Can a mysterious Spaceport transform the Las Vegas real estate landscape? Join us as we explore the enigmatic Las Vegas Spaceport project, delving into the recently issued construction permits and our field trip adventure to uncover its elusive location. Despite swirling rumors and exhaustive searches, the exact site remains a mystery. We also share innovative methods, including harnessing online resources and the expertise of Jose Monkey, to pinpoint the Spaceport's location. The excitement is palpable as we speculate on the project's potential to revolutionize real estate investment opportunities in the area.
Next, we tackle a hot topic: the ripple effects of student debt forgiveness on borrowing costs and bank profits. Will banks use this as an excuse to raise rates? We analyze the potential long-term impacts on interest rates and the banking sector's profit strategies. Shifting to the Las Vegas real estate market, we discuss how the absence of rent control and fluctuating interest rates are creating a roller coaster effect in property activity. We provide current market stats, including active single-family homes and recent sales numbers, offering valuable insights for buyers and investors.
Homeownership versus renting—what are the real pros and cons in today's market? We share personal experiences highlighting the stability and benefits of owning a home, such as tax advantages, property appreciation, and the security of not being evicted. In contrast, we discuss the lack of control and frequent rent hikes faced by renters. We also demystify property tax complexities in Clark County, including the 3% cap on tax rate increases for primary residences and the benefits available for new construction homes and owner-occupied properties. With useful resources for checking property tax information, we ensure you're well-prepared and informed.
Welcome to Vegas Realty Check, the informative podcast that dives deep into the world of Las Vegas real estate.
Our expert hosts break down the complexities of the ever-changing Las Vegas property market, analyze market trends, economic indicators, and unique property features to provide you with valuable insights on timing your home sale or purchase.
Don't miss out on the fun! New episodes drop every Thursday! Stay in the know about Las Vegas real estate with insights straight from the pros . Thanks for watching, listening, and sharing!
If you LOVE our content , Please subscribe to our show here
Linktree https://linktr.ee/vegasrealtycheck?utm_source=linktree_profile_share<sid=665d8181-2204-45fb-b56f-e8ed3efbfd18 Send Listener Questions to : VegasRealtyCheck@gmail.com Access All Episodes at RealtyCheck.Vegas Watch Live on Facebook Thursdays @9:30am PST https://www.facebook.com/VegasRealtyCheck Linktree https://linktr.ee/vegasrealtycheck?utm_sourc...
Can a mysterious Spaceport transform the Las Vegas real estate landscape? Join us as we explore the enigmatic Las Vegas Spaceport project, delving into the recently issued construction permits and our field trip adventure to uncover its elusive location. Despite swirling rumors and exhaustive searches, the exact site remains a mystery. We also share innovative methods, including harnessing online resources and the expertise of Jose Monkey, to pinpoint the Spaceport's location. The excitement is palpable as we speculate on the project's potential to revolutionize real estate investment opportunities in the area.
Next, we tackle a hot topic: the ripple effects of student debt forgiveness on borrowing costs and bank profits. Will banks use this as an excuse to raise rates? We analyze the potential long-term impacts on interest rates and the banking sector's profit strategies. Shifting to the Las Vegas real estate market, we discuss how the absence of rent control and fluctuating interest rates are creating a roller coaster effect in property activity. We provide current market stats, including active single-family homes and recent sales numbers, offering valuable insights for buyers and investors.
Homeownership versus renting—what are the real pros and cons in today's market? We share personal experiences highlighting the stability and benefits of owning a home, such as tax advantages, property appreciation, and the security of not being evicted. In contrast, we discuss the lack of control and frequent rent hikes faced by renters. We also demystify property tax complexities in Clark County, including the 3% cap on tax rate increases for primary residences and the benefits available for new construction homes and owner-occupied properties. With useful resources for checking property tax information, we ensure you're well-prepared and informed.
Welcome to Vegas Realty Check, the informative podcast that dives deep into the world of Las Vegas real estate.
Our expert hosts break down the complexities of the ever-changing Las Vegas property market, analyze market trends, economic indicators, and unique property features to provide you with valuable insights on timing your home sale or purchase.
