U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Nevada > Las Vegas
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 11-07-2020, 12:38 PM
 
65 posts, read 19,207 times
Reputation: 104

Advertisements

I just looked at a Las Vegas house with a zip code 89128, listed on Zillow for $319,000. The property tax for 2020 is $1,759 with the tax assessment at $65,987. This property tax rate seems to be very low compared to other states. Do they have any school tax, 911 tax, etc., on top of the $1,759 for a house of $319,000?
Rate this post positively Reply With Quote Quick reply to this message

 
Old 11-07-2020, 01:46 PM
 
Location: Las Vegas
837 posts, read 783,941 times
Reputation: 1033
House is listed for sale at $319K. Current property tax is based on what it sold for the last time it sold. Property tax rate is about 1% in Vegas. Thus, if you buy it for $319K, the property tax will be about $3,190/year.

Property tax rate in Vegas is half what it is in Illinois where I lived before. My mortgage is now just slightly higher than what I was paying in property tax there though I did have a more expensive house.

Property tax here is low because of the tourist income. Not sure what will happen now that is much lower than it was pre-Covid.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-07-2020, 02:10 PM
 
225 posts, read 136,197 times
Reputation: 271
Much of the tax is based on the improvement value, NOT the selling price unless it is a new house. So an older house even if valued at 600K, will have a lower tax rate than a new 400K house. I own 2 rental houses, they are worth 650K each, the tax is about $2,100 per year. Accessor also sets the rate per 1K in value every year.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-07-2020, 03:08 PM
 
2,003 posts, read 3,522,371 times
Reputation: 2361
Property taxes in NV have no connection to what a house sells for or when it last sold. It's based on the assessed value and the property tax cap in place. Also the property tax caps survive between sales, which can create a huge discrepancy in property taxes between houses built before ~2012 and after.

Assessed value (And thus property taxes) plummeted around 2010-2013'ish. Property taxes have no "cap" on the downside and there is provision to adjust the caps to "catch up" when a property declines and then recovers. Properties found new very low assessments and then from those new lower numbers, the cap on the way up is 3% for owner occupied properties and that cap survives between sales. Majority of those properties have recovered in value but their property taxes are depressed against market value due to the previous declines and cap in place.

Compare that against a house built in 2017 which is going to start it's assessment at a market rate based on 2017 and will be capped from that point forward, but it didn't participate in the huge decline.

Quote:
Originally Posted by movin1 View Post
House is listed for sale at $319K. Current property tax is based on what it sold for the last time it sold. Property tax rate is about 1% in Vegas. Thus, if you buy it for $319K, the property tax will be about $3,190/year.

Property tax rate in Vegas is half what it is in Illinois where I lived before. My mortgage is now just slightly higher than what I was paying in property tax there though I did have a more expensive house.

Property tax here is low because of the tourist income. Not sure what will happen now that is much lower than it was pre-Covid.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-07-2020, 03:35 PM
 
Location: Las Vegas
837 posts, read 783,941 times
Reputation: 1033
Sorry I misunderstood. It's certainly different here than it was in IL.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-07-2020, 04:48 PM
 
Location: North Las Vegas NV
638 posts, read 465,471 times
Reputation: 709
Quote:
Originally Posted by WestieJeff View Post
Property taxes in NV have no connection to what a house sells for or when it last sold. It's based on the assessed value and the property tax cap in place. Also the property tax caps survive between sales, which can create a huge discrepancy in property taxes between houses built before ~2012 and after.

Assessed value (And thus property taxes) plummeted around 2010-2013'ish. Property taxes have no "cap" on the downside and there is provision to adjust the caps to "catch up" when a property declines and then recovers. Properties found new very low assessments and then from those new lower numbers, the cap on the way up is 3% for owner occupied properties and that cap survives between sales. Majority of those properties have recovered in value but their property taxes are depressed against market value due to the previous declines and cap in place.

Compare that against a house built in 2017 which is going to start it's assessment at a market rate based on 2017 and will be capped from that point forward, but it didn't participate in the huge decline.

You explained it perfectly. In my situation, I bought my brand new townhouse in 2009. My property tax was $2176 for the 2009-2010 tax year. It dropped to a low of $846 in the 2014-2015 tax year capped at 3% from the low. Today, the market value of my townhouse is approx. $270k. My current property tax is around $1100 which is significantly below 1%. The house next to me just built in 2018 are currently paying $3000 in property taxes.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-08-2020, 12:09 AM
 
913 posts, read 874,297 times
Reputation: 1324
Also make sure you're aware of any SID or LID taxes on the home. A very Nevada thing.


https://www.greatlasvegashomes.com/l...s-and-lids.php
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-09-2020, 06:17 AM
 
115 posts, read 62,290 times
Reputation: 370
Quote:
Originally Posted by flyingaway View Post
I just looked at a Las Vegas house with a zip code 89128, listed on Zillow for $319,000. The property tax for 2020 is $1,759 with the tax assessment at $65,987. This property tax rate seems to be very low compared to other states. Do they have any school tax, 911 tax, etc., on top of the $1,759 for a house of $319,000?
When I moved from Texas to LV, I told my realtor that she was not giving me the full taxes. She kept asking what taxes are you talking about. In Texas, I paid 1600 a year in KISD(Kerrville independent school district) and another 1200 to city and county. Yes, the taxes are that low here. I do pay 2400 a year in HOA dues, but that directly benefits me in having a nice guarded/gated community that is well kept.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-09-2020, 10:20 AM
 
Location: Las Vegas
837 posts, read 783,941 times
Reputation: 1033
Quote:
Originally Posted by DenverBrian View Post
Also make sure you're aware of any SID or LID taxes on the home. A very Nevada thing.

https://www.greatlasvegashomes.com/l...s-and-lids.php

Florida has those too.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-09-2020, 03:37 PM
 
Location: North Las Vegas NV
638 posts, read 465,471 times
Reputation: 709
Quote:
Originally Posted by DenverBrian View Post
Also make sure you're aware of any SID or LID taxes on the home. A very Nevada thing.


https://www.greatlasvegashomes.com/l...s-and-lids.php
Fortunately, I never paid any SID or LID taxes when I bought new in 2009. It is another expense that needs to be considered when buying new houses nowadays.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Nevada > Las Vegas
View detailed profiles of:

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top