
because
it
is,
I
think
that
has
some
moving
elements
to
the
functional
structure
of
it.
M
I
appreciate
the
chair
allowing
us
to
put
this
information
out
there
and
we're
willing
to
answer
questions
during
the
meeting
or
after.
Thank
you,
man.
A
Thank
you,
mr
guindon
members.
Just
do
anyone
any
of
you.
Have
any
questions.
Assemblywomankosama
and
okay
go
ahead.
G
Thank
you
chair.
Thank
you,
mr
guindon,
for
your
charts,
your
work,
they're,
they're,
brilliant,
really,
and
I
know
you
spent
incredible
hours,
you
and
your
staff
and
putting
these
things
together,
and
I
just
find
them
to
be
extremely
useful.
So
thank
you
so
much
for
that.
Just
a
couple
of
comments
and
or
questions.
I
I
agree
with
you
that
the
reset
doesn't
work.
I
know
it
because
you
end
up
with
the.
If
you
have
two
like
houses
in
a
community,
you
have
the
pain,
completely
separate
tax
into
the
state.
G
Coppers,
and
I
know
that's
been
a
big
problem
in
in
california.
Secondly,
when
you're
talking
about
obsolescence
versus
depreciation
that
one
few
states
that
has
depreciation
but
others
allow
for
obsolescence,
it
seems
to
me
that,
if
we're
using
taxable
value
the
same
as
market
value,
we
would
be
taking
that
into
account.
So
if
we
had
two
50
year
old
homes,
one
has
been
remodeled
completely
kept
up
and
one
is
dilapidated.
G
Their
ages
are
the
same,
but
if
we're
using
market
value
for
our
taxable
value
that
will
be
taken
into
account
because
we're
going
to
show
one
is
improved
and
better
than
the
other.
Even
though
the
age
is
the
same,
and
then
then
you
would
have
differences
taking,
let's
say
our
35
value
for
taxable
value
and
of
course,
by
doing
market
value.
You
can
always
change
the
taxable
rate
in
the
individual
tax
rates,
but
it
seems
to
me
we
don't
need
to
deal
with
depreciation
or
obsolescence
if
we're
using
more
of
a
market
value.
M
That's
a
very
good
observation
and
question
some
of
the
women,
and
this
is
possibly
maybe
something
better
for
the
assessors
to
address,
but
as
you're
you're
sort
of
tax
person
as
lcb
staff-
I
wasn't
around,
so
I
don't
know
as
not
being
a
native
nevadan,
and
even
if
it
was
my
age,
it
would
have
probably
prohibited
me
from
caring
much
about
property
taxes,
but
prior
to
1981.
M
The
statutory
construct
for
property
taxes
was
full
cash
value
for
land
for
the
property,
so
that
was
land
and
the
improvements,
but
the
statutory
provisions
allowed
for
taking
into
account
hey
depreciation
or
obsolescence.
On
the
improvements,
even
though
you
were
at
full
cash
value,
how
that
would
have
worked
in
the
real
world
in
terms
of
what
assessors
were
doing,
but
we
had,
we
had
a
full
cash
value
and
I
would
I
would
then
use
market
value
for
full
cash
value.
M
The
definition
for
full
cash
value
was
what
was
that
willing
price
paid
between
two
wheeling:
a
willing,
buyer
and
seller
and
all
conditions
requisite
for
a
fair
sale.
I
think
so.
Okay,
that's
full
cash
value,
so
I
think
in
the
real
world
gosh
you
know
yeah
you
could
to
have
two
40
year
old
homes
and
ones
well
maintained
and
once
not,
and
so
could
they
have
the
same
market
value.
M
Well,
as
an
economist,
I
would
like
to
think
not
because
why
would
somebody
pay
the
same
amount
for
a
really
nice
40
year,
old,
home
and
one
that's
pretty
run
down,
but
I
don't
know,
maybe
location
location.
I
I
don't
know
so.
I
know
that's
an
obtuse
way
of
trying
to
answer
your
question,
which
is
right.
Now
we
have
a
taxable
value
construct
which
is
not
full
cash
value
except
for
land.
It's
the
improvements,
aren't
replacement
costs
prior
to
night,
the
1981
legislation.
