Las Vegas Property Taxes Explained - How Tax Caps Can Save You $1,000s

One of the most common questions we get from our clients is what are the property taxes in Las Vegas and Henderson? The short answer is approximately 1% of the homes value, but the long answer is much more comprehensive.
An individual home’s property taxes are impossible for you to calculate on your own. This is because the tax rate is applied to the taxable value of the property. This taxable value is determined by the Clark county assessor. It’s not feasible to try and guess the taxable value. The Clark county assessor comes up with this number by adding together the market value of the land and the current replacement cost of improvements less statutory depreciation.
Once the cart County assessor has determined your taxable value, she applies your tax districts tax rates. Clark county has a number of different tax districts, so depending on what part of town you live in, you will have a different multiplier.
Tax Caps
-biggest savings on property taxes in Clark County come from tax caps on property tax increases
-annual 3% tax cap on primary residence
-8% on investment or second home
-can only have ONE primary residence
-Unlike in California, taxes are not reassessed at the sale of the property. They are only assessed once per year
-savings occur when an owner has had a property for many years with the 3% tax cap
-If you're comparing new a $500,000 new construction home and a $500,000 15 year old resale home with an original owner, the property taxes might vary by thousands of dollars.
-when you close on a home, you will receive mail from the clark county assessor's office asking you to confirm the property is your primary residence. If you do not send the card back in, you'll be subject to up to an 8% property tax increase when taxes are reassessed
One more tax to be aware of at closing is the real property transfer tax (RPTT). Generally, the sellers pay for this transfer fee in resale transactions, however, everything is negotiable! In addition, the buyers typically pay when purchasing new construction. The current cost of the real property transfer tax is $5.10 for every $1,000 of the full purchase price.
0:00 Intro
1:05 What are Property Taxes in Clark County
1:19 Assessed Value
2:20 Tax Multipliers
2:45 Tax Caps
4:38 Real Property Transfer Tax
5:07 Outro
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#lasvegasrealestate #hendersonnv #realestatetaxes

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Thanks so much for watching!

[@DanRizzuto]

great video. Quick question... does the tax rate lower yearly? I just purchased a new townhouse and my taxes are just over $4000/year. I was told that they may lower the older the house gets? Is this true?

[@stevesullivan9682]

Excellent…. Thank you

[@thethomasgrouplv]

Thank you Steve 😊

[@lockup6104]

Love your information good to know Mahalo👍🏽🌴🍍🇺🇸

[@thethomasgrouplv]

Glad it was helpful!

[@MOMSPH]

What’s a new construction supplementary tax ?

[@mitchbandalan9450]

Can you explain how the Disabled Vet Exemption works in Clark County? I am 80% disabled and was thinking of moving to Henderson.

[@jr75848]

It gives you the Exemption Type (with %) and Assessed Value
www.clarkcountynv.gov/government/assessor/exemption.php

[@webbezzy]

Thanks for the information. 3% and 8% are cap to total tax payments over the lifetime of the house?
If the cap is reached, there would be no annual tax?

[@thethomasgrouplv]

Hi! Those are yearly caps on tax increases-not lifetime.

[@webbezzy]

@@thethomasgrouplv In the beginning of the video, you mentioned it is about 1% of the appraised value if I make no mistakes? How come after calculations it can get as high as 3% to 8%?

[@thethomasgrouplv]

Ah I see what you’re asking. Say you buy a new build home for $100,000 for ease of numbers.
The first year, you taxes will be around $1,000. The next year, they can only increase by 3%. So the max your taxes could be year 2 are $1,030 even if homes appreciated by 20% that year. Without that tax cap, your payment might’ve gone up to $1,200/yr
This is an example on a small scale, but you can see how the savings stack up over multiple years and on higher priced properties.

[@webbezzy]

@@thethomasgrouplv Now I got you 🙂. Thanks for the simple example and kindly clarifying.

[@41933]

@@thethomasgrouplv wouldnt 1030 be .3% raise from 1%? and 3% would be 3,000

[@user-uh6iz4tx5h]

I won’t be buying a new built home, period.

[@thethomasgrouplv]

Thanks for sharing!

[@rangetrader4316]

I want you to be my real estate agent to get a deal in Vegas.