The appraised value of your land is the Assessor's estimate of its market value, taking into account its location, zoning, actual use, etc. The appraised value of your buildings is their estimated replacement cost new less depreciation. When your property is new, the first tax bill you receive is based on your total assessed value, which is 35% of your total appraised value. Thereafter, depending on the type of property, your taxes are not to increase by more than 3% for primary residences or qualified rental properties and by a calculated percentage according to Nevada Revised Statutes 361.4722 for all other property. Changes in use or new construction added to your property is calculated outside the cap. Contact the Assessor's Office for more information.