[kenco80233]

I purchased my new home in July 2007,before the housing bust.It had a taxable valuation of 277,831.I recieved a notice 04/2008 that valuation was changed to 262,831.however my property taxes went from$2550.58 to$3009.39.I paid 289,000 for the house. They are selling the new ones like mine now for about 240.000. I moved from another state and am not familier with the Nevada tax system,The accessers office was very little help.Are there any Realty Companies that I could get to help with recent sales comparables for resonable cost.

[airics]

so you are saying the housing market just busted in 1 month?

[kenco80233]

Originally Posted by airics

so you are saying the housing market just busted in 1 month?

I purchased house july 2007. Sorry about the misinformation.

[airics]

you could have appealed the taxes in feb 2008, prices were already way down when you purchased unless you bought new or from an owner.. your tax should be capped at 3%

[olecapt]

Originally Posted by kenco80233

I purchased my new home in July 2007,before the housing bust.It had a taxable valuation of 277,831.I recieved a notice 04/2008 that valuation was changed to 262,831.however my property taxes went from$2550.58 to$3009.39.I paid 289,000 for the house. They are selling the new ones like mine now for about 240.000. I moved from another state and am not familier with the Nevada tax system,The accessers office was very little help.Are there any Realty Companies that I could get to help with recent sales comparables for resonable cost.

Send me a DM with the address. The numbers make no sense. Let me see if I can make something of it.

[jjameson922]

You can type in Clark County and choose the assessors link. From there you can search by property address, name or parcel number. Since you already live in the neighborhood, it should be an easy matter to key in the addresses on your street and surrounding neighborhood and see what price the homes sold for and when. To make a case for tax revision, you need to prove some comparable houses, (same square footage, amentities and neighborhood) sold near your price or higher but are paying less tax.

As we are looking for property to buy there (not investor owned) I am being told to figure from .75% to 1% of the sale price as to what the tax bite will be. This does not seem to be correct if the OP is paying close to $3000 on a home purchase of $240K??? I'd also like to ask what does the 3% that was mentioned previously have to do with this???
Thanks.

[olecapt]

Originally Posted by jjameson922

You can type in Clark County and choose the assessors link. From there you can search by property address, name or parcel number. Since you already live in the neighborhood, it should be an easy matter to key in the addresses on your street and surrounding neighborhood and see what price the homes sold for and when. To make a case for tax revision, you need to prove some comparable houses, (same square footage, amentities and neighborhood) sold near your price or higher but are paying less tax.

As we are looking for property to buy there (not investor owned) I am being told to figure from .75% to 1% of the sale price as to what the tax bite will be. This does not seem to be correct if the OP is paying close to $3000 on a home purchase of $240K??? I'd also like to ask what does the 3% that was mentioned previously have to do with this???
Thanks.

Something is wrong here JJ. The numbers do not track. None of them. That is why I asked for the address. There is actually more than enough info to find the place...but it don't compute. So something is wrong.

The taxes on a brand new home are in the range you specified. Actually can go to like 1.15% or so in NLV. Any older home has had limits on the rate of rise and will be less.

The 3% is the maximum rise in taxes each year for an owner occupied home. A rental or summer home can go up 8%. So the assessed valuation can be compatible with much greater tax than what is paid.

My homes assessed valuation would lead to a tax of about $6000...but the effect of the cap on increase means it is only taxed at $3200.

[Daddys///M3]

Originally Posted by jjameson922

You can type in Clark County and choose the assessors link. From there you can search by property address, name or parcel number. Since you already live in the neighborhood, it should be an easy matter to key in the addresses on your street and surrounding neighborhood and see what price the homes sold for and when. To make a case for tax revision, you need to prove some comparable houses, (same square footage, amentities and neighborhood) sold near your price or higher but are paying less tax.

As we are looking for property to buy there (not investor owned) I am being told to figure from .75% to 1% of the sale price as to what the tax bite will be. This does not seem to be correct if the OP is paying close to $3000 on a home purchase of $240K??? I'd also like to ask what does the 3% that was mentioned previously have to do with this???
Thanks.

Taxes are based on taxable value and not sales price. Taxable value is determined by replacement cost and not market value or market comps. However if you need to estimate I would go with something more along the lines of 1.25% of sales price just to be safe, especially with homes selling for quite a bit less than they previously did. Back when the prices were soaring Clark County instituted a rule where property tax could not increase more than 3% per year.

(EDIT: Upon further review it appears that although improvement valuation is based soley off of replacement cost (materials and labor), the land value is still based on market values.)
http://www.accessclarkcounty.com/dep...s/Aboutao.aspx

This doesn't directly address the rules of the property tax abatement, but it does give one an idea about how taxes are calculated. From the Assessor's website:

To calculate the tax on a new home that does not qualify for the tax abatement, let's assume you have a house with a taxable value of $200,000 located in the City of Las Vegas with a tax rate of $3.50 per hundred dollars of assessed value. To determine the assessed value multiply the taxable value of the home ($200,000) by the assessment ratio (35%): $200,000 X .35 = $70,000 assessed value.
To calculate the tax, multiply the assessed value ($70,000) by the tax rate (.035): $70,000 x .035 = $2,450.00 tax for the fiscal year.

[jjameson922]

Thank you for the in-depth information. I did not have a dog in this race to begin with but jumped in with the pieces of info I knew and now have been provided with more background from the two of you. Thanks.