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N JOINT FACILITY RENTS Investment Cost Basis Operation and Maintenance 1949 Adjusted 1950 Estimated Direct Costs Indirect Costs $19,672 $ 24,274 Supervision 1,256 1,726 Management expense 5,627 5,700 Depreciation 5,057 5,100 Taxes - Property (Land) 10,410 10,460 - Federal income ' 5,065 5,065 Interest at 65# on $716,400 27,445 27,726 44,775 725,800 ' — 45,257 Proportionate cost to Water Utility $115,285 $I2l,2 8 8 1949 - 97.52# 112,195 1950 - 98.00# — 118,862 Cost as charged ’’Joint Facility Rents’* 105,764 114,204 Amount billed low under contract | 67431 W ~ 4,60S 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 58# for the year 1949 adjusted. For 1950 estimated, on each capital basis two sets of results are shown, using respectively, rates of 58# 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 1958-1949: 1958 - $115,000 1959 - 150,000 1940 - 150,000 1941 - 150,000 1942 - 150,000 1945 - 225,000 1944 - $270,000 1945 - 270,000 1946 - 525,000 1947 - 575,000 1948 - 575,000 1949 - 400,000