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Can't comment on airplanes... as for boats, I picked up a 1957 model and paid the county assessor tax for several years, and the last tax bill I received was for $4... In that time I re-powered it and restored the rest of it.
Called the Assessor and was told they consider it to have no value due to it's age and what I paid for it 17 years ago.
The DMV uses a formula based on acquisition cost less average depreciation to determine the annual fee... I'm not complaining since most vehicles depreciate... but, some actually appreciate.
Like I said, Nevada has a lot of things going for it... I like the State and most of those I know that moved like it. The ones that don't developed real gambling problems... lost the house and maxed credit cards and 4 people I used to work with moved to "Iron Mountain" outside of Las Vegas and bought beautiful new homes which they no longer have.
I keep in touch with one regularly, she works in medical and her husband is a Ford Dealer journeyman mechanic... the wages they earn doing the same jobs in Las Vegas are no where close to what they earned in the Bay Area and Las Vegas has lost it's charm since they lost their dream house.
Personal Property
Tangible personal property is taxable where it has established “permanent situs” (location), regardless of where the owner lives. The only exception is personal property belonging to members of the armed services. Some types of personal property do not have a fixed location and are movable; as a result, determining permanent situs depends on a number of factors including the type of property, the way the property is typically used, and where the property owner lives.
Aircraft and Vessels
Private aircraft are taxed at the location of the airport or hangar where they are usually kept. Commercial certificated aircraft are taxed on an apportioned basis in each county to which flights are made. Vessels are generally assessed where they are habitually located. A small boat not habitually kept at a mooring, but lifted from the water and trailered to the owner’s residence or other location, is taxed at the location where it is usually kept.
As a potential property owner you need to know this. Even after you purchase a property you should checking with the assessors office and make sure they have your taxes correctly assessed. Currently taxes are based on 1 to 1.2% of the purchase price, with the county needing money who knows when that could change.
This just happened to us, but it's not what you think. There is a lag time between the time a home closes and the next tax cycle, so that may be what your friend is referring to. If they don't adjust the tax rate to reflect the new valuation, there is a period where the new owner can protest the tax rate. We did this and they immediately lowered the assessment to our sales price. It just took a signature (via fax) and a couple comps to show them we were not asking for any favors. It took about 2 weeks from start to finish. No big deal and we're happy with the result.
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Originally Posted by olecapt
Actually NV is better than CA. Our increase is capped and does not reset on a sale. Prop 13 causes problems in that there can be a huge jump in the tax when a property transfers hands. So if you wish to move up from a long time residence...or even down...you have to be careful about the tax impact. There are some provision for the older to basically move their tax rates...but only sometimes.
Make sure you understand what that means. The assessed valuation may well change and can well go down or up. If it goes up or is higher than prior years then the increase is capped at the 3% or 8%. So there can be no large increase on a sale as there is in CA.
Make sure you understand what that means. The assessed valuation may well change and can well go down or up. If it goes up or is higher than prior years then the increase is capped at the 3% or 8%. So there can be no large increase on a sale as there is in CA.
Or large decreases as is happening in many areas of CA...
I can show you block after blocks of homes that sold in the 500k range as late as 2007 in Oakland CA with $8,000 tax bills where the owners walked away and the property resold by the bank as low as 80 to 100k... that's and 80% drop on sales in CA.
I had kept my first home in Oakland that I bought in 1982 for 20k and put another 20k in materials during the time I lived there. I sold the home in 2005 for 255k and within 9 months the family that bought it resold it for 350k and last year the bank sold it for 80k...
Maybe the day will come where I will make the move to Nevada... I really like the area around Minden and Gardnerville... had a great aunt that lived there when I was a child.
You are right in that I am very passionate about the roof over my head... I come from a long line of peasants where owning land is everything. So anything that threatens my home threatens me and my family. Just like most people, I work and pay my taxes and give to charity... the last thing I want to have happen is be in the position where my taxes become such a burden that I can no longer enjoy my home.
Or large decreases as is happening in many areas of CA...
I can show you block after blocks of homes that sold in the 500k range as late as 2007 in Oakland CA with $8,000 tax bills where the owners walked away and the property resold by the bank as low as 80 to 100k... that's and 80% drop on sales in CA.
I had kept my first home in Oakland that I bought in 1982 for 20k and put another 20k in materials during the time I lived there. I sold the home in 2005 for 255k and within 9 months the family that bought it resold it for 350k and last year the bank sold it for 80k...
Maybe the day will come where I will make the move to Nevada... I really like the area around Minden and Gardnerville... had a great aunt that lived there when I was a child.
You are right in that I am very passionate about the roof over my head... I come from a long line of peasants where owning land is everything. So anything that threatens my home threatens me and my family. Just like most people, I work and pay my taxes and give to charity... the last thing I want to have happen is be in the position where my taxes become such a burden that I can no longer enjoy my home.
