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28 Operation and Maintenance Direct Costs Indirect Costs Supervision Management expense Depreciation Taxes - Property (Land) - Federal income ' Interest at 6 |$ on $716,400 723,800 Proportionate cost to Water Utility 1949 - 97.32$ 1950 - 98.00$ Cost as charged nJoint Facility Rents" Amount billed low under contract 1949 Adjusted $19,672 1,256 5,627 3,037 10,410 3,065 27,443 44,775 $115 ; ^ 5 112,195 105,764 $ 6 ,43l 1950 Estimated $ 24,274 1,726 5,700 3,100 10,460 3,065 27,726 45,237 $X2l,288 118,862 114,204 | 4,658 Table 0 of the Appendix contains detailed computations of Joint Facility Rents on each of the three capital bases, using a fed­eral income tax rate of 38$ for the year 1949 adjusted. For 1950 estimated, on each capital basis two sets of results are shown, using respectively, rates of 38$ and 45$ for federal income taxes. Taxes Ad Valorem Taxes The principal local tax of the Las Vegas Water Utility is the ad valorem or general property tax. In Nevada, it is understood that county assessors have the power to fix assessed valuations of intracounty utilities, although the State Tax Commission, in the interest of equalization between counties, makes recommendations for assessed values and these are invariably ac­cepted by each county assessor and placed upon the tax rolls. The assessed values of the water utility properties of Las Vegas Land and Water Company as fixed by the Clark County Assessor have been as follows over the period 1938-1949: 1938 - $115,000 1939 - 130,000 1940 - 150,000 1941 - 150,000 1942 - 150,000 1943 - 225,000 1944 - $270,000 1945 - 270,000 1946 - 325,000 1947 - 375,000 1948 - 375,000 1949 - 400,000