The difference between California & Neveda Property Taxes

November 15, 2009

I am a California and Nevada licensed Real Estate agent and although my office is in South Lake Tahoe California it is located just two blocks from the Stateline Nevada border. I am asked all the time the difference between California and Nevada property taxes.

The Assessment process for California:

Property owner as of January 1 becomes liable for a tax rate of 1% of the ”taxable” value of the property. Proposition 13 allows adding to the 1 percent tax rate up to .25% to pay voter approved indebtedness and this varies from county to county. In South Lake Tahoe (El Dorado County) voter approved additions include school bonds, recreation bonds, snow removal to name a few.

The Assessment Process in Nevada:

Each assessor’s office in Nevada estimates the property’s “taxable” value using its location, zoning, actual use etc. the calculations for residential property taxes are as follows:

Step 1:

The assessed valuation is multiplied by the tax rate. Here’s an example that shows how real property would be calculated. 

Taxable value X 35% = assessed value X rate + property taxes due.

Real Property

Taxable value $200,000 X 35% =

Assessed Value $70,000

X $.0298 =

Property tax due $2,086.00

To get more information and background on California property tax

boe.ca.gov/proptaxes/pdf/pub29.pdf

To get more information and background on Nevada property tax

http://assessor.co.douglas.nv.us/howpropassessed.cfm

South Lake Tahoe Home Prices Decline in October

November 13, 2009

For the 10th consecutive month this year and 14th in a row dating back to August ’08 The median home price in South Lake has dropped. The median home price fell to $320,000 in October with bank owned homes leading the way down. Although the volume of homes sold has increased for last year the lower price bank owned homes have caused the prices to continue to decline. This is good news for buyers although the competition to acquire bank owned homes in Lake Tahoe has become evident with multiple offers and lists prices getting bid up regularly. If the buyer is not ready to move on a listing it is often gone with in days if it lasts that long.

 

                                                                     Click on Image to Enlarge

Up-date on The Competition for Bank Owned Homes

November 10, 2009

As I mentioned in a previous blog titled “Competition for Bank Owned Homes Increasing” the perfect example just took place. 782 Colorado in the Tahoe Keys was on the market for less than 24 hours and received multiple offers. The asset manager cut off bids at 5pm. I cannot emphasize enough how important it is to know your criteria, be qualified and be ready to strike fast when the right home hits the market. Your Realtor should know by watching the NOD (notice of default) and NOT (notice of trustee sale) lists for up-coming foreclosures and alerting you as to the homes that might fit your search criteria.

 

Bank Owned home in Tahoe Keys

November 9, 2009

Priced below $200.00 per sq. ft. makes this a hot buy. 3 bedrooms, 3 baths, 2 car drive through garage, 1756 sq. ft. of living space, open space surrounding property makes this remodeled house the Hot Buy of the week! Priced at $322,900 Call 530-318-8830 for more information. or send email for additional pictures.

23 Bank Owned Homes Listed in South Lake Tahoe 11/7/09

November 7, 2009

Address		Street_Name		Price		Bed		Bath		Sq.Ft.		Lot Size		DOM
1223	Bonanza		Ave		102,515		3		2		985		568		123
3025	Christmas Valley		Rd		188,000		2		1		960		478		102
1439	Ski Run		Blvd		259,900		2		1.75		1067		517		54
3320	Pioneer		Trl		264,900		3		2		1288		7764		54
1852	Guadalupe		St		359,623		3		2.5		1690		6011		45
1208	Tokochi		St		262,400		3		2		1460		7805		43
932	Tahoe Keys		Blvd		246,411		3		2		1248		6350		39
1139	Modoc		Way		495,000		3		2.5		2286		10020		38
1183	Lodi		Ave		185,000		2		1		864		5001		26
1501	Walkup		Rd		270,000		3		2		1208		8201		22
2298	Sutter		Trl		549,900		4		2.5		2674		7972		18
838	Tahoe Keys		Blvd		179,000		3		1		1064		5532		17
2684	William		Ave		230,000		2		2		1349		4984		16
1218	Dedi		Ave		319,900		4		2.5		1951		5003		12
2656	Kubel		Ave		97,500		2		1		504		4988		11
3515	Ferndale		Ave		159,900		3		2		1196		8154		9
1145	Tata		Ln		215,000		2		2		1648		10473		8
2666	Genoa		Ave		207,900		2		2		1466		9412		8
1223	Bonanza		Ave		81,900		2		1		812		440		8
2556	Humboldt		St		270,000		3		1.5		1233		9148		4
1547	Pioneer		Trl		339,000		3		2.75		2400		8134		3
1040	Fairway		Ave		210,000		3		1		1064		8539		12
1889	Osage		Cir		289,900		3		2		1404		14219		3

 

 

 

 

1852 Guadalupe

                                                                                                       1889 Osage Circle

Competition for Bank Owned Homes Increasing

November 6, 2009

Sales of bank owned properties have increased significantly from 2008 to 2009. Last year in South Lake Tahoe 335 homes sold from Jan-Oct of which 56 of the properties were bank owned. Compare that with 368 homes sold this year Jan-Oct of which 114 were bank owned. (See Charts) What does it all mean? It means sales are up over last year but because there are more bank owned properties on the market the median home price has dropped another 22% from last year at this time. With more foreclosures on the horizon should buyers wait another year or have we hit bottom? Although home prices still have some room to fall under the distress of foreclosures at the same time we are seeing more buyers competing for homes at prices that are “just too good to be true”. By spring of 2010 if consumer confidence stays on the rise and if unemployment numbers continue to drop we should be in a very competitive market. Again what does it mean……good deals will continue as banks unload unwanted inventory but with the competition for these homes strong it will be harder and harder to get that “just too good to be true price” so get into the market now!

Click to enlarge charts

Bank Owned Homes In Tahoe Not Yet Listed

October 27, 2009

 

I have the inside scoop on some up-coming bank owned properties that will be listed in the next 1-2 weeks. A house on Colorado which sold for $660,000 in ’06 and was remodeled and put back on the market for $699,000 before they lost it to the bank. This house would make a great rental because it is in the Tahoe Keys area and is a 3 bedroom 3 bath. Also a house on San Francisco in the Al Tahoe area (close to lake and casinos) sold for $695,000 in ‘06. Another really nice home on Dedi sold for $555,000 in ‘05. All the houses will probably get listed in the low to mid $300,000′s!

 

Thanks,

Chuck Stanley

Century 21 Tahoe Paradise

530-318-8830

 

23 Current Bank Owned Homes in South Lake Tahoe starting from $122,900

July 30, 2009