The Washoe County treasurer's office started mailing the 2010/2011 tax bills to property owners this month and many have noticed a decline in their tax bill.
July 1st was the start of the new fiscal year so tax bills were sent to out to coincide.
So if you received your tax bill already, which you should have, did you notice the reduction?
The Washoe County treasurers office recently stated that because of the devaluation of Northern Nevada homes, and probably a whole lot of complaints from property owners, there was a need to reevaluate property taxes.
Not all Reno home owners will see a reduction even though the home sales in their neighborhood were down.
Here's why:
In 2005 the legislature imposed annual limits on property taxes of 3 percent on residential homes but let governments that levy property taxes set aside increases about the limits and collect them in the years when when they would fit beneath the caps.
But governments that levy property taxes were allowed to set aside increases above the limits and collect them in years when they would fit beneath the caps.
So even if a house recently lost value, it could be taxed at a higher rate when the set-aside tax is included.
Here is the full article on the 2005 Washoe County Assessor's Office Tax Cap Notices.
If you want to check your tax bill online, log into the Washoe County Treasurer Property Tax Search Page and enter your property parcel number. This number can be found on your tax bill. If your home is listed for sale, ask your Realtor to check the site for you and update the MLS listing. Lower annual property taxes might attract an interested buyer.
Why Did My Washoe County Property Taxes Go Down?
__________________________________________________________________________________________________
Certified Default Resolution Specialist (CDRS)
Short Sales & Foreclosure Resource ~ Certified (SFR)
Ferrari-Lund Real Estate
775.846.5424
The information in Terrie Leighton's Blog are believed to be accurate and true but are not guaranteed! Terrie Leighton is a licensed real estate agent with Ferrari-Lund Real Estate serving the areas in Reno and Sparks Nevada.
~X~X~X~X~X~X~X~X~X~X~X~X~
Search the MLS for Properties here in Northern Nevada