Don't miss out on the fun! New episodes drop every Thursday! Stay in the know about Las Vegas real estate with insights straight from the pros . Thanks for watching, listening, and sharing!
If you LOVE our content , Please subscribe to our show here
Linktree https://linktr.ee/vegasrealtycheck?utm_source=linktree_profile_share<sid=665d8181-2204-45fb-b56f-e8ed3efbfd18 Send Listener Questions to : VegasRealtyCheck@gmail.com Access All Episodes at RealtyCheck.Vegas Watch Live on Facebook Thursdays @9:30am PST https://www.facebook.com/VegasRealtyCheck Linktree https://linktr.ee/vegasrealtycheck?utm_sourc...
Speaker 1:
Good morning, Vegas. Thank you for joining us back here on Vegas Realty. Check your local Las Vegas real estate news show. And I'm Trish Williams and I'm Tiana Carroll. Welcome back, Vegas, Glad to have you here. Yes, we are. We're at the end of May. It's already June, guys. Tomorrow.
Speaker 2:
We're just yeah, well, not tomorrow. Is it Saturday Day after tomorrow? Okay, yeah, it's close. It's close. Next time we see you, it'll be June.
Speaker 1:
Yes, for sure, for sure, and we'll be back and looking at May's market numbers. Yeah, in news this week, again repetitiveness, yeah, but two things that I think are important to note. Well, one there has been more talk about Spaceport. We talk about this quite a few times on the show the Las Vegas Spaceport. Their website has a little bit more posting activity on it. They got some construction permits permitted, however, I was. You know, again, there's things that are rumored and you don't always know the accuracy of the rumors or things change.
Speaker 1:
So we took a trip out to the area where we have heard that it's supposed to be Okay, and I seen nothing. It's just a desert, yeah, but they I mean they got permits. I don't know if they're supposed to be signs or tractors or something. I was expecting to see something and then I was like maybe this isn't the area, because I looked all over Google and was like where is it? And there's nothing that says where it is.
Speaker 2:
Exactly where it is Right, exactly, yeah, yeah, yeah, so maybe you're just in the wrong place. Um well, usually when they do it, they'll like fence off the area and then they'll post the actual permit on the fence, like this construction company is building this property here. So maybe because the permits were just issued, it hasn't gone up yet.
Speaker 1:
Yeah, I see nothing of the sort On Spaceport's website. There is a video of them doing a drive-through on like an ATV of the property and I've seen in the area where I was, I guess, told you know, or whatever, but again could be rumors that it would be. There's nothing of the sort there, I guess told you know or whatever, but again could be rumors that it would be. There's, um, there's nothing there. There's nothing of the sort.
Speaker 2:
They are not even anything that matched that video, so well then, that just sounds like you were in the wrong spot. Yeah, yeah, okay.
Speaker 1:
So definitely not where I thought it would be, cause um I I was um initially told that it was going to be around.
Speaker 2:
I love that you're like proactive and you're like I'm going to go out there and see what's happening. Are you excited about Spaceport? Are you going to do it?
Speaker 1:
No.
Speaker 2:
Oh, I would do it.
Speaker 1:
I just barely got on planes, are you thinking?
Speaker 2:
I'm going to get on a rocket. You're right, you're right.
Speaker 1:
But that portion of it is not anticipated to be starting until like the next 10 years.
Speaker 2:
This is a lot down the line.
Speaker 1:
Oh well, it's a big project if it happens. Yeah, so they're going to start with the STEM Academy. But why I'm interested in it is hey, I like to look towards the future, as I want to buy real estate near the area where it's going to be and I want to know where it's going to be so I could start looking into-.
Speaker 2:
Can somebody from Space Fort just go ahead and text Trish the location so that way she could start searching surrounding properties for the money right now I just get her money out of that land.
Speaker 1:
It's in the, it's in the middle of a lot of vacant land. I'm sure there's opportunity there, right?