M
M
Would
they
still
have
to
give
consideration
to
obsolescence
most
likely
for
some
of
those
homes?
Because
if
you
go
look
at
what
the
taxable
value
would
then
become
and
say:
look
that's
just
more
than
their
market
value,
because
yeah
that's
what
it
would
cost
to
replace
it.
But
since
they
haven't
kept,
it
got
left
out
if
you
would
get
rid
of
our
current
value
construct
and
go
to
a
pure
market
value,
and
I
think
you're
then
you're
adding
a
lot
of
value.
M
So
I
think
you
then
you
may
have
to
give
consideration
to
assessors
but
still
have
to
consider
obsolescence.
I
think
the
legislature
may
also,
as
you
heard
mr
hobbs
refer
to
you-
you
would
want
to
go,
reduce
the
tax
rates,
because
if
you
were
going
to
go
for
market
value
to
from
taxable
the
market
value
you'd
be
such
an
increase
in
value,
then
you'd
go
whoa,
that's
too
much
property
tax,
so
we're
going
to
lower
the
rent
right.
M
The
z
estimate
for
that
house
on
zillow
is
about
two
hundred
and
forty
thousand
dollars
more
than
that.
Just
to
give
you
an
idea
of
the
differential
that
can
be
between
what
one
might
consider
market
value.
That
is
what
it
would
sell
for
full
cash
value
versus
what
it's
valued
at
at
taxable
value
under
our
current
statute.
N
A
Mr
guindon
and
assemblywoman
kasama
dave
dawley
is
at
the
table
up
north.
If
I
asked
him
if
he
could
comment
on
your
question
since
gandon
reference
assessor,
if
you're,
if
you're,
okay
with
that,
if
you
want
to
hear
from
him,
I
don't
know
if
you
do
or
not.
K
Thank
you,
madam
chair,
mr
gaten
is
absolutely
correct
in
the
fact
that
if
we
were
to
go
with
the
market
value,
then
more
than
likely,
we
would
have
to
use
the
obsolescence
in
order
to
to
lower
it,
based
on
the
actual
maintenance
or
condition
of
the
property
itself.
K
When
you
go
with
market
value,
bring
in
a
lot
of
other
issues
that
that
other
states
have
had
mr
ginnon
and
I
met
with
a
couple
legislators
and
assessors
from
the
state
of
idaho
last
year
in
the
fact
that
they
actually
use
a
market
value,
but
then
they
also
use
the
replacement
cost
sorry
replacement
cost
process.
In
order
to
add
new
properties
to
the
role
they
have
a
huge
property
tax
debate
going
on
up
there
and
how
they're
trying
to
fix
that
whole
issue
in
california.
K
They
do
it
based
on
the
market
value,
but
they
also
do
new
new
improvements
based
on
replacement
cost
when
you're
dealing
with
with
that
and
you're
dealing
with
the
multitude
of
different
types
of
properties
and
the
transfers.
If
you
were
to
do
a
sale,
I
mean
how
would
you
do
a
market
value
sale
for
a
corporation?
K
So
when
you're
actually
talking
about
going
and
switching
to
a
market
value
system,
I
think
that
would
cause
more
problems
here
in
the
state
of
nevada
and
it
would,
it
would
be
less
fair
and
equitable
for
the
taxpayers,
for
both
the
residential
and
the
and
the
commercial
part
or
the
commercial
properties
themselves.
Hope
that
answers
the
question.
A
L
I
know
that
we're
we're
saying
that
if
we
re
remove
the
depreciation
factor,
the
abatement,
basically
it's
zero
as
of
today,
but
what
happens
in,
let's
say
20
years
from
from
now
or
30
years
from
now
when
the
depreciation
is
has
now
been
removed,
would
we
then
be
looking
at
more
tax
revenue,
then
than
we
would
if
we
had
kept
the
depreciation
rate.
M
For
the
record,
we
also
get
in
with
the
fiscal
year
again.
I
would
often
jump
in
after
I'm
done,
but
the
the
the
honest
answer
is
it's
going
to
depend
on
each
parcel
and
the
improvements
on
that
parcel
in
terms
of
the
land
and
its
value.
Because,
what's
going
to
happen,
if
you
did
in
my
scenario,
you
reset
depreciation
to
zero
you're
going
to
get
that
increase
in
the
value
and
then
you'll
go
forward
off
of
that.
