LV among metro areas with lowest property tax rates

Las Vegas has the fourth lowest property tax rate of major metropolitan areas, says a new report from ATTOM Data, a real estate analyst. 

Honolulu and Phoenix tied for the lowest effective rate (0.37%), followed by Nashville (0.48%), Las Vegas, and Salt Lake City, (both 0.48%). 

Nevada has the ninth lowest property tax rate in the nation among states. Nevada’s 790,939 single-family homes have an average value of $595,116 and an average annual property tax bill of $2,856 – a .48% effective tax rate. 

Nevada property tax is calculated via a complicated formula based on assessed value, rather than market value. Local governments have long complained that the state’s 3% cap on increases in assessed value on residential property, and 8% cap on assessed value increases in commercial property values, render municipalities challenged to provide basic services, such as fire services and education. Efforts to tweak the complicated formula have failed. 

States with the lowest taxes are in the southern and western United States, ATTOM reports. 

Hawaii had the lowest property tax rate (0.33%), followed by Idaho, Arizona, and Alabama ( all at 0.41%), and Delaware (0.43%).

Utah came in sixth (0.45%), followed by Tennessee (0.46%), West Virginia (0.47%), Nevada (0.48%), and Wyoming (0.49%).

Tax rates in the Northwest U.S. are the highest, thanks to more valuable homes and higher tax rates, according to ATTOM’s report. 

Illinois has the highest rate in the nation (1.87%), followed by New Jersey (1.59%), Connecticut (1.48%), Nebraska (1.32%), and Ohio (1.31%).

New Jersey has the highest average tax bill at $10,135, followed by Connecticut ($8,402), New Hampshire ($7,723), Massachusetts ($7,720), and California ($7,131).

Average property tax bills topped more than $10,000 a year in 19 counties. Bastrop County, TX had the highest bill ($28,297), followed by Marin County, CA ($15,881), Essex County, NJ ($13,989), Bergen County, NJ ($13,961), and San Mateo County, CA ($13,627).

New York was excluded from ATTOM’s report because of data availability issues.