Speaker 2:
so I'm looking for forward to finding and capitalizing on some opportunity yeah, well, those are the best kind of things to capitalize on those good opportunities yeah which I wish I did it every single time in my life, instead of letting some of those good opportunities slide through my fingers, which I regret.
Speaker 1:
Yeah, and then again there is a little bit of a gamble there. Regardless, they got construction permits permitted, but so many times things organizations, plans, get permits for certain things but never move forward. So you know they do need a pool of investors. The website even states that to make this all a possibility. But I believe in it.
Speaker 2:
You're like this is going to be something. Well, if it's going to happen, vegas would definitely be the place to have it happen. Right, we have enough space to get to space. Yeah.
Speaker 1:
No, and it's amazing. It's an amazing plan. Something else that I read said it was by Area 51, which is the opposite, a different area of where I was even at. So I don't know, but I don't think anybody knows.
Speaker 2:
So this video that you saw, didn't it look like desert, though?
Speaker 1:
Of course it was desert and I was trying to like zoom in and screenshot the mountains behind it and match up the mountains, but it didn't work.
Speaker 2:
Yeah, you know what you need to do. Do you know who Jose monkey is? I don't, oh my God. So there's this guy on line, his name's Jose monkey, and you send him a video wherever you are in the world and you're like, go ahead and find me, jose monkey, and you give him permission to search you and then he shows you exactly how long it would find somebody to find you online. And he rare. I don't. I've never seen him fail, and it doesn't matter where in the world he's at, just from a video he can find. He looks at mountain ranges, he looks at landmarks, he'll search like signage and strip malls in the background.
Speaker 1:
I mean, it's crazy, I'm going to be contacting mr jose because I want to know where this is at.
Speaker 2:
You're like Jose monkey, find out where this video is. We want to know where Spade Sports at. There's probably an easier way, but but, but that works.
Speaker 1:
So if anybody out there knows for sure where it's going to be at, let me know. I want to know.
Speaker 2:
Yeah, inquiring minds want to know she's all in for the opportunity. She's all in for the opportunity she's like. Listen, you tell me where it's at and I'll find a solid property. We'll be great, yes.
Speaker 1:
Yes, absolutely All right. And speaking of investments, I don't and again I don't want the statement to like, you know, like all of these statements. My next two statements might sound a little political, but they are not intended to be so.
Speaker 2:
Okay, okay, okay yeah, because we try and keep politics off of the show.
Speaker 1:
We try to keep politics off of the show, but sometimes whatever's happening in politics does pour over into real estate, yep. So one of the things is and I'm sure we probably even have opposing views on this issue and other people might have opposing views on this issue and other people might have opposing views on this issue but all I want to say is rent control is very much being considered, looked after, voted on. There is movement that is happening for this in the city. If this affects you and if it will affect you, or if you believe it will affect you, and if you own investment property, it probably will affect you, or if you believe it will affect you and if you own investment property, it probably will affect you. You need to follow this. You need to follow this. You need to look into it. You need to vote on it. Do your research. I will never be the person to tell anybody how to vote or what to vote or whatever but do your research, because this is something that people should not ignore.
Speaker 2:
This is happening or up for review. It will definitely change the landscape of the way our rental economy works, for sure, for sure. So you're right. If it is going to affect you, you should educate yourself and decide. You know, are you in it for the money or the humanitarian issue? Do you decide it's?
Speaker 1:
up to you.
Speaker 2:
Again yes.
Speaker 1:
But anybody that this, and I think any property owners, and especially investment property owners, need to look into and follow this and make sure you don't not go down to the ballots this year and do whatever is in your interest on on this subject, because it is, it is something that, um, we could see coming and it's, it's up for grabs.
Speaker 2:
Yeah, and that that that would change a whole lot in real estate if that passed, absolutely, absolutely.
Speaker 1:
I spoke with a property manager that was like having a meltdown yesterday. Well, the sky's not falling yet but, um, you know so. So, yes, this is a big issue. If it concerns you, you need to look into what's happening and follow it and and be proactive, because, um, we have to be proactive on issues that affect us.
