LAS VEGAS (KTNV) — You could be paying more on your property tax than you realize. Under state law as a property owner, you can apply for a three percent tax cap on your primary residence. However, time is running out for this fiscal year.
CLEARING UP CONFUSION: Clark County assessor addresses panic with property tax cap
This may be a familiar postcard for any homeowner showing their property taxes in Nevada. While some may know there's a property tax cap, many may not.
Right now, the tax cap in our state is at three percent for a primary home. Meaning, a homeowner won't ever see an increase in property tax of more than three percent. However, that's only if the homeowner implemented the cap.
Homeowner Alexander Alonso is trying to fix this.
“Right now it’s 7.7 percent, and with the program, it can lower me to three,” he said.
Alonso was at the Clark County Assessor’s Office to get his property tax reduction. He says it’s a good move with energy costs going up.
“Right now with this weather, I’m consuming a lot of energy in my house because of the air conditioning,” Alonso said.
Realtor Zar Zanganeh says this property tax abatement is available to any homeowner owning a primary residence in Nevada. He says they should respond to the postcard sent by the county before the end of the fiscal year on June 30, or else they could face up to an eight percent tax cap.
“It’s something a lot of clients are asking about, and every person who’s purchasing a property, we’re making sure they pay attention to that,” he said.
Zar says it's all about potential dollars saved versus dollars paid when it comes to property tax.
“It’s savings of hundreds to thousands of dollars depending on the value of your property," he said.
Alonso looks forward to his property tax savings, and he says it will help his family pay for other needs.
“I can use it for gas that is expensive, or food. Everything is you know going up,” he said.
If you’re interested in taking advantage of the property tax cap, you’re encouraged to contact the Clark County Assessor’s Office here.