Make Sure to Check Your Mail...
This post is specifically for ALL Clark County Residents. Check your mail, it can save you money. Every year, we receive a notice from Clark County regarding our property taxes. For those of you new(er) to town, or just didn’t know, we have been in a Property Tax Cap plan for more than a Decade. What does that mean? It means that for most of us, our property taxes are capped at a 3% increase per year, which is really convenient. This is for OWNER OCCUPIED units only and for primary residences.
Without making sure you notify the County, instead of a 3.0% cap rate, you would be subject to a 4.8% increase. While not much, this is a potential savings of a decent amount of money, especially if you fail to do it several years in a row.
Pretend for the sake of math and simplicity, your Property Taxes last year were $2,000. With the 3% cap rate, the taxes can only go as high as $2,060 for this year. A 4.8% increase would raise your rate to $2,096, an extra $36. While it’s not a huge amount, no one wants to pay more than they need. And if you forget year after year, take a look at this scenario. Again, pretend for simplicity, last year your payment was $2,000. At a 3% cap, after 5 years, your rate would be $2,318.55 and after 10 years your rate would be $2,687.83. A small 3% rate does start to compound and get more expensive. Compare that to the 4.8% rate now. After 5 years, the 4.8% cap rate would be a $2,528.35 Tax Bill and after 10 years it would be $3,196.27. After 5 years, the savings of 3% vs 4.8% is $209.80, and if you didn’t correct this, after 10 years, you would be paying $508.43 MORE in taxes than you need to be paying. I’ve got it in a chart for you to see visually.
The form should have been delivered to your mailbox directly. However, if you haven’t seen it, here is the press release for you to check yourself what your Tax Rate is. If it doesn’t look accurate, there is contact information on here as well, with directions on how to request a new form!
Of course, if you have any questions, please let us know and we can help get you in touch with the right people!
-GZ