As you would know if you read the many threads in the Las Vegas forum the taxes on a property come back down when it is sold at a lower price. You pay at most the taxes payable on that property at the appropriate tax rate. There is a delay due to the way taxes are computed...but it comes right down. If you buy before December 15 you will get the benefit in the next tax year starting July 1. If you buy after Dec 15 you will pay the higher rate for the next year then it will come down.
So NV is better going up and the same coming down. Thus superior to prop 13.
I expect you also pay sales and income tax. The prop 13 makes those bigger to the benefit of long time home owners. Why do you think that a good idea? Why should a renter suffer so you get a tax break?
As you would know if you read the many threads in the Las Vegas forum the taxes on a property come back down when it is sold at a lower price. You pay at most the taxes payable on that property at the appropriate tax rate. There is a delay due to the way taxes are computed...but it comes right down. If you buy before December 15 you will get the benefit in the next tax year starting July 1. If you buy after Dec 15 you will pay the higher rate for the next year then it will come down.
So NV is better going up and the same coming down. Thus superior to prop 13.
I expect you also pay sales and income tax. The prop 13 makes those bigger to the benefit of long time home owners. Why do you think that a good idea? Why should a renter suffer so you get a tax break?
Well since you asked...
My renters have been with me for years... the longest is 23 years and I seldom raise rents... if someone treats the property right, isn't causing problems... I am happy to have them and tell them upfront not to expect rent increases for years at a time. So MY renters benefit greatly because my expenses are Predictable thanks in part to Prop 13.
I don't know how many different ways I can say this... the new people in the neighborhood don't always pay more in Tax... the last 3 years should make this abundantly clear to anyone... it's the new people that are locking in lower rates and in some cases as low as those that bought 20 years ago.
I've never said California is better than Nevada... I said that many retired friends have moved and like Nevada and will seriously consider Nevada for myself.
No matter how you look at it or what a person thinks about Prop 13 there is no denying that Prop 13 set the stage for property tax reform throughout the entire country and Nevada is just one of the States to follow in CA footsteps.
I also pointed out the Prop 13 would never have come to be if the CA legislature would have taken the initiative to index the Home Owner Exemption...
Civics class did a study on Prop 13 and how it came to be... Prop 13 was passed by a grass roots groundswell of voters... many were renters because there were not enough home owners to get it passed and business has no vote.
In its best sense... Prop 13 shows what the common people can do when they are faced with abusive government taxes with no end in site... it is the law of the land and validated by the US Supreme Court...
Is it perfect... NO. but it is so much better than what was going on at the time that there is no comparison.
Oh, for 30 years CA Property Tax revenue increased year over year... not quite the dire straights of doom and gloom predicted.
Prop 13 saving grace is the voters can at anytime vote to increase taxes on Home Owners... so renters and those not owning property have the ability to increase the burden on property owners by convincing enough people.
As an aside... both my high school teacher and uncle rented at the time Prop 13 became law... both had their rent reduced because of it...
NV also has income from gambling on a scale not permitted in CA plus other enterprises that would be criminal in nature if done in CA.
My renters have been with me for years... the longest is 23 years and I seldom raise rents... if someone treats the property right, isn't causing problems... I am happy to have them and tell them upfront not to expect rent increases for years at a time. So MY renters benefit greatly because my expenses are Predictable thanks in part to Prop 13.
I don't know how many different ways I can say this... the new people in the neighborhood don't always pay more in Tax... the last 3 years should make this abundantly clear to anyone... it's the new people that are locking in lower rates and in some cases as low as those that bought 20 years ago.
And again so you share your sucking at the public trough with your renters. Maybe many do. Certainly the Commercial LL who by manipulating corporate ownership will never have to pay the rated taxes. And this benefit is paid for by increased taxes on those unfortunate enough to need to buy a home and the general population by increased income and sales taxes. Basically a benefit for the long time owner and the commercial operator at a cost to anyone who is not one of the above.
Quote:
I've never said California is better than Nevada... I said that many retired friends have moved and like Nevada and will seriously consider Nevada for myself.
No matter how you look at it or what a person thinks about Prop 13 there is no denying that Prop 13 set the stage for property tax reform throughout the entire country and Nevada is just one of the States to follow in CA footsteps.
I also pointed out the Prop 13 would never have come to be if the CA legislature would have taken the initiative to index the Home Owner Exemption...
Civics class did a study on Prop 13 and how it came to be... Prop 13 was passed by a grass roots groundswell of voters... many were renters because there were not enough home owners to get it passed and business has no vote.
In its best sense... Prop 13 shows what the common people can do when they are faced with abusive government taxes with no end in site... it is the law of the land and validated by the US Supreme Court...
Is it perfect... NO. but it is so much better than what was going on at the time that there is no comparison.
Oh, for 30 years CA Property Tax revenue increased year over year... not quite the dire straights of doom and gloom predicted.
Prop 13 saving grace is the voters can at anytime vote to increase taxes on Home Owners... so renters and those not owning property have the ability to increase the burden on property owners by convincing enough people.
As an aside... both my high school teacher and uncle rented at the time Prop 13 became law... both had their rent reduced because of it...
