Las Vegas, Clark County Property Tax Appeal
Las Vegas Property Tax Appeal
Las Vegas and Clark County are over assessing property values.
Clark County uses an antiquated and complicated system to determine values for both residential and commercial properties.
This system when combined with recent economic events has cause many properties in Clark county to be over assessed.
How the Clark County Assessor Office values your property
They break up the value of your property into 2 separate sections. The first is Land Value. They take an avg. of land values in the area and input the value based on the size of the land. Land value has a large range of value. The second is they do a deprecation of the improvement value. A key point that the Assessor’s office misses, is that in today’s down economy it cost more to build than it is to buy.
By filing an appeal we can argue sales comparable and income approach to value. The Assessor has worked with us in the past on these approaches.
Pay Attention to your Notice:
Notification of 2014 year taxable value are sent out about the Dec 18th.
There are 2 types of Values on these notices and your bill. The Net Taxable Value is based on Fair Market Value. The Assessed Value is 35% of the Net Taxable Value. The Assessed Value is used to calculate your tax bill.
When you read your notice you’ll see assessed value seems low. That Value is only 35% of the Assessor real fair market value that the Assessor Enrolled.
For Example, If the assessor thinks your property is worth $1 million. Then the Assessed Value will be $350,000.
Your tax rate of 3.5% is based off the Assessed Value. What we appeal is the Net Taxable or Fair Market Value.
If you feel like your property is over assessed, you may want to file a property tax appeal.
The whole process from start of your application, to notification of your property tax reduction can take as few as 3 months
These taxes are typically due by Sept of the same year. However, filing a property tax appeal can reduce the total amount of taxes that you need to pay.
By filing an appeal, you force Clark County to take a closer look at your property, and determine it’s true current market value. This could save you thousands on your current property tax bill.
The filing season to be able to file your property tax appeal, is from Dec 18th to January 15th for tax year 2014. Any filings after that period will not be accepted.
If you think that your property is over assessed, you must file an appeal during this time period.
Paramount Property Tax Appeal will help you in getting your property assessed at a value that is more appropriate for current market conditions. Typically this process is completed and your tax bill adjusted by the End of March.
Paramount Property tax Appeal has reduced property tax value for thousands of clients all across California, Nevada and Arizona.
Paramount Property Tax Appeal
For additional information please feel free to call us directly at 858-225-1200