Property Taxes in High Rise Condominiums
High Rise Condominiums in Las Vegas, like all real estate, must pay property taxes. Property tax in Clark County, which Las Vegas is in, is calculated by first multiplying your home’s “Taxable Value” (Value of your home) by 0.35 (This number is set by law). This will figure is the “Assessed Value” of your home. Now you need to multiply your home’s “Assessed Value” by the local “Tax Rate”. Clark County is divided into 88 different tax districts – so in order to accurately calculate your property taxes, you must know which tax district you live in. Las Vegas has many different tax districts, for a full list see our Clark County tax districts page.
This may seem a bit complicated, but it’s not. Let’s say you live in Sky Las Vegas – the High Rise Condominium building near Circus-Circus and Fontainebleau. Let’s also assume your unit inside of Sky Las Vegas is worth $170,000 (Taxable Value). Now we need to calculate the “Assessed Value” by multiplying $170,000 by 0.35, which is $59,500. Now you need to multiply this number by the local tax rate. Since Sky Las Vegas is technically located in Tax District 410 “Winchester” (It’s still in Las Vegas. In fact, It’s ON the Las Vegas Strip!) the Tax Rate is 2.9412% (2010-2011). Now we need to multiply $59,500 (The “Assessed Value”) by 0.029412 (Tax Rate) and we get $1,750.01. The total yearly taxes on the $170,000 Sky Las Vegas Unit is $1,750. This is in addition to any HOA Fees paid, as HOA fees do not cover property taxes on individual units.
Property “tax rates” in Las Vegas vary depending on the tax district from as low as 2.4% to 3.5%. Remember these tax rates are AFTER finding your home’s “Assessed Value”. If you’re looking for a quick and easy way to estimate property taxes in Las Vegas without looking up Tax Districts – simply multiply the value of your home or condo by 1.05%. This will give you a good idea of what to expect in terms of yearly property taxes.