Carson City property value assessments are due out Tuesday and will reflect a 8.7 percent cumulative average decline, Assessor Dave Dawley reports. It is the second year that Carson City has seen a cumulative decrease.
The figure represents a decrease of approximately $200 million of assessed valuation. Total assessed values last year were $1.59 billion and fell to $1.39 billion this year, Dawley reports.
This decrease in value means that more people will start seeing their taxes going down instead of going up. Last year around 700 parcels saw a decrease in taxes compared to approximately 4,000 parcels decreasing this year.
“The only way this will change is if the Board of Supervisors raises the tax rate,” Dawley said. “The tax rate is currently $3.0876 per $100 of assessed valuation. The statutory cap is $3.64 per $100 of assessed value.”
Because of the voter-passed initiative that limits property tax increases to 3 percent, older homes aren’t getting as much as a decrease in property taxes, Dawley said. Because prices went up so fast for the first few years after the initiative passed, many properties are still catching up to their assessed valuation. Roughly about a quarter of Carson City properties will see a decrease in their taxes. Out of the 20,000 parcels in the city, 4,000 will see decreases in their tax rates. Last year, 700 saw decreases.
As an example, a home in Silver Oaks that went on the tax roll in 2008-2009, the property owner’s first tax bill was $5,408. This year, the tax bill was $4,436 and next year it would be $3,569.
Washoe County will see an 8.2 percent drop among its 144,000 parcels, its assessor reported this week.