Speaker 2:
Yeah, and the only thing that you can do is to educate yourself on the issues that do affect you and then make your voting count. Yeah, period. Yeah, don't skip out, don't let it just happen in the background. That's not going to benefit anybody, right?
Speaker 1:
And then the next one is I guess I'm going to go this into like a theory in Trisha's head. Now let me just say maybe we should have that a whole a whole segment. What's happening?
Speaker 2:
in Trisha's head. What are her theories? And I could be totally wrong.
Speaker 1:
Okay, so wrong on this, like I don't know it. Just it came across my head and it made me like, huh, I wonder if that's a thing. Okay, what do you got Now? I'm interested. So we have this whole like thing going on, and again, this is not intended politically, but about, you know, student debt being paid off.
Speaker 2:
Oh yeah, I saw a lot of stuff on this too.
Speaker 1:
Yes, now, this essentially you know. Of course, taxpayers are paying the whatever for forgiveness, for whatever on this, as we always do. As we do and everything. However, I do know that in most cases and I assume this is the same one whenever there are debts being settled, paid off, regardless of who's paying them and, you know, settled at some point, they're usually settled at a lower cost.
Speaker 2:
Yeah, yeah.
Speaker 1:
Penny, Like at a discount. So I assume that that's probably what's going to be happening with this right, the banks will take a hit, just like the banks take a hit when there's multiple foreclosures. When there's multiple, everything these, these negotiations will affect the banks. Yeah, Is that then and this is Trisha's theory that I wonder if anybody has answers for this or things that support this, I'd like to know. But is that then going to future down the line, Because we all pay the price for our actions later?
Speaker 2:
Well, not all of us. The banks don't Wait, we're not getting political Sorry wait, we're not getting political, sorry.
Speaker 1:
Is that then going to affect the cost of borrowing money in general down the line? And that? That was a question in my head. Like we are all hoping, like, hey, rates are going to come down, they're going to get lower, they're going to do this, is this going to have a trickle or pour over effect into our future rates?
Speaker 2:
Yes. Okay, so got you thinking this morning I'm trying to think about what I could say without being me. Damn it, I can't. Yeah, yeah, uh. So I think that anytime that the banks can pull one over on us, they're going to.
Speaker 1:
Yeah.
Speaker 2:
Period. And if they have to use that as an excuse, then I believe they will. Yeah, period, and I mean, I don't know, that that's it. That might be my own conspiracy theory, but I feel like banks, who are in charge of money, should do a hell of a lot better than they do.
Speaker 1:
Well, yeah, no, I agree with that. See, we agree, we agree sometimes.
Speaker 2:
Sometimes, sometimes. But yeah, I think that if they can mask anything to make a buck anywhere over on us, then they absolutely will. And if they have to use student debt as the excuse, fine. But in my head I have a very different theory. I'm like well, you didn't have that money anyway, so getting some money, you're good. It's like a short sale, like congratulations, you're not in the red.
Speaker 1:
Right, but it's the long, it's the long-term gain on it.
Speaker 2:
So you do have a long-term game of like the interest over time and time and time.
Speaker 1:
Yeah, and then your you know your books over the years, with all the interest that accumulated from the payments, from everything, is very profitable. So they're losing the profit aspect of that and probably negotiating it at a lower price to get it all resolved and paid, which obviously is going to put more money in the account now. But the long-term I don't know and again I could be totally wrong on this.
Speaker 2:
Well, with Tricia's theory, I'm with you. They're going to try and do whatever they're going to do to make as much money as they possibly can.
Speaker 1:
Yeah, and I wanted to put that on video. So in five years down the line, when they say, like this is happening, I'll be like yeah, I knew that.
Speaker 2:
We lost billions in recovery.
Speaker 1:
I don't know. Yeah, so there is. I mean, we know, in everything there's a triple down effect. But what is happening besides that of today? What's happening today, today?
