Some homeowners are receiving an unexpected surprise in their mailboxes: new property assessments from their local tax offices that value their homes significantly higher than they did before the pandemic. In some cases, this will result in a rise in property taxes at a time when other costs, such as food and fuel, are also rising.
However, there is some good news for homeowners. Your tax bill could be reduced by hundreds to thousands of dollars if you are successful in appealing your property assessment.
Understanding property tax is essential for Las Vegas investors and rental property management. Taxes on real estate are paid annually by individuals, businesses, and other entities. However, property tax is typically an ad valorem tax, which is based on the property’s value as opposed to the owner’s income.
Additionally, property tax rates vary by location because they are determined at the state and local levels. For instance, in some areas, your personal property is considered when determining your taxes, whereas in others, your land may be included. Since state and local tax laws vary, it is essential to conduct research before purchasing a rental property.
You may observe that your property taxes are higher than those of your neighbors or nearby homes. There may be a number of reasons for this, but it ultimately boils down to your property’s value. In the end, taxes are determined by multiplying the tax rate in your area by the value of your home.
A tax assessor will evaluate the value of your home. They will assess your property tax based on the square footage, amenities, and comparable properties, among other factors. Typically, they will reevaluate properties annually, which may result in changes to your property taxes or tax differences with your neighbor.
HOW CAN PROPERTY MANAGEMENT ASSIST YOU?
The first step in potentially reducing your property taxes is gaining an understanding of how they are calculated. Then, you can reevaluate your home or appeal your tax bill.
Monarch Property Management and Realty can assist you in keeping track of your rental income and expenditures. While you look for ways to reduce your property taxes, we will assist with the documentation and recordkeeping for each of your properties.
Monarch Property Management & Realty is a full-service property management company in Las Vegas. Try our comprehensive property management services. Contact Monarch today to find out more about our property management services and how we can assist your organization.
GET LAS VEGAS'S BEST PROPERTY MANAGERS
Monarch Property Management is dedicated to providing comprehensive real estate representation as well as top-notch property management services.
For more information about property management services, don’t hesitate to contact Monarch Property Management & Realty or give us a call today!
