My New Outside Blog: www.lasvegasmtg.com Report: Las Vegas housing values are not treading water

www.lasvegasmtg.com Report: Las Vegas housing values are not treading water

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 Underwater 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.

Underwater statesAccording 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.

 

         Kenny Salame                                                                                                  Equal Housing

Kenny Salame
Senior Loan Officer
All Western Mortgage Inc.
8345 W. Sunset Rd.
Suite 380
Las Vegas, NV, 89113
US                            
Mobile: 702--506-3301
Direct: 702-947-0609
Office: 702-369-0905
Fax: 702-952-0887
ksalame@allwesterm.com
 
 
 
 
 
 
Comment balloon 2 commentsKenny Salame • August 15 2010 12:55PM

Comments

Well hello John and a wonderful plug for Las Vegas Nevada and full of some information, you have found yourself a feature at one of my favorite groups ...

LAS VEGAS - NEVADA

Vegas Bob

Posted by Robert Vegas Bob Swetz, Las Vegas Henderson Homes for Sale (Realty ONE Group) over 8 years ago

Bob,

Thank you for the featured post. I love reading your articles and especially your photos. Your pictures are worth a thousand words and promote Las Vegas as much as the Las Vegas Convention Aauthority. Keep up the good work!

Posted by Kenny Salame, NMLS ID 313873 (All Western Mortgage Broker # 14210) over 8 years ago

Participate