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Las Vegas Real Estate News

How Are Property Taxes Calculated?


Here is an example of how one would calculate property tax. Assume you have a home with a taxable value of $100,000, located in the City of Las Vegas. The tax rate for 2005-06 in the City is $3.3002 per hundred of assessed value. To determine the assessed value, multiply the taxable value of the home ($100,000) by the assessment ratio (35%):

$100,000 X .35 = $35,000 assessed value

To calculate the tax, multiply the assessed value by the tax rate ($3.3002 per hundred dollars assessed value).

$35,000 (assessed value) x .033002 (tax rate) = $1,151 taxes for the 2005-06 fiscal year.

In Clark County there are currently 88 tax districts. The tax rates for these districts are based on the amount of monies budgeted for the necessary maintenance and improvements of their facilities and services. The tax monies collected for the districts pay for schools, police and fire protection, along with other services that taxpayers demand and desire from their local government. These tax rates vary depending on the type of services provided to an area. Below are the basic city taxes, many districts have additional percentages to pay for the specific needs of the area. Example: special water, police, library, fire prevention,
redevelopment, etc.

The Nevada State Legislature has passed a law to provide property tax relief to all citizens. Assembly Bill 489, signed into law on April 6, 2005, provides a partial abatement of taxes by applying a 3% cap on the tax bill of the owner's primary residence (single-family house, townhouse, condominium or manufactured home). Only one property may be selected in the State of Nevada as a primary residence.

An 8% cap on the tax bill will be applied to residences that are not owner occupied. The 8% cap would also apply to land, commercial buildings, business personal property, aircraft, etc. New construction or property that has a change of use (zoning change or manufactured home conversion) will not qualify for any cap for this fiscal year but will receive the 3% or 8% cap starting July 1, 2007.

Tax rate questions: Clark County Manager's Office - Budget Division 702-455-3543
Assessment questions: Assessor's Office 702-455-4997
Provided compliments of Equity Title of Nevada 702.432.1111 or www.equitynv.com

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Las Vegas -
Is it the perfect real estate market? 

      by Gregg Thaylor
      Director of Business Development
      SunVest Communities

We believe that the only bubble that will be seen in the near and foreseeable future in the Las Vegas real estate market will be in the champagne glasses of the home buyers and investors who continue to buy real estate in the Valley in unprecedented numbers. Here’s why: 

·       Las Vegas has doubled its population every decade since World War II; in the decade of the 1990s, Las Vegas added nine new residents every hour; and, in 2004, the region bettered that astonishing pace by adding 11 new residents every hour (that’s one about every 5 minutes and 30 seconds.

·       Federal government figures released recently reveal that U.S. housing prices jumped by 13.4 percent for the 12-month period ending June 30, the largest increase in more than 25 years. And Government officials see no end in sight. The report quoted Office of Federal Housing Enterprise Oversight (OFHEO) chief economist Patrick Lawler saying, "There is no evidence of prices topping out. On the contrary, house price inflation continues to accelerate.

·       Unemployment is below 4% and is dropping rapidly.

·       In addition to Las Vegas being the fastest growing city in the United States for the past ten years, Nevada will be the nation's fastest growing state for the next two and half decades and by 2030 will have more than 4 million residents -- more than twice as many as in 2000, according to a U.S. Census Bureau population growth released this April.
 

·       "Las Vegas: Is Boom Overextended?" was the headline on the June 20, 1955, issue of Life magazine. Fifty years and and 130,000 hotel rooms later another boom is echoing across Las Vegas Valley as the market adjusts to demand for affordable housing.
 

·       Las Vegas consistently pulls families, second-home, and retirement refugees from California who look for a better value and a way to bank some of their home equity.

·       A recent report from the Public Policy Institute of California found that high rents and rising home prices have one in four Californians thinking about moving out of state or to another town. Of California's 36 million population, about 7 million are 55 years of age or older and more than a million will hit that age in the next five years, Sullivan said. All of them pay state income tax. Moving to Las Vegas would save them about 10 percent of their annual income.

·       Casinos backed by Wall Street are spending billions of dollars expanding. From downtown, where hundreds of millions of dollars are being spent renovating such downtown icons as the Golden Nugget and the Lady Luck, past MGM’s $5 billion City Center and Boyd’s $750 million South Coast, ending at the twin $2 billion casinos being built at the Strip and St. Rose Parkway, hotel and casino development planned to be completed by 2009 approaches $15 billion.

·       There were more small businesses started in Las Vegas in 2005 than anywhere in the country.

·       Apartment complexes are being snapped up by investors and converted to condos at a faster rate than new units are being built, which is putting upward pressure on rental rates.

·       The apartment market reached a 95.1 percent valley-wide occupancy rate in the second quarter, despite a 6.3 percent increase in monthly rents during the last 12 months.

·       Analysts estimate that apartment rent growth will range from 8 to 10 percent by the close of 2005.

·       On November 22, 2005, the Las Vegas Review Journal reported that in the past year, Las Vegas businesses have added 61,000 jobs. 61,000 jobs!  How many families does that represent?  How many individuals?  More to the point, ask yourself what impact the creation of these new jobs, many of which, if not the majority of which, went to new residents of the Las Vegas metro area, had on the demand for housing in the Valley?

This level of job growth is four times the national average, no other state even came close to Las Vegas’ job growth performance.

 Gaming and hospitality added the most jobs with 16,500, which was to be expected. Additionally, professional and business services companies added 13,600 jobs, a strong second place showing.  This is extremely significant in that it provides empirical proof that the diversification of Las Vegas’ economy, which can only stabilize and strengthen the real estate market, is rapidly proceeding.

