[sdreloc]

Originally Posted by WestieJeff

Most likely you will pay at the higher amount since that's what your escrow account was established at. Usually once a year you will have an escrow analysis that will adjust your escrow payment based on the new (lower in this case) tax amount. You can call your loan servicer and ask when the analysis is done, but since your loan just got established it probably wont be for 6-12 months.

Also, just so you're aware the fiscal year 2010-2011 tax rates have not been established yet and most likely will be slightly higher than last year since the locales are seeing huge drops in assessed value and thus incoming property tax revenue, they are doing what they can to keep the revenue up. There are limits on how much they can raise it tho, so the change should be small.

So, does that mean your next property tax bill can be higher in the future even in years where the property value is flat because they can raise the property tax rate each year?

It also seems strange that Nevada does not base your property tax value on the actual purchase price like they do in other states. So, the county can assess the home at a value higher than you paid or what it was appraised for at the time which sets you up for a higher tax bill from the start.

[sdreloc]

According to Rory Reid, Sandoval plans to raise property taxes if he wins.
Future property tax increases are a concern if you plan to live in a place long term.


http://www.youtube.com/watch?v=PhYWqRivJqI#t=1m55s

[Swigchow]

Received the new tax assessment's. Some lower, some higher. I wonder if this suggests price stabilization?

[jhiker1o]

My mortgage payment for the coming year went down based on my escrow analysis a few months back. Also I got my refund this year. It has gone down the last two years, and I've got refunds the last two years so no complaints here. Staying in the condo for the long run.

[bledsoe3]

They raised my value 12%. I thought there was a cap of 3% for owner occupied and 8% for non-owner occupied.

[WestieJeff]

The assessed value isn't capped, but the property taxes, which are calculated off assessed value, are capped.

Originally Posted by bledsoe3

They raised my value 12%. I thought there was a cap of 3% for owner occupied and 8% for non-owner occupied.

[bledsoe3]

Originally Posted by WestieJeff

The assessed value isn't capped, but the property taxes, which are calculated off assessed value, are capped.

So they can raise the assessment enough to make sure they can get percent they want on the taxes.

I wish my place was gaining 12% a year.

The boom is back!

[olecapt]

Originally Posted by bledsoe3

So they can raise the assessment enough to make sure they can get percent they want on the taxes.

I wish my place was gaining 12% a year.

The boom is back!

I expect you could appeal that one. I don't think Maralago has gone up. But if you are interested I will check. It is probably not enough to be worth the trouble though.

Assessments around the state have to be uniform and reflect market value. They really are capped at reality.

[kenco80233]

I have never appealed my taxes,however I am planning on doing so this year.Where is the easiest place to find the comparable sales? Also.Can you use foreclosure sales?

[WestieJeff]

No, that isn't how it works.

They can triple your assessment, but regardless the taxes you pay will not increase more than 3% (owner occupied) year over year. If they triple your assessment then you'd be paying the 3% increase every year, but regardless it cannot increase more than 3% year over year.

Originally Posted by bledsoe3

So they can raise the assessment enough to make sure they can get percent they want on the taxes.

I wish my place was gaining 12% a year.

The boom is back!