Home value updates may mean lower property taxes in Washoe County. With July 1st as the official start of the new fiscal year, the treasurer's office has begun mailing Washoe County homeowners' their new tax bill for the year. With the decline in Washoe County property values, homeowners can expect an average $250 smaller tax bill than last year. While not all Washoe County homeowners will get a lower tax bill, the assessor's office estimates approximately 90% will see their property taxes reduced.
It appears that Washoe County property owners will most likely see an 11-12% decrease in their assessed property value on average. The tax assessor's office sent out updated property value notices last November and December so that residents could review them. Washoe County residents had until January 15th to dispute the new assessed value if they disagreed with them.
Due to a skyrocketing real estate prices in the middle of the last decade, there were annual limits (3% for homes, 8% for commercial property and apartments) placed on property tax increases to help homeowners during that time. However, the local governments were allowed to set aside increases so they could collect them in future years, when the increases would fit below the cap in place. For some homeowners, that means that they may not get a decrease in their property taxes even if their home has lost some of its value because it will be taxed at the higher rate due to the set-aside tax being included.
Those Washoe County homeowners who pay their tax bill as part of their mortgage payment each month may not see a reduction right away. It can take anywhere from two billing cycles up to a year for the reduction to take place. If your are a Washoe County homeowner and wish to see if you can get your tax bill reduction reflected earlier, call your mortgage company after you receive your tax bill and speak with your mortgage company's customer service representative.
While home value updates may mean lower property taxes for some homeowners in Washoe County, please keep in mind that it may not affect everyone. If you ever need help with your Washoe County real estate, please contact me.
Charlene Hamilton, your Reno relocation specialist
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