[daveyjones978]

I was always under the assumption that property taxes were 1% of the current FMV of the property (new construction), older may be as much as 3% (or that might be for second and third property). Might have changed a bit recently, so I'll wait for some RE agents to chime in.

[olecapt]

Property taxes are a maximum of 1% except in NLV where they may be a little more. New build homes will be close to that level. Older homes will generally be less than that...sometimes as little as 0.6 percent.

You can have strange situations in this market when values get way out of line and taxes are twice that level...but it is a one year thing.

Around a third of the houses on the market are REO. Another third are short sales and the final third are normal sales. About 80% of the homes sold are REO. Something over half of the homes on the market are vacant.

[jjameson922]

Another interesting fact to add to this discussion is, I was told that almost half of the sales over the last 6 mos. period, whether they were REO or private owner, were cash sales.