Speaker 2:
In real estate. Well, as of today, we don't have any rent control in Vegas. So if you're looking to buy some investment properties, this is still a good place to buy. Yes, absolutely. But speaking of buying, we didn't even talk about numbers. Yep, we got all into the news and we didn't even talk about the numbers, all right. So our active single family today is 3,616. Yep and so that is a little up when we at like 35 and change.
Speaker 1:
Yeah, you know we had rates dip a little bit um over, like the last couple of weeks. Couple of weeks ago they dipped a bit and then they they're back up. So that was temporary dip and I feel like that spiked activity and slowed it down. We are in such a roller coaster Like you, and the average consumer out there does not know what we're seeing here, Like on our end, it's like up down, up down, and it's week over week and sometimes it feels like it's day over day.
Speaker 1:
Yeah, and it's like literally a property on the market it's like boom, there's so many like showings, offers, everything, and then something happens. And then you come back on the market a week later and it's like no one's even coming. What happened over the last week, like it's just, we're in this. It's been like this.
Speaker 2:
I think that anybody who is active in the market at this point in our market life is very proactive and aggressive.
Speaker 2:
Like when buyers are coming in and they've wrapped their head around that this is what they're paying and this is how they're going to do it. I think they are very, very like, I guess, scrambling to get things done, so they want to move fast. So if a house comes on the market and there's a pool of you know a hundred people looking in that price range, those hundred people are acting like frantic, kind of like chummed water for sharks.
Speaker 1:
Absolutely, absolutely. I agree I believe that, um, yeah, so uh, our solds, our solds are still looking decent at 451.
Speaker 2:
Yeah, our solds are good. Yeah, our price reductions are good. 436.
Speaker 1:
Yep, and then, under contract, we have 667. So those are healthy numbers, those are healthy numbers, yeah. So again, no need to panic, no need to worry, okay.
Speaker 2:
Well, all rainbows and butterflies, Okay. Well, we don't know about that, but who knows what the future brings? But, as of right now, all of the doomsdayers that we've been listening to since 2020 have not been right yet.
Speaker 1:
Well, yeah, and I mean if you look at half the stuff, the noise that's out there, you know, I mean I have people that I work with that I don't know they they follow and I guess they're reputable people, but like conspiracy theories, you know, like that, that are out there and like anybody can go on video and post there, you know, I mean you guys could put what I just said as a conspiracy theorist that theory right.
Speaker 1:
But anybody can post their opinions now on video of what they think's coming, and certain people influence other people enough to where other people are like, wow, this person's brilliant, this is what they're saying is true. And we don't know that what they're saying is true, but they will make all of their actions based on that. And that can be. It can be messy. I mean, I have someone that's like, I guess, like bipolar, like hey, we need to sell now, let's list now because the market's crashing. And then you know, no, no, no, we're not going to list now because the dollar is crashing. And no, the market's crashing, no, the dollar is crashing.
Speaker 1:
And I'm like what is crashing Like how about we make this decision based on what your plans are and not what these people on video are telling you to do?
Speaker 2:
So it's kind of hard right. We live in an age where we're bombarded with information and everybody's got theories and you can literally watch the same news snippet, go out to three different channels and have three different versions of that story appear. So I think that people are trying to find what they're in line with. I'm always a glasses half full kind of chick, so it works out better for me. Like everybody was giving me hell back in November of 22 when I purchased because the interest rates were up over like seven and a half percent and whatever. I mean we did rate buy downs.
Speaker 2:
But it's just like you have to do what's right for you because those properties have already appreciated in value. I've already gotten the tax benefits from that year. I've already done all the things that I need my property to be. Not only that, nobody can evict me, I can afford my payments, I am comfortable and happy and healthy, and for me that's what I'm looking for in life. I remember 21 and 20 when I had to rent. In my temporary situation. I felt so out of control and not in control of my own life and things could just change. I could have been evicted with 30 days notice according to our laws here in the Valley. Again, that's that rent control like is it good or is it bad? You got to decide what's right for you, but that feeling of being at somebody else's mercy was absolutely not worth it.
Speaker 1:
Yeah, yeah, I agree with that. And and the not worth it yeah, yeah, I agree with that. And and the not only like the insecurity of it is your rent can change at any time.