M
So
then
most
likely
for
a
lot
of
the
par
the
property.
It
would
just
result
in
increa,
contin,
significant
and
then
increases
in
partial
abatements,
because
you're
going
to
increase
the
value
of
so
much
that
the
then
the
tax
would
go
up.
M
But
you
could
have
again
it's
going
to
depend
on
the
property
such
that
some
of
them
their
taxes,
could
go
up
depending
on
what's
going
on
in
and
what
the
assessor
is
going
to
have
to
say
for
that
value,
especially
if
you
go
to
a
say
some
kind
of
downturn
cycle
where
the
values
are
coming
down.
And
so
then
you
could
pick
up
additional
taxes.
M
But
if
you,
if
you
just
for
seeing
and
I'm
seeking
more
some
of
them
about
single
family
owner
occupied
homes,
which
would
potentially
be
at
the
three
percent
versus
the
non-single
family
owner
cut
by
a
non-qualified
rental
right,
they
could
be
at
the
eight
percent
cap.
So
if
you've
got
an
eight
percent
versus
three
percent
cap
and
you
get
rid
of
depreciation
or
lower
depreciation,
then
those
those
properties
could
see
more
sustained
increases
in
their
property
tax
compared
to
save
the
homes
at
the
three
percent.
M
But
it's
it's
really
hard
to
tell,
but
my
gut
check
would
be
is
potentially
it
it
just
is
going
to
increase
the
amount
of
partial
abatements
more
than
it
would
increase
the
revenue
in
the
near
term,
possibly
in
the
intermediate
term
and
the
longer
term,
just
because
of
due
to
the
nature
of
the
partial
abatements
and
especially
for
the
older
homes,
where
you're
going
to
add
back
75
percent
of
the
value,
but
not
let
the
taxes
go
up.
Then
that's
going
to
you
saw
on
my
tables.
K
I
I
agree
with
with
mr
yen
and
I
think
yeah
it
would.
It
would
cause
a
big
problem.
I
was
sitting
here
thinking,
maybe
for
new
construction.
New
construction
goes
on
the
roll
at
100
percent,
and
so
you
know
you're
still
going
to
have
the
partial
abatement,
so
as
long
as
the
costs
are
are
sufficient,
but
I
think
if
you're
talking
about
the
existing
homes
that
are
older
than
the
50
years,
then
yeah
that
would
cause
a
a
huge
abatement.
So
yeah.
M
And
I
guess
I
would
offer
something
that
the
answer
to
your
question
would
depend
on
the
age
of
the
homes
that
one
or
two-year-old
homes
taking
the
depreciation
on
them
will
not
result
in
such
a
significant
increase
in
value
to
say:
30,
40,
50,
60
year
old
homes.
So
for
those
homes
it
may
have
little
to
no
effect
on
their
taxes.
M
In
relation
to
what
the
assessor
would
do
to
their
value,
irrespective
of
the
depreciation
changing
but
for
the
newer
homes,
you
would
increase
their
value
and
thus,
if
say
if
their
value
was
only
supposed
to
go
up.
One
percent
before
and
thus
their
tax
is
one
percent.
But
you
change
the
depreciation
and
now
they
would
go
up,
say
10
percent.
Well,
then,
their
taxes
would
only
go
up.
M
Another
two
percent
from
the
one
percent
to
the
three
percent
cap,
but
so
for
that
home
that
you
added
to
75
value
if
they
were
only
gonna
go
up
one
percent.
They
could
also
go
up
an
additional
two
percent
to
three
percent,
but
you
can
see
the
bulk
of
that.
Their
increase
in
value
becomes
partial,
abatements
versus
for
the
younger
homes.
M
You'll,
add
additional
placement,
but
possibly
not
as
much,
and
so
it's
an
interesting
question
I
may
have
to
play
around
with
some
spreadsheets
to
see.
If
I
can
simulate-
and
if
I
do,
I
could
share
them
with
you,
someone
as
to
what
it
it
what
could
happen
and
I
would
have.
A
So,
thank
you
for
that,
mr
gindin,
while
you're,
while
you're
playing
around
and
thinking
about
mathematical
equations,
I'm
wondering
what
what
would
be
the
effect
if
for
new
construction,
if
we
actually
delayed
that
abatement
that
comes
for
that
following
year
and
what
would
the
numbers
look
like?