 These new employment figures further strengthen our position that if there is a bubble in the Las Vegas real estate market, it is a protective bubble derived from the Valley’s unique demographics and geography, a bubble of stability, not one of irrational speculation.

 Despite these facts, we believe that investor’s expectations must be adjusted.  It is almost a certainty that the recent year to year 52% median home price increase that homeowners and investors alike experienced in 2004 is unlikely to be repeated.  Ever.

 Advise your buyers to scale back their expectations and dreams of get-rich-quick returns.  It is likely that those meteoric gains will be replaced with merely stratospheric returns.

 Real estate buyers have become spoiled, with the leverage of mortgages, those 52% gains yielded some buyers cash on cash returns of several hundred per cent in one year.

 No investment ever goes up in a straight line, and it seems that prices had gotten ahead of themselves a bit and are taking a breather.  But, Las Vegas’ population and economic growth is marching on inexorably, and can only lead to one result; continued real estate price appreciation. 

After all, condo conversions represent entry level, necessity housing. And while there seems to be no let up in site, historically it has been necessity housing that has been most price inelastic. 

So, advise your buyers to take a deep breath along with a reality check.  Manage their expectations. Inform them that they may  have to hold their properties longer than thirteen months to see the considerable gains they became accustomed to.  So, maybe it will take 23 months to see stratospheric returns.  Dare them to find an investment with a higher likelihood.

 Thirteen months, twenty three months or thirty months, a strong case can be made that Las Vegas real estate, with its terrific likelihood of appreciation and the not-to-be-found-elsewhere safety net of its restricted geography and compelling demographics, represent one of the surest, safest bets to be made anywhere. 

 One of the surest, safest bets anywhere?  Found in Las Vegas? A little ironic, isn’t it?

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Has Las Vegas Priced Itself Out Of The Investor Market?
In 2002, a four bedroom house in Las Vegas could be found for $150,000 and rented for $1,100 per month. That was just enough rent to cover the mortgage, property tax and a month of vacancy each year. In 2005, that same house would sell for $250,000. From a cashflow perspective, the rental market has not kept pace with the home prices. You would still be able to get $1,100-1,200 per month in rent, but that won't completely cover the mortgage unless you put down a large downpayment.
 
 
So, is Vegas still a good investment market? If you can handle some risk and some negative cashflow (or bigger downpayments), it still has promise. Las Vegas is one of those rare metro areas in the United States where there is a good demand for real estate and a finite supply. There are currently 1.5 million residents, and a net increase of 7,500 more each month. Las Vegas is located in the bullseye of the national sun-belt migration pattern. Retirees are heading to the sun and the fun, and enough jobs are in Las Vegas that the working class finds opportunity in the desert too.
 
 
The beauty of Las Vegas is the land ownership. The city is surrounded by government land, military bases and mountains. The government will continue to release land until approximately 2012, at which point all the land will be consumed. The result is that Las Vegas real estate is surging. Big time. In June of 2004 the Bureau Of Land Management auctioned a 1,900 acre tract of land for development. The expected sales price was in the $280 million range; it was bought for $555 million by a collection of very optimistic home builders. You can bet that they have a plan to get that money back out in the form of increasing home prices in the coming years.
So long as terrorists ignore sin city and the southwestern migration patterns hold up, Las Vegas should continue to outpace the national average. The days of Las Vegas being king of cashflow AND appreciation may be over, but if you are looking for a pure appreciation oppurtunity, Las Vegas may be your best play. Join the Cashflow Property Network to make the most of this information and other opportunities around the nation!



Courtesy of the Cashflow Property Network
 

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Correcting your Credit Score within a Week!

Great Financial Mortgage President Talks Rapid Re-Score With ABC7 News

 
An electronic technique that works directly with the three major credit bureaus allowing consumers the ability to immediately repair and boost credit score in as little as 5-7 days.

ABC7 news consumer specialist Ric Romero interviewed Gavin Fenske, President of Great Financial Mortgage, www.greatfinancialmortgage.com , about the Rapid Re-Score option. Rapid re-scoring allows customers seeking mortgage financing the opportunity to immediately repair erroneous information that is currently on the credit report and boost their scores in about 5-7 days. This can mean getting better interest rates and better terms on a loan versus taking a sub-prime loan that offers higher rates and uncomfortable terms. Asked why this is an important feature, Fenske explained that rates and programs are based upon a client's credit score. Typically, through regular channels, it would take a consumer 2-3 months to repair their credit going directly through the three major credit bureaus (Experian, Equifax and TransUnion).

Rapid re-scoring requires that the consumer have proof that the item on the report is being reported erroneously. The proof can take the form of a deletion letter, satisfaction of judgment, release of lien, bankruptcy papers, letter showing settlement of a collection, or any other significant form.

Fenske pointed out that consumers can ask their loan officer to reveal the data the lender obtained and review any possible mistakes. Unfortunately, many consumer credit reports still reflect information that is not accurate even after the consumer has resolved the matter. Errors typically can take from 2-3 months to resolve. In today's market, buyers are left at a disadvantage in obtaining the best possible rates and programs because lenders put great weight on credit scores. However, by using the rapid re-scoring capability available through most lenders, Great Financial Mortgage can assist consumers and significantly speed up the tedious process of removing erroneous information. Getting a new credit score in 5-7 days versus 2-3 months can make a world of difference and save thousands of dollars over the life of a loan.

In a market where homes are moving in days and rates are poised to move up, timing is everything when securing the right loan or refinancing a home. Fenske said, "We find that customers who have erroneous items showing on their credit reports and the documentation to prove otherwise, gain a tremendous advantage in the rates and programs offered to them following Rapid re-scoring."

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