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Old 12-20-2009, 06:29 PM
 
Location: Portland, OR / Las Vegas, NV
1,818 posts, read 3,836,437 times
Reputation: 985

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Originally Posted by flyingtigers View Post
Thanks for the link.
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Old 12-20-2009, 06:30 PM
 
10,494 posts, read 27,238,533 times
Reputation: 6717
Quote:
Originally Posted by KD Hawaii View Post
Mine went from $131,000 to $71,571!!! WHY???? I have upside down mortage. What should I do??? We plan to move next summer. It looks like I can't sell the house for what its worth.
Most people here have upside down mortgages here. Your situation is not unique, it is the norm.

Report: Nearly 70 percent of LV homeowners underwater on mortgage - Las Vegas Sun
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Old 12-20-2009, 06:36 PM
 
Location: NorCal and Vegas!
269 posts, read 976,846 times
Reputation: 123
Quote:
Originally Posted by KD Hawaii View Post
Mine went from $131,000 to $71,571!!! WHY???? I have upside down mortage. What should I do??? We plan to move next summer. It looks like I can't sell the house for what its worth.
Your house is worth what the market will pay. It may not be worth what you owe and that is the definition of upside down.

Don't go by what the assessor says as that is really a snapshot of 2009 up to last July and a generalization. Look at current sales in your area that have taken place and places like yours in your area that are currently for sale. That can help to gauge current market value.
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Old 12-20-2009, 08:09 PM
 
53 posts, read 205,452 times
Reputation: 44
Wow, mine went down quite a bit also. My 2010 burden fell to about 1/2! So I'll take the good with the bad. Our Mortgage rate currently includes the property taxes. Does it readjust with the reduced tax rate, or does it get returned at the end of the year? Anyone with any experience with this?
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Old 12-21-2009, 08:37 PM
 
Location: NorCal and Vegas!
269 posts, read 976,846 times
Reputation: 123
Quote:
Originally Posted by maxpower75 View Post
Wow, mine went down quite a bit also. My 2010 burden fell to about 1/2! So I'll take the good with the bad. Our Mortgage rate currently includes the property taxes. Does it readjust with the reduced tax rate, or does it get returned at the end of the year? Anyone with any experience with this?
Your mortgage company gets the bill then reassess what is needed to cover the bill and lets you know of overages that you need to cover or your new lower mortgage payment.
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Old 12-22-2009, 12:29 AM
 
2,036 posts, read 4,243,901 times
Reputation: 3201
The taxable value of your home used by the assessor is not an accurate reflection of market value in most cases.

The lesser the taxable value, the less you will pay. This is reassessed annually by Clark County.


The formula used to determine your property tax is 35% of the taxable value times the tax rate for your area. Your total property tax is roughly 1% of the taxable value of the home.

Why they use such a convoluted formula is beyond me.
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Old 12-22-2009, 12:46 AM
 
Location: Las Vegas, Nevada
12,686 posts, read 36,349,256 times
Reputation: 5520
I have to look again but I think my assessed value went down but taxes went up. There is some lame excuse for this on the back of the form. At the same time I got the assessment I got a letter from some company about doing an appeal and saving $850 a year. Anybody know anything about that? I'm sure it must be a scam.
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Old 12-22-2009, 12:45 PM
 
Location: Fort Worth and Las Vegas
255 posts, read 556,875 times
Reputation: 73
I think that had to do with the 3% tax cap increase on the back of the form.
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Old 12-22-2009, 12:57 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,197,261 times
Reputation: 2661
Quote:
Originally Posted by Buzz123 View Post
I have to look again but I think my assessed value went down but taxes went up. There is some lame excuse for this on the back of the form. At the same time I got the assessment I got a letter from some company about doing an appeal and saving $850 a year. Anybody know anything about that? I'm sure it must be a scam.
YOur taxes will be down about a grand next year.
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Old 12-22-2009, 08:13 PM
 
Location: Las Vegas, NV
111 posts, read 289,810 times
Reputation: 84
Quote:
Originally Posted by Buzz123 View Post
... At the same time I got the assessment I got a letter from some company about doing an appeal and saving $850 a year. Anybody know anything about that? I'm sure it must be a scam.
You may be referring to a scam. See the .pdf document entitled Property Tax Savings Fraud Alert from the Nevada Attorney General on the Clark County Assessor Home Page
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