Have You Received Your Clark County Tax Assessment Notice Yet?

Here’s What You Need to Know About Your Property Tax Increase

It’s that time of year again— Clark County residents are receiving their property tax assessment notices, and many homeowners may notice a rise in their tax bill. This increase can come as a surprise, but it’s important to understand the reasons behind it and how property taxes are calculated. Let’s break down what’s happening and what you can do about it.

What’s Behind the Increase?

One of the primary factors driving your property tax increase is the steady rise in home prices. As the housing market grows, the assessed value of your property also increases. This higher property value leads to higher property taxes. Here’s how it works:

How Are Property Taxes Calculated?

The calculation of property taxes is based on two main factors: Taxable Value and the Levy Rate.

  1. Taxable Value: This is your property’s assessed value, which is determined by the county assessor’s office. To calculate your taxable value, this assessed amount is multiplied by an assessment ratio. In Clark County, the assessment ratio is currently set at 0.35. This means only 35% of your property’s assessed value is considered taxable.
  2. Levy Rate: This is the rate set by local government entities such as schools, fire departments, and other services that rely on property tax funding. The levy rate determines how much tax you’ll pay based on your taxable value. It varies by location and is set annually.
Example Calculation

Let’s walk through an example to better understand how your property tax bill is determined. Suppose your property has an assessed value of $200,000.

Taxable Value: $200,000 x 0.35 = $70,000

Levy Rate: $0.032782 (for the example, the levy rate is approximately $0.032782 per dollar of taxable value)

Now, multiply the taxable value by the levy rate to find your tax bill:

$70,000 x $0.032782 = $2,294.74

This means, in this example, your annual property tax bill would be $2,294.74.

Important Thing to Note:

According to Nevada Law, you are qualified to receive a partial abatement of taxes through a 3% tax cap on the tax bill of your primary residence, be it a single-family house, a townhouse, condominium, or manufactured home. However, only one property may be declared as your primary residence. Rental dwellings may also be qualified for that tax cap if they meet the low-income rent limits. 

If the property, or residence, is not owner-occupied then a tax cap of 8% is applied. This tax cap also applies to all land, commercial buildings, business personal property, and aircraft that you own. However, if there is new construction, or the property has undergone a change of use, then it will not qualify for any cap this fiscal year, and instead receive the tax caps starting the following fiscal year.

Think Your Tax Bill Is Too High?

If you believe that your property’s assessed value doesn’t reflect its actual market value, you could be paying more in taxes than you should. Fortunately, you have the right to challenge your property’s assessment if you think it’s incorrect.

Appeal Deadline: January 15, 2025

It’s important to act quickly if you think your assessment is inaccurate. The deadline to file an appeal for the 2024 tax year is January 15, 2025. If you miss this deadline, you could be stuck with the higher tax bill for another year.

How I Can Help You

If you’re concerned about your property tax assessment or simply want to verify that it reflects your home’s true market value, I’m here to help. Here’s how I can assist you:

  • Detailed Market Analysis: I can provide you with a comprehensive market analysis to help determine your property’s actual market value. This can help you assess whether your property’s assessed value is too high.
  • Resources for Filing an Appeal: I’ll provide you with all the information and resources you need to confidently file your appeal, should you choose to do so.
  • Making the Process Easy: Whether you need help understanding your tax assessment or need support in filing an appeal, I’m here to make the process simple and stress-free.

Let’s Make Sure You’re Paying What’s Fair

If you suspect that your property tax assessment is incorrect, don’t wait! Contact me today to discuss your options and ensure that you’re not paying more than your fair share. With my guidance, you can confidently take the steps necessary to correct your assessment if needed.

Whether you’re looking to appeal your property tax or simply want to understand your home’s market value better, I’m here to help. Let’s ensure that your tax bill is fair and accurate!

Dulcie Crawford is a native Nevadan, born and raised in Las Vegas. Dulcie stays current with market conditions and keeps continuously updated on market trends, legal reforms and financing so she can assist you in making informed decisions. A senior Realtor with Signature Real Estate Group, she has sold over 1,200 homes since 1998. You are assured a professional experience when buying or selling Real Estate with The Dulcie Crawford Group.