Reno Real Estate Blog

The Washoe County Assessor is coming out with a report saying values of raw land are down from 30-40% since the height of the market. The shocking fact is that most homeowners will be hit with a 3-5% tax increase this year because of a report that came out stating the replacement values of actual homes and buildings are up. Nevada  property tax caps were put in place in 2004 which states that excess property values were not taxed in prior years and can be pulled from abatement to increase taxes by the full 3% to be able to help schools and local governments. Land values in Northwest Reno, Stead, Spanish Springs and other communities north of the river are down by 30%. Large custom homes in the SW Suburban neighborhood are up by the full measure the county can raise taxes. That is because they have not been appraised since 2003 at the start of the housing boom, at that time a 2.5 acre parcel of land was valued at $330,000 and now it is at $500,000. If you have questions I encourage you to call the assessors office at 775-328-2233, if you do not get satisfaction you have until January 15 to file an appeal with the County Board of Equalization.

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• Reno Real Estate news (22)
• washoe county land values (1)