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Old 06-21-2017, 11:48 PM
 
Location: Here and there, you decide.
12,908 posts, read 27,865,537 times
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What happened to the 3% cap that the property tax could go up each year. Mine is skyrocketing... 20+%
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Old 06-22-2017, 08:08 AM
 
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YIKES! Is this a commercial property? How do you know this early? Thought the bills went out in July?

Was an increase passed I wasn't aware of?
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Old 06-22-2017, 09:32 AM
 
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Is the property eligible for the cap?

The 20% can be just the increased price of the property, not the actual tax which can be capped.
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Old 06-22-2017, 10:49 AM
 
Location: Henderson
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You already got your new tax bill?
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Old 06-22-2017, 12:58 PM
 
Location: Lone Mountain Las Vegas NV
18,058 posts, read 10,214,992 times
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Quote:
Originally Posted by airics View Post
What happened to the 3% cap that the property tax could go up each year. Mine is skyrocketing... 20+%
The tax goes up but the limit is on how much it can increase. So they then discount your payment to the 3% rise. Nothing changed though there is a move underway to get the property taxes to reset on sale. They don't here as opposed to CA where they do. I think there is also a Constitutional change that would remove the depreciation from the structure on a resale. Go to the real market vaule.
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Old 06-23-2017, 02:19 PM
 
Location: Somewhere in the Southwest...
335 posts, read 515,345 times
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Nevada taxes are based on property value first, and from there the 3% cap kicks in - Properties are rearsessed on avg. every 5 years.

Another reason I removed Nevada from our list of destinations...
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Old 06-23-2017, 04:02 PM
 
654 posts, read 1,317,707 times
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Quote:
Originally Posted by Biz901 View Post
Nevada taxes are based on property value first, and from there the 3% cap kicks in - Properties are rearsessed on avg. every 5 years.

Another reason I removed Nevada from our list of destinations...
?? This is confusing, I'd think the 3% cap is a positive & would be a reason to relocate here.

Personally, I appealed the property taxes when the market was down; thanks to the 3% cap, they are unlikely in my lifetime get to the level they *would* have been several years ago. As a relatively fixed expense, it sure helps in yearly budgeting.
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Old 06-23-2017, 04:41 PM
 
Location: Somewhere in the Southwest...
335 posts, read 515,345 times
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Quote:
Originally Posted by delgadobb View Post
?? This is confusing, I'd think the 3% cap is a positive & would be a reason to relocate here.

Personally, I appealed the property taxes when the market was down; thanks to the 3% cap, they are unlikely in my lifetime get to the level they *would* have been several years ago. As a relatively fixed expense, it sure helps in yearly budgeting.
Your house can and will be appraised eventually up to "market" value, and the your taxes adjusted accordingly, irrespective of the "3% cap" which only applies to the latest valuation and is applicable between appraisals.
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Old 06-23-2017, 05:19 PM
 
Location: Lone Mountain Las Vegas NV
18,058 posts, read 10,214,992 times
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Quote:
Originally Posted by Biz901 View Post
Your house can and will be appraised eventually up to "market" value, and the your taxes adjusted accordingly, irrespective of the "3% cap" which only applies to the latest valuation and is applicable between appraisals.
No. Taxes in NV are reassessed periodically but the 3% limit does hold and the value of the structure is depreciated based on its age. Our effective tax rate is about 0.7% and we pay a significant amount less than that due to the 3%. With appreciation running at 10% we will not catch up for at least 5 years if it stopped. If it continues we will never catch up.

I believe there is an attempt underway to reset the deprecation to market value on a sale. I believe that takes a Constitutional amendment.

The limitation is on the amount your taxes can rise year over year and on nothing else. So there can be substantial disagreement between your taxes and the amount you pay. And it does not reset on a reappraisal.
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Old 06-23-2017, 07:21 PM
 
Location: Here and there, you decide.
12,908 posts, read 27,865,537 times
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So if at the bottom of the crash, let's say the taxes were $1500, they can only go up $45 for the next time? Mine have gone up over a hundred each time
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