[TJSomething]

In Nevada, it's a percentage (approximately 0.5%, varying from city to city and with other conditions, like commercial usage) of its assessed value, which is 35% of taxable value. Taxable value is the market value of the bare land plus the replacement cost for all improvements on the land, less depreciation.

[__turbobrew__]

Ok, but if real estate prices half the city can just double the tax from 0.5% to 1%? Correct?

[tomrod]

Yes, but every elected official will lose their job at that millage rate increase and you'll have riots.