Speaker 2:
My rent in the uh, couple of years that I was there, changed four different times. It was insane. And then you know it also comes back to just not having control. What your rights are as a renter and what a landlord does sometimes can be two very different things. Easy example like an AC needs to be serviced, a renter is supposed to have 24 hours notice to make that house available to that appointment appointment.
Speaker 2:
But in the situation I was in, it'd be a knock on the door and be like hey, can we come in? We want to check the AC. And I'd be like Whoa, I'm jumping in the shower for work. This isn't convenient for me. But you're also like this isn't my house and I do want the AC service. So then you just, you know, say okay, come on in. So it's good that you know everything was being taken care of that way, but it's also bad because that loss of control. And, um, I didn't realize how stressful it was until I was out of the situation and then it was like a weight lifted off. Not that I'm not completely grateful for the situation, because being in the rental and getting where I needed to be and being my landing pad after such trauma was amazing. But I never want to go back to renting again. I mean, that's the first time I rented since I was like 19 years old, so it was shocking to be back into it.
Speaker 1:
Yeah, and what I see, like I guess the root of what we're talking about here too, is that is that and I've I've witnessed this firsthand on several different occasions like the whole trajectory of everything is that the people that don't do what everybody else is doing at the time that everybody else is doing, it usually end up with the most favorable situation.
Speaker 2:
Absolutely.
Speaker 1:
Because you follow the herd and you follow the herd. You buy when everybody's buying. You're in the highest amount of competition. You're in the frenzy. You're not getting the best deal Right.
Speaker 2:
If you go back to like 21, when everybody was paying cash over appraised value, cash over appraised value. They're using their hard earned cash to come up over that appraised amount and then now they're out of cash and their house wasn't even worth it at the time, obviously, now it's come up to that, so they were lucky enough to get in the market and then it was like on pause, and now that we're coming into mid 24, 25, those prices are now matching what they paid for back then. But the good news is they have those amazing interest rates and their payments are lower.
Speaker 2:
And so it all works out in the wash. You have to decide what's right for you. I'm not a fear-based person, so I do not believe in, you know, being nervous about making moves. I think that's one of the, I guess, best qualities when I'm working with first-time homebuyers or something. I don't have that fear so I'm able to be like hey, I know it seems like a lot. You said your client was bipolar and all over the road or whatever, but those are fear-based emotions because it's highly emotional in real estate.
Speaker 2:
It is, you know, unless you're working with investors who are just by the number. You're dealing with people's emotions and sometimes reigning a man link, saying like hey, I see that you're fearful of this, but you're just wanting to focus on a fear somewhere instead of the situation and the reality. And the reality is if you get this property, you're going to be in control of your life. You're going to have those tax benefits. Nobody's going to be able to kick you out. You're going to get appreciation. Those are all important things, Right, right.
Speaker 1:
So let's go, let's jump into our listener questions, because we are we're kind of running short on time here, so we'll try to get to most of them.
Speaker 2:
Okay, well, this is the perfect time to be talking about these questions. Yes, we're starting our fiscal year in June, so our tax season for our property taxes are from June, from July to June.
Speaker 1:
Yeah, so that the bills go out around August, but the tax rates are set in June here in Clark County. So this is definitely the time of year to be looking at your property tax rates, making sure that they are all. Everything is set up the way that it should be.
Speaker 2:
And we are lucky enough to have tax caps in the state yes, which is awesome.
Speaker 1:
And just a quick note. You can check your before we get into these questions. You can check all of the information that we're talking about today on the Clark County Assessor website. Yep their phone number is 702-455-3882. If anything looks incorrect or if you're questioning anything, reach out to them. It does get pretty busy in June, so it's good to be ahead of the game there, yeah.
Speaker 2:
You got a couple days before the game there. Yeah, you got it. You got a couple days before you go mad.
Speaker 1:
Yeah Well, mid June usually is when things start happening, so be proactive.
Speaker 2:
Yeah, and then the due dates Monday, first installment. Monday, august 19th, october 7th, 24 is second installment and January 6th is third. And then March 3, 2025 will be your fourth installment for the upcoming tax year.