I
know
you
had
if
you
just
eliminate
the
abatement,
but
what
if
there
was
a
three-year
delay
or
five-year
delay
of
when
that
abatement
kicked
in
on
new
construction
and
counties
were
able
to
get
the
benefit
of
full
value
for
five
years?
A
M
I
don't
know
because
I
have
to
think
about
that,
but
I
I
would
offer
that
the
results
would
be
very
different
across
the
17
counties
at
the
county
level,
then
the
tax
districts
say
the
cities
or
towns
or
special
districts
within
the
county,
because
right,
if
so,
if
you
happen
to
be
in
an
area
where
there's
a
lot
of
new
construction,
when
you
decide
to
make
this
change
to
how
they're
going
to
be
treated
for
the
purposes
of
the
partial
abatement,
then
yeah,
because
new
property
statewide
comes
on
at
the
full
tax
rate
and
then
the
next
year,
they're
eligible
for
any
eligible
eligible
for
any
partial
abatements
that
are
applicable
to
that
property.
M
Okay,
then
that
area
that
had
a
lot
of
that
they
would
get
revenue
and
be
able
to
keep
getting
revenues.
Those
that
didn't
wouldn't
get
much
revenue.
So
it
would
have
a
very
distortional
effect
on
potentially
the
amount
of
revenue
that
would
be
generated
by
any
of
the
entities
imposing
tax
rates
on
those
areas
where
there
was
a
lot
of
new
and
not
much
new.
But
you
can
also
see
then
you're
really
starting
to
create
more
distortions
within
the
property.
Tax
is
due
based
on
the
value
of
the
property.
K
Madam
chairman
dave
dawley
go
ahead.
Just
what
we're
hearing
is.
Is
that
there's
an
assumption
that
there
is
going
to
be
an
abatement
the
next
year?
There
may
not
be
an
abatement
most
of
the
abatements
that
we're
seeing
now
on
new
construction
is
the
abatement
on
land
itself.
The
improvements
aren't
really
getting
abated
because
they
don't
typically
go
up
more
than
the
three
percent
each
year,
based
because
we
use
the
marshall
and
swift
that's
what
we
have
to
use
per
law,
but
the
majority
of
the
abatement.
K
J
A
A
We
should
probably
have
a
problem
solving
session,
but
I
think
this
has
been
a
helpful
conversation
and
I
hope
for
the
members
you
you,
you
have
some
material
to
just
kind
of
you
know
play
with
and
go
back
and
forth
on
scenarios,
because
I
do
think
we're
going
to
get
legislation
that
may
enter
into
this
space
and
I
think,
as
as
legislators,
we're
going
to
be
sitting
in
our
seats
in
carson
city
and
we
will
have
to
think
through
that
policy
once
we
see
it
in
writing
and
determine
what's
best
and
it's
better
to
do
it
to
think
through
some
some
challenges
and
issues
now
so
that
you
know
when
you
see
it
in
a
bill,
what
you're
really
examining
and
analyzing
before
you
vote
on
it
or
don't
vote
on
it.
A
But
that's
that's
what
I
think
is
the
benefit
of
having
these
conversations
right
now
is
it's
thought-provoking
and
it's
helpful
to
problem
solve
and
mr
guindon?
Thank
you
again
for
doing
awesome.
Awesome
work
on
the
charts.
A
A
Our
next
meeting
will
be
sometime
before
the
end
of
august.
I
want
to
remind
members
that
if
you
have
your
bdr
ideas
for
the
interim,
you
need
to
turn
them
into
fiscal,
because
we
need
to
start
having
those
conversations
about.
What's
going
to
be
on
the
final
list,
and
with
that
we
will
go
to
agenda
item
number
10
and
open
up
for
public
comment.
G
Thank
you
chair.
Your
line
is
open
and
working,
and
you
have
no
callers
at
this
time.
A
Okay,
is
there
anyone
in
carson
city,
seeing
none,
there's
no
one
in
vegas,
so
we
will
go
ahead
and
adjourn
this
meeting
and
everybody
have
a
really
good
week
and
weekend
excellent
presentation.
Thank
you.