NV also has income from gambling on a scale not permitted in CA plus other enterprises that would be criminal in nature if done in CA.
And again you are missing the point. Prop 13 fixed a real problem. But as passed it creates a vast set of economic dislocation and unfairness. It simply needs to be corrected...not done away with. Why, for instance, should the state heavily favor old commercial development over new? Why should a young couple moving up vastly increase their taxes? Why should a new rental development pay vastly more taxes than an old one?
And i am somewhat surprised that anyone thinks CA economics are in balance. If I remember correctly the relative portion of GDP available to the government is well down over the last years.
But even if in balance the basic inequity still exists. People similarly situated pay vastly different taxes. That is never healthy. And does not exist in NV.
And again so you share your sucking at the public trough with your renters. Maybe many do. Certainly the Commercial LL who by manipulating corporate ownership will never have to pay the rated taxes. And this benefit is paid for by increased taxes on those unfortunate enough to need to buy a home and the general population by increased income and sales taxes. Basically a benefit for the long time owner and the commercial operator at a cost to anyone who is not one of the above.
How is my paying taxes sucking at the public trough?
I pay the Statewide Property Tax under Prop 13, I pay all the special Assessment... State, County, City, Regional and Zone, I pay the city's business tax of $13.95 per thousand of Gross Rent collected, I pay unit registration fees under the city's rent control ordinance, I pay State and Federal Income Tax.
Imagine what a wonderful world it would be if everyone sucking at the public trough did the same?
Apples to oranges... As stated... homes in my area are selling for prices not seen in 20 years... seems like the short time owners are the ones making out because if I paid 80k twenty years ago, I would also have to factor in Prop 13 automatic inflation index of 2% per year whereas the short time owner gets to start at 80k today in 2011.
I provide a service... just as you do... the difference is that I live, work and pay taxes in CA.
California Revenue has always been primarily from 3 sources... Property Tax, Income Tax and Sales Tax... same as today.
Quote:
And again you are missing the point. Prop 13 fixed a real problem. But as passed it creates a vast set of economic dislocation and unfairness. It simply needs to be corrected...not done away with. Why, for instance, should the state heavily favor old commercial development over new? Why should a young couple moving up vastly increase their taxes? Why should a new rental development pay vastly more taxes than an old one?
And i am somewhat surprised that anyone thinks CA economics are in balance. If I remember correctly the relative portion of GDP available to the government is well down over the last years.
But even if in balance the basic inequity still exists. People similarly situated pay vastly different taxes. That is never healthy. And does not exist in NV.
Overall revenue is down... I said Property Tax Revenue increased for 30 years after Prop 13 became law.
Right now, individuals and business are belt tightening... I see it every day. I buy what I need and forget what I want.
What is fair about a family that bought and invested in the community to having their taxes skewed beyond reason because a Real Estate Bubble comes along with easy money driving prices to unsustainable levels?
Just because the clerk at Safeway decided to buy 5 home between 2005 and 2006 with no money down on a 65k salary in my city... why should I or my neighbors be penalized? The same clerk also bought two Las Vegas condos... today he is renting and walked away from all 7 properties.
As stated, I bought my home at the peak of the market, my taxes are much higher than my neighbors and I have no malice towards them... they have paid a lifetime in taxes building the infrastructure making the neighborhood the desirable place it is today. I fully plan to be in the same situation when I'm in my golden years... when it's the next generations turn.
Why should I come into a neighborhood which others have paid a lifetime for roads, streetlights, firehouse, schools and expect it all without paying more... after all, in fairness, many have paid since before I was born.
Envy or generational warfare is a terrible thing... we each do the best we can with the circumstances at the time.
If Prop 13 was unfair and violated the equal protection clause the US Supreme Court would have ruled against it.
Las Vegas has been hit hard by the collapse of the Real Estate Bubble and days of easy lending...
Just how can a clerk buy 7 properties on a salary of 65k?
When I bought my first home I needed 3 years on the job, 2 years with the same employer, 20% down plus closing costs, 6 months living expenses in the bank, the home had to have a termite clearance and appraise... a far cry from just a few years ago where just about anyone with a pulse could buy with almost no money...
I didn't cause the bubble resulting in astronomical prices and corresponding taxes... there is plenty of responsibility to go around... the entire industry with easy money and Realtors pushing sales by saying today's high price is tomorrow's bargain for starters.
What I think is unfair is setting people up for failure by the industry putting them into homes that they cannot afford... sure, the Realtors get their commissions, the Lenders get the fees and points, the Title and Escrow make their money... all on the back of the guy that thinks he can really afford the home he or she is buying because they would not have been approved for the loan if they couldn't afford the payments... right?
A step towards equality would be eliminating the Mortgage Interest Deduction... after all, why should home owners be able to deduct interest and the rest not?
For the OP... this NV link explains the basics of NV property tax
Last edited by Ultrarunner; 04-04-2011 at 12:45 AM..
Reason: Add Link
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