Speaker 1:
But many times, if you have a mortgage, your mortgage automatically pays your taxes, so you're not paying attention to it. But Luis wanted to ask about tax rates. They seem to be different on homes throughout the Valley. How is this determined and why are they higher on new construction? Definitely two questions.
Speaker 2:
Okay, yeah, oh, so did Lewis ask both the first two.
Speaker 1:
He asked both the first two, the first two sets of questions, all the same. Lewis bombarded me with a bunch of tax questions. He's like hey, what's going on with my tax world, yeah, so. So, yes again, we're not tax advisors, but this is just in reflection to the property tax rules, I guess in Las Vegas or in Clark County. So taxes are calculated To calculate the way that they calculate property taxes in Clark County. They're calculated by district.
Speaker 2:
Right, Right and yeah. Is it called a calculated by district? Right, Well, right and yeah, is it. Is it called a district? Yes, Okay.
Speaker 1:
The different tax jurisdictions, yeah, the different jurisdictions are districts, yep, so you could literally be which we see all the time. There could be a home two blocks away from each other, that's, in a different tax district. So it's assessed differently.
Speaker 2:
It is assessed differently.
Speaker 1:
Yeah.
Speaker 2:
But all in all it's calculated 35% of the taxable value of the property.
Speaker 1:
Right. So a home that like just an example of a tax on a home that doesn't qualify for abatement If the total tax value of a new home is $200,000, which is low.
Speaker 2:
we know that this is just what the county posted.
Speaker 1:
I'm just reiterating what they posted.
Speaker 2:
That must have been from back in 2015,. $200,000.
Speaker 1:
And their assessment ratio were 35%. They were in tax district 200, your tax rate would be 3.27% per $100. So again, it's a weird formula.
Speaker 2:
There is a tax calculator on the assessor website where you can work out this formula.
Speaker 1:
Why are they higher on new construction homes? Well, they're not necessarily higher on new construction homes. However, they're not necessarily higher on new construction homes. However, new construction homes have not been assessed yet, right so?
Speaker 2:
the assessed value is typically at current market value without any depreciation like an older home would have.
Speaker 1:
Right and so, yes, they don't have that depreciation factor which brings them down, so that will be higher essentially, when they are assessed. However, new homes when you purchase a new home, you don't have the tax assessment already set in place for that home because taxes assess every year at the same time and they don't assess it. If this home got built in in December, they're not specially assessing taxes for that home. You still have to wait until the next June, july, august when it gets assessed again, and that is so they automatically. When you purchase a new home, they automatically like, withhold or calculate for 1% to make sure that you are in paying enough to cover the taxes once assessed.
Speaker 2:
Yep and in additional new construction might also include additional assessments like infrastructure improvements, like a center lid or something.
Speaker 1:
Yep, so the next question from Luis, same person same guy. Second question he wants to know if his tax rate is capped at 3% on his primary residence, does that mean that his tax rate will always stay 3%? Wouldn't that be?
Speaker 2:
nice. He said forever, yeah, forever and ever Will it stay at 3% forever?
Speaker 1:
No, nothing is forever, and a big misconception in that question, louise, is that it's not 3%. Your tax rate is not 3%.
Speaker 2:
No, it's not 3%.
Speaker 1:
So the abatement tax, which allows an owner-occupier to have a 3% cap on their primary residence only, is capping that from an increase up to 3%, correct? So that doesn't mean that that is your tax rate, that just means that that is the max that they can increase year over year.
Speaker 2:
Right and it can increase more than that Right, because there are some states that don't have a cap and they get surprise, surprise.
Speaker 1:
Well, we had a couple years ago. We had like a general increase in property taxes which I believe was 7%. Don't quote me on that, but I think it was around 7%.
Speaker 2:
Yeah, something like that.
