Nevada Property Taxes
Overview of Nevada Property Taxes
Paying property taxes is the obligation of every homeowner in Nevada. Nevada property taxes are the primary source of funding for local governments, paying for local services like road maintenance, police and fire departments, and schools. The state and its local governments collect $23 billion in revenue every year. Of that, $3 billion or 12.7% of total revenue collected comes from property taxes. Nevada is generally a low tax state and the average homeowner pays 0.87% of their home value every year in property taxes or $8.70 for every $1,000 in home value. The Silver State has a "property tax abatement law" that caps increases in Nevada property taxes to no more than 3%. This protects homeowners from sharp increases in property tax bills and helps in keeping the average tax bill lower than in most states.
Nevada property taxes are based on your property's "market value" or the price the property would sell for in the open market, plus the cost of replacing the structures on the property. County Assessors are tasked with reappraising property and updating their values every year. The Assessor must calculate the cost of labor and materials required to replace your property, otherwise known as the "replacement cost". The assessor then applies a "depreciation factor" of 1.5% to the effective age of the property. The resulting figure is called the taxable value. The Nevada Department of Taxation's regulations dictates that properties be assessed at 35% of their taxable value. For instance, if your home has a taxable value of $150,000, the assessed value will be (0.35 x $150,000) $52,500. Nevada property tax rates are applied to that amount.
Nevada property tax rates are determined by the local taxing districts depending on the budget they require to maintain and improve their facilities and services. The rates vary depending on the location of your property and the type of services provided by the taxing district. Tax rates are expressed in dollars per $100 of assessed value. For instance, if a taxing district has a tax rate of $3.50 per hundred dollars and your property is assessed at $50,000, your Nevada property tax bill will add up to (0.035 x $50,000) $1,750.
If you are planning to buy a home in Nevada and want to understand how much your property tax bill could potentially cost, check out our Nevada Property Tax Tool to see what your bill would be.
Nevada Property Tax Due Dates
Properties across Nevada are assessed every year to determine their taxable value. If you have reasons to dispute the assessor's valuation of your property, the state has options for you to appeal property taxes. The process starts by contacting the Assessor's Office with your objections. The Assessor reviews any evidence you may have disputing the valuation. If there's still a difference of opinion after the review, further appeal avenues include the County Board of Equalization, State Board of Equalization, and finally, the District Court. However, you can only appeal the valuation, not the tax rates.
But when are property taxes due in Nevada? The fiscal year runs from July 1 to June 30. Nevada property tax rates are set in June every year. Tax bills are then prepared and sent to homeowners by August 1. Your tax bill becomes due on the third Monday of August. However, if your Nevada property tax bill exceeds $100, the state allows you to pay in four installments. For the fiscal year 2021-2022, the four installments are due by August 16, October 4, January 3, and March 7. However, tax bills are only mailed once per year.
Failure to receive a tax bill doesn't excuse you from paying Nevada property taxes on time. If you don't receive a tax bill by August 1st, consult your local County Treasurer. The state gives you a 10-day grace period before penalties are assessed on the due taxes. If taxes for one installment remain unpaid after the Nevada property tax due dates, a 4% penalty is added. The penalty increases to 5% if two installments have not been paid, 6% for three installments, and 7% if all four installments are late.
Nevada Property Tax Exemptions
Besides the option to appeal property taxes if you believe your property has been wrongly valued, the state of Nevada offers several exemptions to eligible homeowners. They include the senior and homestead exemptions. Qualifying homeowners can ease their Nevada property tax burden. However, you are still required to comply with Nevada property tax due dates regardless of your eligibility.
Nevada Homestead Exemption
Nevada's homestead exemption protects your home's equity from general creditor claims for amounts of up to $550,000. These include unpaid medical bills, bankruptcy, and charge card debts. The Homestead Law protects your principal residence against seizure or forced sale as long as the equity does not exceed the statutory maximum. However, debts secured by mortgage or deed of trust, IRS lien, and child support are not protected by this law. Additionally, the homestead exemption has no bearing on the accrual of Nevada property taxes.
Nevada Senior Citizens Exemption
The state of Nevada has no specific senior exemption. However, it has a veteran's exemption which benefits homeowners who have served in the Armed Forces of the United States including the Army, Navy, Marines, Air Force, Coast Guard, The National Guard, or Reserves. This program exempts $2,880 of assessed value from Nevada property taxes for eligible veterans. You must have served a minimum of 90 continuous days of active duty to qualify for this exemption.
Other Nevada property tax exemptions include the Disabled Veteran's Exemption which benefits veterans with service-related disabilities of at least 60%. The amount of assessed value exempted by this exemption depends on the degree of the veteran's disabilities. Eligible veterans must be legal Nevada residents and be honorably discharged from the military. Additionally, their disabilities have to be service-connected as determined by the Veteran's Administration.
How to Appeal Your Property Taxes in Nevada
Like in other states, you can appeal property taxes in Nevada if you believe the assessor wrongly valued your property. A successful appeal can lower your Nevada property taxes. The first course of action is calling or visiting the Assessor's Office with your objections to the valuation. The Assessor reviews the evidence disputing his/her valuation of your property. However, should you still disagree with the Assessor, you can appeal to the County Board of Equalization by January 15. If you are dissatisfied with the County Board's decision, you can further appeal to the State Board of Equalization and as a last resort, the District Court.
The process of filing an assessment appeal varies across Nevada though it generally follows the same steps from county to county:
- Obtain your assessment
- Determine if you are overassessed
- Complete forms needed to appeal
- File property tax appeal
- Prepare for hearing
- Attend hearing
- Appeal the decision
How to Appeal Your Property Taxes in Clark County
Obtain your assessment
If you are a homeowner in Clark County, you can easily find details of your assessment from the Notice of Assessed Valuation. Alternatively, you can visit Clark County's Assessor or Treasurer.
Determine if you are over-assessed
A property tax appeal challenges the assessment by showing that the value of your property is lower than what was proposed by the assessor. You can check out the recent sales of similar units within Clark County by using TaxProper's search tool. Clark County's official website also has a similar tool at your disposal.
Complete forms needed to appeal
The forms you need to appeal property taxes can be obtained from the Assessor's Office from December to January 15, which is the deadline for filing an appeal. You can also call to have the form mailed to you.
File property tax appeal
Property tax appeals in Clark County can be filed with the County Board of Equalization which meets every year from mid-January through mid-March.
Prepare for hearing
Preparation for a property tax hearing includes collecting solid evidence supporting your opinion of valuation. Evidence can include comparable sales of properties similar in age, construction quality, size, and locational influence.
The Clark County Board of Equalization requires you to attend a property tax appeal hearing so you can present evidence supporting your opinion of value and answer questions from the Assessor and board members. If you fail to attend, the board decides the appeal without considering your information.
Appeal the decision
Decisions by the County Board can be appealed to the State Board of Equalization. If you still disagree with the State Board's decision, you can appeal to the District Court.
Property Tax Information for Nevada Counties
The table below provides county-level information about how property taxes work in each Nevada county.
Want to learn more? Click the county links to learn more about a specific Nevada county.
|County||Average Home Value||Average Tax Bill||Bill per $1,000|
|White Pine County||$129,781||$899||$6.90|