Property value rises despite wide tax base

Jeff Schweers

Tuesday, Dec. 23, 1997 | 11:01 a.m.

Clark County's assessed property value surged by 12 percent this year even as the tax base kept expanding -- a sure sign that new development isn't slowing down any time soon.

"It's clear to me that growth is here to stay," County Assessor Mark Schofield said. "I see no slowdown whatsoever. And local governments certainly should be pleased with those figures, because it means more revenue generation for them."

The 1998-99 secured net assessed value for Clark County is $22.49 billion, $2.45 billion more than the 1997-98 tax rolls, an increase of 12 percent.

Municipalities will see a 6 percent increase in property tax revenue, $43.99 billion more than 1997-98's $648.95 billion.

What's interesting, Schofield said, is that the assessed value keeps increasing even as the tax base keeps expanding. The assessor's office recorded 410,243 parcels -- 17,007 of them created in the last 12 months.

And the year before that, 24,722 new parcels were created.

"You'd think as the base grows the percentage increase in assessed value dollars would go down from year to year because you're dealing with a higher base," Schofield said.

It's a sign of how much new construction is going on in the Las Vegas Valley, he said.

Last year saw the creation of new subdivisions and land preparation.

"What you're seeing this year is the construction on that land taking place," Schofield said.

"It all depends on what climate is in the development community," Schofield said . "Sometimes you find people filing parcel maps to get under the wire of some new regulation that would have wound up costing them more money."

Schofield saw no slowdown in the future, with 30,000 outstanding building permits to record in the next six months.

"Every time we clear one permit, we get a new one in its place," he said.

Henderson is one of the fastest growing jurisdictions, posting a 28 percent increase in its assessed value. Second was North Las Vegas with a 25 percent increase.

"That is predominantly due to new construction," Schofield said. "The new development in North Las Vegas is exploding."

The overall assessed property value should not be confused with individual homeowners' property value increases, Schofield said. Two years ago, when the Sun City area was reappraised, residential values increased 25 percent and higher, leading to hundreds of appeals that were in most cases denied by the state Board of Equalization.

"We shouldn't see any large -- 100 percent -- increases in value unless the market has escalated tremendously in that area for land," Schofield said.

Schofield said his office has gotten requests for appeal forms, but no appeals have been filed to date. The cut-off date is Jan. 15.