Las Vegas Tax Information

What taxes do Las Vegas home owner’s pay on their properties?  There are several including Real Property Transfer Tax and Real Property Tax.  “Upon the transfer of any real property in the State of Nevada, a special tax called the Real Property Transfer Tax is imposed.  The County Recorder in the county where the property is located is the agency responsible for the imposition and collection of the tax at the time the transfer is recorded.  The Grantee and Grantor are jointly and severally liable for the payment of the tax.  When all taxes and recording fees required are paid, the deed is recorded.”  The rate of tax for Clark County (which includes the Las Vegas Valley) is $2.55 for each $500 of value, and this is paid at the close of any real estate transaction.  For more information, visit:

 

http://tax.state.nv.us/DOAS_FORMS/RPTT%20BROCHURE.pdf

  

Property taxes are collected by the County based on taxable value of property. “Taxable value of property is determined by the Assessor using methods prescribed by Nevada Revised Statutes and Department of Taxation regulations.  Generally speaking, taxable value of real property is the appraised value of the land and the current replacement cost of improvements,” such as structures like a home. 

 

The Clark County Assessor determines taxable value by calculating the cost of materials and labor it would take to replace the subject property and appraisal methods.  “The tax monies collected pay for schools, roads, police and fire protection, along with the other services that a taxpayer demands and desires from local government.”

 

For more information, please visit:

 

http://www.clarkcountynv.gov/depts/assessor/Pages/default.aspx   

 

These taxes are prorated to the close of escrow when buying or selling a property.

 

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