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?
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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.
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Search the MLS for Properties here in Northern Nevada
That's a pleasant surprise isn't it. They're going down here in the Phoenix area also.
Hi Terrie -- Wow, "set-aside"...interesting and very important info for local homeowners to know. I would venture a guess many don't know about this law? It pays to be in the know -- no pun intended. Here in Greater Cleveland, many homeowners are challenging their valuations and some are winning, even when the county has decreased their value, the owners think it's still not low enough, and in some cases, I think they are right.
This is a toughie...I am sure you will have some disgruntled folks no matter if the taxes are reduced, then not by enough, etc.
Val ~ Glad they are going down in other parts of the country as well! It is hard to justify paying higher taxes when our property values have dropped so much.
Chris ~ Homeowners here started to challenge their property tax bills about a couple of years ago as well. They treasury department actually gave the home owners who challenged them a break and reduced their bill. Most people didn't take the time to challenge this but those who did won. Now they don't have to!
Kristin ~ You are right! I am sure many will want more of a cut but this is a good place to start. I think the average reduction was $250 per property. Not too bad, it is better than in increase, right?
Property taxes here are capped at 2% per year, and while the government can decrease taxes, that is extremely rare unless one disputes the tax.
Hi Terrie: We actually had a blanket re-assessment here also, back to property values in 2003!
Property taxes have gone down just a bit here, but most areas aren't above 1% to begin with.
Terrie - Great blog and explanation of why property taxes went down in Washoe County. It's nice when a bill goes down, especially a big one like this.