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ASSESSED VALUATIONS 1948. 1949. 1950. 1951. 1952. 1953. Clark County City of Las Vegas $52,869,004 $25,823,835 53,710,690 26,691,592 58,206,019 29,259,488 64,513,056 33,339,789 75,379,466 38,733,129 97,994,840 49,094,953 General increases are currently being incorporated in the 1954 rolls, now in preparation. Improvements are being raised 80% from the 1953 base, making the new basis 60% of 1943 values and about 30% of current values. A reappraisal of land is commencing; first reports indicate that valuations will be approximately doubled. The increases may reasonably be expected to add upwards of $40,000,000 to the assessed valuation of the District, making a 1954 total of some $ 120,000,000 (exclusive of new construction). Large Taxpayers: Railroads and public utilities are assessed at approximately $4,414,078 (5.5% of the total). Basic Management, Inc., and the industries at Henderson account for $4,879,977 (6.1% ). (The valuation of the B.M.I. properties is increasing yearly as the development and expansion program makes progress. The assessed valuation has been on a graduated scale since the private companies took over, and will not reach the full valuation until the 1956 assessment year.) The seven large hotels of the “Strip” are assessed at $6,237,022 (7.8% ). Tax Rates: By Nevada law the tax rate is limited to $5.00 per $100 of assessed valuation. Taxes for bond interest and principal are given first call on tax levies. Typical 1953 rates are as follows: City of Las Vegas City of N . Las Vegas City of Henderson Las Vegas School/ Outside City State......................................... .............................. $0.69 $0.69 $0.69 $0.69 Clark County.................... .............................. 1.71 1.71 1.71 1.71 High School.......................... .............................. 0.56 0.56 0.56 0.56 Elementary School............. .............................. 0.83 0.83 1.04 0.83 Artesian Basin Fund......... .............................. 0.01 0.01 — 0.01 City or Town...................................................... 1.20 1.20 0.90 — Library..................................... 0.10 — $5.00 $5.00 $5.00 $3.80 T ax rates for recent years follow the same pattern, with the $5.00 maximum being applicable to the cities which require the greatest tax rate. In setting the tax rates, the procedure is to work out the proportion of the various budgets required to fit in the $5.00 maximum areas, working backward to the other rates., The Legislature has adopted Chapter 233, Statutes of Nevada, 1947, providing that taxes levied by a political subdivision for the payment of bonded indebtedness shairLave a priority over taxes levied for all other purposes. In the same year tBe~Dlstrict Act was amended to provide that the District shall be regarded as a political subdivision for - the purposes of said Chapter 233 and that the provisions of said chapter shall be applicable to said District. If the amounts to be raised from taxes based on the current assessed valuations are insufficient to meet the needs of the various taxing subdivisions, then the public officials can consider an increase from the historically low basis of assessment which will substantially increase assessed valuations. The assessor’s increases on the 1954 rolls will permit approximately 50% more in taxes. The 1953 tax levy requiring a $5.00 tax rate would require a tax rate of Only $3.33 on the anticipated 1954 valuations. 25 Tax Collections: Any taxes of the Las Vegas Valley W ater District will be assessed and collected by Clark County officials at the same time and in the same manner as State, County, School, City and other District taxes. Taxes for any tax year become payable in November, when the tax bills are made out by the T ax Receiver, and are due in four installments— the first installment delinquent on the first Monday in December, and the second, third and fourth installments delinquent on the first Mondays of March, June and August of the following year. (Thus, the 1953 taxes are partly paid in 1953 and partly paid in 1954, and tax receipts for 1953 are largely expended during the 1954 calendar year.) Taxes remaining delinquent as of the fourth installment delinquent date (the first Monday in August) are transferred to the County, and if not redeemed within the next two years, the property is deeded to the County. 10% annual interest is charged after the delinquent date. (A change-over from a calendar year to a fiscal year basis will take place in 1955. The 1955 assessment will be made as usual but taxes will be collected thereon only to the extent of one half thereof, that is to the extent of the first two installments. In July, 1955, the 1955-56 fiscal year will commence.) As the District has never levied a tax, the following collection record is an approximation; the records of the taxing units which are all or substantially all within the boundaries of the District have been combined. This compilation covers more than 95% of the assessed valuation of the District. COM PUTED T A X C O LLEC TIO N RECORD Tax Year Taxes Charged to Tax Receiver* Current Taxes Collected to 1st Mon. Aug. Current Taxes Uncollected 1st Mon. Aug. Per Cent Uncollected 1944..................................... . $ 953,507.55 $ 953,288.84 $ 218.71 0 .0 2 % 1945..................................... . 884,988.26 884,837.05 151.21 0.02 1946..................................... . 1,139,872.13 1,137,972.91 1,899.22 0.17 1947..................................... . 1,322,433.06 1,307,720.65 14,712.41 1.11 1948..................................... . 1,510,393.42 1,483,293.32 27,100.10 1.79 1949..................................... . 1,515,875.65 1,489,054.33 26,821.32 1.77 1950..................................... . 1,567,619.61 1,548,839.19 18,780.42 1.20 1951..................................... . 1,788,036.75 1,759,917.67 28,119.08 1.57 1952..................................... . 2,244,104.52 2,183,432.04 60,672.48# 2.70 * After cancellations. ff Includes $36,054.80 charge against Nellis Housing Corp. set aside but not paid during dispute over assess-ment. This charge was paid in September, 1953, and payments on the 1953-54 assessment are current. Uncollected taxes after deducting this amount were $24,617.68, or 1.10%. The tax collection record of the City of Las Vegas, in which city the major part of the water be sold, is as follows: C IT Y O F LAS VEGAS Tax Year Taxes Charged to Tax Receiver Current Taxes Collected to 1st Mon. Aug. Current Taxes Uncollected 1st Mon. Aug. Per Cent Uncollected 1944...................................... $ 468,216.46 $ 468,204.49 $ 11.97 0.003% 1945...................................... 536,734.36 536,670.56 63.80 0.01 1946...................................... 801,896.05 800,947.01 949.04 0.12 1947........................ - ........... 960,604.81 949,946.39 10,658.42 ..141 1948...................................... 1,113,869.57 1,093,013.55 20,856.02 1.87 1949...................................... 1,145,281.24 1,127,402.79 17,878.45 1.56 1950...................................... 1,238,552.51 1,228,073.60 10,478.91 0.85 1951...................................... 1,401,699.79 1,381,939.27 19,760.52 1.41 1952...................................... 1,586,770.90 1,572,094.02 14,676.88 0.92 26