[flyingaway]

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?

[movin1]

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.

[boatpi]

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.

[WestieJeff]

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.

Originally Posted by movin1

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.

[movin1]

Sorry I misunderstood. It's certainly different here than it was in IL.

[usnftcret]

Originally Posted by WestieJeff

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.

[DenverBrian]

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

[Chappy2017]

Originally Posted by flyingaway

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.

[movin1]

Originally Posted by DenverBrian

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.

[usnftcret]

Originally Posted by DenverBrian

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.