Taxes go to school districts, county costs such as infrastructure maintenance and improvements, as well as other community needs. The assessed value is 35% of the taxable value, which means tax rates apply to just a small portion of your home value.
To determine the market value as well as the replacement cost of any structures on your property, a county assessor will appraise your home every five years. The average effective property tax rate is 0.48%. If you’re planning on buying in Nevada, you’ll be happy to hear that property taxes in Nevada are relatively low. An escrow account holds your money for property taxes and homeowners insurance, two costs that stay with you as long as you own a home. Your monthly mortgage bill includes your principal and interest payments, and can include payments to your escrow account.