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02-18-2009, 10:29 AM
 Location: Here and there, you decide. 10,735 posts, read 21,104,232 times Reputation: 3263

I appealed my property tax and was just sent the certified letter with the new values (no meeting req'd)... i am going to accept the new values.. I called the assessors office to ask how much my taxes will be under the new value, the woman said she had no idea how to figure it out... maybe someone here could give me an idea...my old taxable value is 228017 x 35% to get the assessed value which is 79806 x the rate which is 3.3638% brings it to 2684.51 - 626.21 = 2058.30... before i appealed it was 179877 x 35% = 62957 x .033638 = 2117.75 (I dont understand the cap reduction and how to figure it out)......AFTER APPEAL 136000 x 35% = 47600 x .033638 = 1601.19

Where does the cap reduction come into play and how do i figure it out...My guess is that i am saving \$450 a year minimum.. give or take

02-18-2009, 11:29 AM
 Location: NW Las Vegas - Lone Mountain 15,756 posts, read 30,571,409 times Reputation: 2661
Quote:
 Originally Posted by airics I appealed my property tax and was just sent the certified letter with the new values (no meeting req'd)... i am going to accept the new values.. I called the assessors office to ask how much my taxes will be under the new value, the woman said she had no idea how to figure it out... maybe someone here could give me an idea...my old taxable value is 228017 x 35% to get the assessed value which is 79806 x the rate which is 3.3638% brings it to 2684.51 - 626.21 = 2058.30... before i appealed it was 179877 x 35% = 62957 x .033638 = 2117.75 (I dont understand the cap reduction and how to figure it out)......AFTER APPEAL 136000 x 35% = 47600 x .033638 = 1601.19 Where does the cap reduction come into play and how do i figure it out...My guess is that i am saving \$450 a year minimum.. give or take
The Cap rate does not come into play. Just ignore it. YOu have correctly calculated your taxes. The cap rate keeps it from going up...not from coming down.

02-18-2009, 02:05 PM
 Location: Here and there, you decide. 10,735 posts, read 21,104,232 times Reputation: 3263
i have to admit it is interesting....las vegas property tax down \$450 to \$1600 a year.... Cleveland property tax up \$1200 (school levy) to almost \$5000 per year.. the kicker.... the house in vegas is valued more!

02-18-2009, 07:09 PM
 Location: North Las Vegas NV 499 posts, read 797,409 times Reputation: 325
Quote:
 Originally Posted by airics i have to admit it is interesting....las vegas property tax down \$450 to \$1600 a year.... Cleveland property tax up \$1200 (school levy) to almost \$5000 per year.. the kicker.... the house in vegas is valued more!
Is that the rate for North Las Vegas or Las Vegas that you used?

02-18-2009, 07:44 PM
 1,343 posts, read 1,999,382 times Reputation: 469
Quote:
 Originally Posted by airics I appealed my property tax and was just sent the certified letter with the new values (no meeting req'd)... i am going to accept the new values.. I called the assessors office to ask how much my taxes will be under the new value, the woman said she had no idea how to figure it out... maybe someone here could give me an idea...my old taxable value is 228017 x 35% to get the assessed value which is 79806 x the rate which is 3.3638% brings it to 2684.51 - 626.21 = 2058.30... before i appealed it was 179877 x 35% = 62957 x .033638 = 2117.75 (I dont understand the cap reduction and how to figure it out)......AFTER APPEAL 136000 x 35% = 47600 x .033638 = 1601.19
Airics, the property tax formula looks straight forward, but where does the substracted sum that I've highlighted in red come from?

02-18-2009, 08:32 PM
 Location: Here and there, you decide. 10,735 posts, read 21,104,232 times Reputation: 3263
Quote:
 Originally Posted by tony soprano Airics, the property tax formula looks straight forward, but where does the substracted sum that I've highlighted in red come from?
that was my cap cost reduction which should not apply at all to the new rate

02-18-2009, 08:33 PM
 Location: Here and there, you decide. 10,735 posts, read 21,104,232 times Reputation: 3263
Quote:
 Originally Posted by ft_chief Is that the rate for North Las Vegas or Las Vegas that you used?
north las vegas, i know that they are both very close...3.3638%

02-18-2009, 10:42 PM
 1,343 posts, read 1,999,382 times Reputation: 469
Quote:
 Originally Posted by airics that was my cap cost reduction which should not apply at all to the new rate
Ah, I got ya'. Thanks.
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