www.lasvegasmtg.com Report: Las Vegas housing values are not treading water
www.lasvegasmtg.com Report: Las Vegas housing values are not treading water according to the article posted in the LasVegas Review Journal by Hubble Smith. With the current year tax assessment showing a decline in the values of homes, home owners will see a reprieve in their monthly payments due to the lower assessments. The county coffers will also see a decline from the previous year of $2.2 Billion to $1.8 Billion based on the 731,000 parcels that have been revalued by the Clark County Assessor's Office.
This is the first year that the Assessor's Office had decreased the properties values for all parcels. In previous years a property owner had only from January 1st through January 15th to file an appeal to challenge the assessed value. In 2005 the State Legislators had provided a mechanism to prevent Tax Shock when the housing values were rising at astounding rate. If a owner occupied home was assessed a higher rate from the previous year there was a 3% cap that could be increased. The same was true for 2nd homes and investment homes, but the cap was set at 8% per year. If the properties assessed value increased more then the cap it would carry over to the next year and was again subject to the cap. That is why for 2 to 3 years after home prices started to decline in 2007 properties owners were still seeing a rise in the property taxes even though values had dropped.
According to First American Core Logic 75% of all Las Vegas property owners are now underwater. There was no areas in Clark County that was not affected by the decline. The least hit area was in the Summerlin South, and only slipped by 4% from its highs according to the Las Vegas Review Journal article. To see the median home values and percentage of declines for all of Clark County read the full article.