Las Vegas Property Taxes
The Hildreth Barnhill Team is regularly asked about Las Vegas property taxes. As Las Vegas real estate agents we are experienced in home buying and home selling but our field of expertise is not in tax law or tax interpretation. Here is a brief explanation of Las Vegas property taxes along with some resources to help you learn more.
The Clark County Assessor determines taxable value of each parcel of improved and unimproved property in the county, and that value is multiplied by 35% to obtain the assessed value. To figure the property tax, multiply assessed value by the tax rate: $2.0380-$2.9307 per $100 of assessed valuation. Tax rates are formulated by various governmental boards in each municipality and county.
Some of the best Las Vegas resources are found online. The Clark County Assessor's home page is very handy in answering most questions. The calculation figuring Las Vegas property taxes is also explained there.
Las Vegas real estate has seen strong value growth in recent years so property taxes are likely going to follow the trend. However, home owners may find relief as legislators look to set guidelines outlining how fast property taxes can rise. California adopted Proposition 13 to help as property values shot up.
Significant buzz suggests that something may happen to protect residents of the Las Vegas Valley.
The bottom line is that taxes in Las Vegas and Nevada are typically lower than in other states. Casinos are burdened heavily with taxes. In fact, there is no state income tax for individuals. This is one of the benefits of Living in Las Vegas.
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