IMPORTANT TAX UPDATE - MARCH 2020
Hey everybody, happy Friday it's Corey over here at LIFE Realty. I hope everyone's having a good day. There is a lot going on this week with all this virus stuff. It is crazy. Lots of distractions out there but I want to update you because something very important real estate-related probably hit your mailboxes over the last week or so.
I just want to bring it to your attention because it could potentially save you a lot of money or it could cost you a lot of money. It's not gonna be a really long video but I just wanted to show you something that you probably got in the mail recently. It looks like this, it looks like it could be easily overlooked or something that you'd want throw in the trash but it is very important. It's called a tax abatement notice or a tax cap notice. It was sent out by the Clark County Assessor's Office to everyone that owns property here in Clark County.
The purpose of this is to have you confirm that you are actually living in your primary residence and I'll tell you why that's important real quick. When you declare on this form on the inner part that you are a primary resident of your home, you qualify for a tax cap increase of 3% per year. If you own investment property or rental property and it's not considered your primary residence, then you could be looking at a maximum of 8 % increase in property taxes a year. Again this looks very much like something that you wanna throw in the trash, but it's very important. If you got this in the mail make sure you fill this out, put a stamp on it, and put it back in the mail to the assessor's office or else your property taxes on your primary residence could go up a lot more than you really want it to.
I hope this helps. If you have any questions on it, please feel free to reach out to me. If you're interested in what cap rate your property actually identified as, there is a way to find out on the Clark County Assessor's website. I'll be happy to guide you through that as well. As always, if anyone has any questions on anything feel free to reach out. But again, look for this little guy, complete it, put a stamp on it, put it in a mail and you're done. Hope this helps everyone, have a great weekend and stay safe out there. Take care bye.