A big topic I've been seeing out there are concerns about Property Taxes. So today I want to share a few details about the property taxes here in Nevada.
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Alright, let's get into it. Here in Nevada, we enjoy the ninth lowest property taxes in the country. And one of the biggest factors is that we are only assessed based on 35% of our taxable property value. So instead of some states where they assess the taxes off the full value your home, we're only being taxed on 35% of our homes taxable value.
So that's a starting point. Another aspect that we benefit from is that we have a 3% annual tax cap. So your property taxes cannot go up by more than 3% in any given year. But a very important note coming up, especially right now, it has to be your primary residence. If it is not your primary residence and you get assessed, you can be taxed above that 3%. Wonder when you'll get assessed? Here in Nevada, we have them every five years.
Now, given the price increases we've seen here, you could be in for a surprise. Once they turn out your next tax bill, you could be taxed without that cap, and your tax bill could go up significantly. This is based on appraised value increases we've seen here in Las Vegas and all of Nevada. So that's an important note. To stay at that 3% cap, your property has to be your primary residence.
You have until June 30th actually to contact your local or county treasurer and make sure that you are still set to be taxed at that 3% cap there.
Clark County tax assessor: 702-455-3882
If you have any questions, don't hesitate to place them in the comment section below, I'll answer them all.
Until next time,