I’m often asked by many people looking to purchase property in Nevada the amount of the annual property taxes that a property owner can expect to pay.

The formula used to calculate real property tax is as follows:

• Taxable Value x .35 = Assessed Value
• Assessed Value x Tax Rate = Total Property Tax 

Below is a list of Nevada’s 2007-08 Average Property Tax Rates (by County):

(Note: Las Vegas/Henderson are in Clark County and Reno is in Washoe County). 

• Carson City    2.9936%
• Churchill         3.0364%
• Clark              3.1141%
• Douglas          2.9831%
• Elko                3.0003%
• Esmeralda       3.0195%
• Eureka            1.9421%
• Humboldt        2.7135%
• Lander            3.3657%
• Lincoln            3.0726%
• Lyon               3.0320%
• Mineral           3.6600%
• Nye                3.1322%
• Pershing          3.1533%
• Storey             3.4930%
• Washoe          3.5607%
• White Pine      3.6600% 

The total annual property tax is billed in four installments (due and payable in August, October, January, and March).       

The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.

The National Association of Home Builders provides answers to commonly asked questions about the tax credit on its website http://www.federalhousingtaxcredit.com/2009/faq.php.

Good news for homebuyers: The new stimulus package includes a tax credit up to $8,000!

What is the tax credit?
If you′re a first-time buyer and you purchase a home by November 30, 2009, you can receive a tax credit of 10% of the purchase price of your new home (up to $8,000), provided you do not exceed the specified income requirements.

This tax credit requires purchase of a primary residence. Homebuyers who take advantage of this credit are not required to pay it back if they stay in their home more than three years.

Contact an accountant, lawyer, tax professional or other advisor today to find out if you are eligible for the tax credit.

Welcome to Melania Sandra’s Blog! This blog will provide you with valuable information, tips, and general insight into the real estate market in Las Vegas.