Silver City, Nevada Property Taxes
The median property tax rate in Silver City, NV is 1.04%, which is higher than both the national median of 0.99% and the Nevada state median of 0.80%. With a median home value of $65,057 in Silver City, the typical annual property tax bill is $725, still lower than the national median of $2,690. Property taxes in Silver City are calculated based on the tax assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Silver City's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Silver City or another part of Lyon County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Silver City, Nevada Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$1,600
Ownwell’s Silver City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Silver City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Silver City to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Silver City, Nevada
Property taxes in Silver City, Nevada, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Silver City is 1.04%, higher than both the Nevada state median and the U.S. national median of 0.99%. Local government entities within Silver City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Silver City estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Silver City's effective property tax rate to other counties in Nevada and the national median. For comparison, the 89428 zip code has the highest median property tax rate of 1.04%, while the same zip code also has the lowest median tax rate of 1.04%. Understanding how these cities compare with Silver City provides valuable insights into the varying tax landscape across Lyon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Silver City Tax Rate
1.04%
Average Lyon County Tax Rate
0.69%
Average Nevada Tax Rate
0.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Silver City, Nevada
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 89428 | 0.89% | 0.95% | 1.04% | 1.12% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Silver City, Nevada
In Silver City, Nevada, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Lyon County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Silver City, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. Silver City residents experience a range of tax bills, with the median home price at $65,057. The tax bill at the 25th percentile is $407, while at the 75th percentile, it reaches $1,273. The highest median tax bill is $725 in the 89428 zip code, which also has the lowest median tax bill of $725. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Silver City Assessed Value
$65,057
Average Lyon County Assessed Value
$272,527
Average Nevada Assessed Value
$225,374
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Silver City, Nevada
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 89428 | $23,759 | $41,630 | $65,057 | $120,380 | $169,241 |
Source: Ownwell
Property Tax Bills Across Silver City, Nevada
In Silver City, property tax bills are calculated based on the assessed value of a home, which is determined by the Lyon County Assessor's Office. This assessed value is a percentage of the property's market value, reflecting current real estate conditions. The tax rate in Silver City is then applied to this assessed value to determine the annual property tax bill. Factors such as property condition, location, and improvements can influence the assessed value. For homeowners in Silver City, the property tax bill can vary significantly. For instance, the 25th percentile tax bill is around $407, while the 75th percentile tax bill reaches $1,273. At the higher end, the 90th percentile tax bill can be as much as $1,750. These variations can impact household budgets, making it crucial for homeowners to understand their property's assessed value and the applicable tax rate. Comparatively, the national median property tax rate is 0.99%, providing a benchmark for evaluating local tax burdens.
Average Silver City Tax Bill
$725
Average Lyon County Tax Bill
$1,773
Average Nevada Tax Bill
$1,782
Average United States Tax Bill
$2,690
Property Tax Bills Across Silver City, Nevada
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 89428 | $219 | $407 | $725 | $1,273 | $1,750 |
Source: Ownwell