[lvmensch]

Originally Posted by bmw335xi

Thanks!



I just realized the property taxes on each listing is extremely low. I searched Nevada and it was showing property taxes are around 0.53% is that correct for Las Vegas? If so, I could bump my budget up quite a bit.

No. After 25 years of ownership we pay 0.75% The way the law works there may be some very old houses that low. But you start out at 1.0% plus a little more and go down as they depreciate the structure over the years. Nevada however does not reset like CA does on a sale so the tax will go down slowly with respect to house value over the years.

[bmw335xi]

Originally Posted by movin1

I've had three custom/semi-custom homes built for me. Sky's the limit, lol.

You want to be careful to not do upgrades from the builder you can do after closing, but then those things aren't in the mortgage (if that's an issue). Here's a list I put together when I sold a house. Upgrades are from the builder, add-on's are after closing. Things that are expensive are landscaping, pool, window treatment, lighting fixtures, plumbing fixtures, and appliances.

Over $245,000 In Upgrades & Add-On’s.

• Custom Saltwater Pool with Outoddor Kitchen (grill, sink, fridge).
• Level 7 Gourmet Kitchen Cabinet Package, Quartz Countertops, Grohe Faucet & Glass Backsplash.
• GE Stainless Appliances Including Induction Cooktop, Double Oven, Vented Hood, Café Fridge.
• Exquisite Custom Drapery by Calico Corners & Motorized Roller Blinds By The Shade Store.
• Custom Master & Foyer Closets By Inspired Closets. Solid Core Master Closet Pocket Doors.
• 12x24 Bedrosians Runway Tile Flooring.
• Energy Efficient LED Lighting Throughout, Plus Custom Light Fixtures by Modern Forms, Hubbardton Forge and Casablanca Stealth Fans.
• Custom Built-In Office Desk and Cabinets.
• Upgraded Laundry Package With Sink, Cabinets, Washer/Dryer, Built in Custom Wine Storage Bins.


I do custom Home Theater Audio/Video and Whole House Audio Design. You want to pre-wire for all of that and make sure you get adequate electrical service, lighting fixture and power receptacle locations in the design plans.

Thank you! I don't know the cost of contractors in Vegas, but in Orlando, I know the cost for renovation projects, so I advised some friends to do exactly that. Focus on the things behind the scenes, but save a lot of the big projects that can easily be done after you close.

[bmw335xi]

Originally Posted by lvmensch

No. After 25 years of ownership we pay 0.75% The way the law works there may be some very old houses that low. But you start out at 1.0% plus a little more and go down as they depreciate the structure over the years. Nevada however does not reset like CA does on a sale so the tax will go down slowly with respect to house value over the years.

That's really interesting, especially regarding the reset. I got excited there for a second haha. Still even 1% is low. Do you get any other benefits when it's your primary home such as deductions off your assessed value or anything like that? Thanks again, sorry about all the questions.

[lvmensch]

Originally Posted by bmw335xi

That's really interesting, especially regarding the reset. I got excited there for a second haha. Still even 1% is low. Do you get any other benefits when it's your primary home such as deductions off your assessed value or anything like that? Thanks again, sorry about all the questions.

Nevada has always been a low tax state except for the sales tax which is a bit high though not outrageous. A number of taxes and such are set up to collect from the visitors rather than the locals.

The NV property tax limits came after prop 13 in CA and are they way they are so as not to have the jump on sale as CA does.

And some of the cities add a couple of tenths of a percent to the 1.0%. The plurality of the homes are in unincorporated Clark County which uses the 1.0%

The primary home does not provide any obvious advantages. In fact you can have a primary home here when you have another primary home elsewhere. Don't try that in CA though as they will inevitably claim your are still a CA resident and have to pay the income tax.

[Mike from back east]

I once bought a new home and had the builder do all upgrades, cost a bit but moved in and never had to lift a finger.

The couple across the street didn't have their builder finish the basement. They hired a sub soon after moving in and had a tale of woe getting the guy to finish the job.

Depends on what any given buyer wants, I prefer the Popeil Ronco Rotisserie method: "set it and forget it" where I just move in and enjoy.

[movin1]

Originally Posted by Mike from back east

I once bought a new home and had the builder do all upgrades, cost a bit but moved in and never had to lift a finger.

The couple across the street didn't have their builder finish the basement. They hired a sub soon after moving in and had a tale of woe getting the guy to finish the job.

Depends on what any given buyer wants, I prefer the Popeil Ronco Rotisserie method: "set it and forget it" where I just move in and enjoy.

I agree, some things are worth the extra money and not worth the extra hassle to save some money. You have to take every detail into account, but it does pay to shop around and figure out where you can do better or have more options.

[bmw335xi]

Originally Posted by lvmensch

Nevada has always been a low tax state except for the sales tax which is a bit high though not outrageous. A number of taxes and such are set up to collect from the visitors rather than the locals.

The NV property tax limits came after prop 13 in CA and are they way they are so as not to have the jump on sale as CA does.

And some of the cities add a couple of tenths of a percent to the 1.0%. The plurality of the homes are in unincorporated Clark County which uses the 1.0%

The primary home does not provide any obvious advantages. In fact you can have a primary home here when you have another primary home elsewhere. Don't try that in CA though as they will inevitably claim your are still a CA resident and have to pay the income tax.

Thanks again!



I can assume then a $1 million new home would be about $10,000 per year in property taxes then. Haha yeah, California will milk you for everything you got if they can. In Florida, we have homestead exemption, which discounts your assessed value a bit and limits your assessed value if the housing market increases. I like Nevada's system haha.

[movin1]

In Illinois, they raised your property taxes every year if the value increased, sometimes a huge amount based only on "we can, so we will"! If you bought a preowned house, property taxes were based on the sale price and kept going up if the value increased. I made the mistake of building my dream home near the U of IL and the taxes were one reason I moved to Chicago, lived there for a year and bailed out before the massive property tax increases started there.

[Dom Cobb]

Originally Posted by movin1

In Illinois, they raised your property taxes every year if the value increased, sometimes a huge amount based only on "we can, so we will"! If you bought a preowned house, property taxes were based on the sale price and kept going up if the value increased. I made the mistake of building my dream home near the U of IL and the taxes were one reason I moved. I moved to Chicago and bailed out before the massive property taxes started there.

My friend just bought a house in New Jersey, about 1 hour from the city for just shy of 1 million and his property taxes are 16k a year. School district is solid but not exceptional- so that serves as a reminder that it could be much worse here.

[movin1]

I paid almost $16K a year on a $600K house in Illinois!