Speaker 1:
Where if you had that abatement in place, then your property taxes didn't increase by 7%, they only increased up to the cap. Right the cap and we do love a cap. Yeah, back to that assessor website to find out if your property does have that abatement for the owner-occupy. If you qualify of primary residence, you can check the Clark County assessor website and if it's incorrect, there's lots of information there on how to get it corrected. So I would do that now, definitely definitely definitely.
Speaker 1:
And then just quickly rolling into the next question, because I know that we're running out of time.
Speaker 2:
All the questions are all about taxes today.
Speaker 1:
Yes, they're all about property taxes, so it's all the same subject. Carlos, who coincidentally was Luis's brother. They were all together when we were getting these questions.
Speaker 2:
There was one big group, one big tax session happening and I was like, while we're talking about this, yeah Well, no, it's the right time of year. If you're listening to us, this is what we're talking about and this is what's coming up. So you need to know.
Speaker 1:
Yeah, so Carlos is a disabled vet and he heard that there's tax benefits to his property taxes by being a disabled veteran and wants, by being a disabled veteran, and wants to know how you find out more about that, what that is what are those benefits?
Speaker 2:
So, yes, there is, there are. You've got to be eligible, you have to be service-connected disability with at least 60% and that has to be certified through the US Department of Veteran Affairs. And the exemption amounts for that in Clark County are 60 to 79% disability is about 15,000 assessed value, 80 to 99% disability is about 20,000 assessed value and 100% disability is up to 30,000 assessed value.
Speaker 1:
Okay, I got some different numbers for that from the assessor's page. Is that the?
Speaker 2:
assessor's page. It's a combination of my notes and what I thought Did you have, but I was on the assessor's page. They were slightly different. It was very close, it was very close.
Speaker 1:
Yeah, they were just off a little bit, but the assessor's website does have the exact numbers.
Speaker 2:
Yeah, you have 60.
Speaker 1:
They must have increased the benefit on that. Okay, cool, yeah, so they could have increased it recently. So the assessor's website does have the update on those benefits that they have there and there's also, in addition to that veterans exemption, there are some other exemptions that you can qualify for. If you do qualify and I thought I had a list of those I know that one is blind person. There's a blind person exemption and there are a few other. Surviving spouse there's a surviving spouse exemption.
Speaker 1:
That's on there, oh that's nice oh disabled, veteran, surviving spouse and oh there it is Blind veteran. Yeah, surviving spouse exemption, a veteran's exemption, a blind exemption. So there's a few different ones that you can look into and, again, the assessor's website is the source of all information. So go to the assessor's website. You can review everything, look at all of everything that's there, and it will give you the entire details as well as the forms that you need to apply for any of these.
Speaker 2:
Yeah, and the good news is we have awesome tax here for our residents in Nevada, so I mean that's one of the benefits of buying in this state, right?
Speaker 1:
Well, when you hear all the Californias flood in here from California, they're like, hey, I want to buy in Nevada because taxes are so much better than what I'm paying there.
Speaker 2:
Property taxes, right, yeah, we might have like you know, a few thousand, four thousand, five thousand a year, and they might have that a month.
Speaker 1:
It's different, yeah, so if you're in, California and you're looking at moving into Vegas. Check out that assessor website to see what kind of benefits you're looking at, because we got some great stuff there. So if someone does need to contact us and you can contact us. We kind of ran through all of this today.
Speaker 2:
We did. If you'd like to have a more detailed conversation, you can always get a hold of us. You can call Trish or text her conversation.
Speaker 1:
You can always get a hold of us. You can call Trish or text her. So my phone number is 702-308-2878.
Speaker 2:
You can call me, text me anything there. And Tiana, how do people reach you? You can call or text me at 702-379-9948. That's my business cell, so you can call or text me there. But if you actually have questions or you want to get a hold of either of us, we're also at the same website. You can go to realtycheckvegas and send Lister questions. There's our link tree on there so you have all of our socials. Any way, you want to connect, to become part of the tribe, make sure you do that, because we go over everything real estate happening in Las Vegas each and every Thursday morning. Make sure you like share, subscribe, join our tribe. Yes, thank you guys. See you next week. All right, have a great week. See you next week, vegas. Bye.