I bought a home last year for $128k in Las Vegas, NV. Now the home is valued at over $150k. I did a 15 year mortgage at 3.5% interest and I've been dumping money towards the principal. I have 13 years and a couple months to go before I pay off the mortgage.
This is my first home and I've been getting different answers about property taxes. A buddy says it goes way up after you pay off your mortgage, another buddy says it doesn't.
How much will I be looking to pay monthly after the mortgage gets paid off. I hear 1% of the home value over the course of the year. Some people say 3%. That's a lot of money.
It's different city to city, but it is based on the fair market value of property and land, reassesed every couple years.
Where I live it is something around 2.2%
>>1015135
In Nevada property taxes are paid yearly and directly to the county Assessors office. Your rates for the next year will be published in the Review-Journal (Which would be the paper of record) either this month or in the next couple of months. After they are published you will have some time to protest the decision if the assessed value of the property is incorrect.
Considering you only paid $125k I assume you are living in North Las Vegas?
>>1015174
No, I bought the property in the South West area of Las Vegas in South Summerlin, the best part of the city.
>>1015177
So you bought in Enterprise?
Best part of the city is questionable.
I then have to ask if you have an HOA.
>>1015135
Contact your township's assessor's office and ask for property tax data for similar properties in your area. It is publicly available data so they have to give to you. See what other properties are paying, if they are paying significantly less file an appeal when your township opens up for review. My dad did this and saved $800. Good luck.
>>1015183
The home is close to Hualapai and Russell, South Summerlin
>>1015135
>A buddy says it goes way up after you pay off your mortgage, another buddy says it doesn't.
That's fucking retarded if remotely true
first post in this board; how bad of an idea is it to buy a home at 24 on $35k/yr? with a roommate/tenant?
>>1015492
If that's true everyone would just get a 10 year mortgage and then pay it in 1 lump sum with the early payment plan, give the bank their 5% profit, never have to pay property tax
>>1015511
*assuming ~$500k home
>>1015515
Buy the cheapest home you can, get a mortgage, then find a roomate and charge him your mortgage payments, live for free.
You might not be able to charge him ALL of it but it;s better than renting
>>1015519
I'm going to take your faith in me and run with it. is this a common question on this board and am I wrong to assume there are enough established adults and young professionals to give good advice on the subject? I've always avoided this board
>>1015529
This board is a mix of 1% the real deal, 10% honest hardworking smart people and 89% idiots
On biz we usually see people running small business, people trying to resell goods on ebay full time as a career, people working jobs, but we also see people that are NEETS with delusions of grandeur, and trust fund kiddies where daddy gave them a business and daddy hired a GM for that business and then built an office for kiddo to go and 'supervise' for 5 hours a week
>>1015519
>You might not be able to charge him ALL of it but it;s better than renting
>it;s better than renting
Until shit starts to break.
>>1015135
Property tax rate has nothing to do with whether you own the home or not. You should be able to go to your county auditor website and see what everyone pays in taxes.
>>1015135
why would you dump money towards the principal for a 3.5% loan? You can't make more than 3.5% on that money investing it in something else?
>>1015135
property tax is only affected if you live in the house yourself or not. it doesnt matter who owns the house(the bank, or you)
the percentage can change if you are living in it, or renting it out(renting it out has higher tax)
the percentage is calculated against the value of the house(when you first bought at 130, the amount is less than the current value at 150)
you save a modicum of money claiming the interest on the loan as a tax write off. An idiot will tell you this discount is better than having the house paid in full.
>>1015158
Basically this.
Your taxes dont change when a property is paid off.
However taxes change when the home is appraised (refi most times) In Cook County IL if you dont try to sell or refi your house, your taxes basically never change. Cook County pretty much never reassesses property.
Perhaps that is what your other friend was thinking? A lot of people will take a loan against the house once it is paid off... that loan would force a reappraisal, and would obviously change your total tax requirement.
Thank god too, if Cook reassessed my house Id be fucked. I bought it in 2009 for 190k. Its worth a bit over 330k. My monthly taxes would dam near double overnight
>>1015554
would you need a rentors license or something like that? is it technically a business?
>>1015515
>making 35k and buying a 500k home
Yeah that would be stupid but you couldnt even get that loan anyway.
>>1016322
t-thanks
