Silver Springs, Nevada Property Taxes
The median property tax rate in Silver Springs, NV is 0.71%, which is notably lower than both the national median of 0.99% and the Nevada state median of 0.80%. With the median home value in Silver Springs at $108,884, the typical annual property tax bill amounts to $746, significantly below the national median of $2,690. Property taxes in Silver Springs are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Silver Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Silver Springs 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 Springs, Nevada Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$773
Ownwell’s Silver Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Silver Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Silver Springs 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 Springs, Nevada
Property taxes in Silver Springs, Nevada, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Silver Springs is 0.71%, which is lower than the U.S. national median of 0.99%. Local government entities within Silver Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Silver Springs 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 Springs' effective property tax rate to other counties in Nevada and the national median. For comparison, the zip code 89429 has the highest median property tax rate of 0.71%, while the same zip code also has the lowest median tax rate of 0.71%. Understanding how these cities compare with Silver Springs 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 Springs Tax Rate
0.71%
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 Springs, Nevada
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 89429 | 0.55% | 0.61% | 0.71% | 0.84% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Silver Springs, Nevada
In Silver Springs, 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. Assessment notices in Silver Springs 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. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Silver Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 89429, with a median bill of $746, which is also the lowest in the area.
Average Silver Springs Assessed Value
$108,884
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 Springs, Nevada
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 89429 | $41,733 | $62,299 | $108,884 | $162,906 | $215,272 |
Source: Ownwell
Property Tax Bills Across Silver Springs, Nevada
Property tax bills in Silver Springs, Lyon County, NV are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor's office and typically represents a percentage of the property's market value. In Silver Springs, the median home price is $108,884. With the local tax rate, homeowners in this area face a median property tax bill of $746 annually. Several factors influence the property tax bill, including property size, location, and improvements. For instance, properties at the 25th percentile have tax bills around $448, while those at the 75th percentile pay approximately $1,185. At the 90th percentile, tax bills can reach up to $1,856. These variations reflect differences in property values and characteristics within the area. Understanding how property taxes are calculated helps homeowners anticipate their annual expenses and budget accordingly. Compared to the national median property tax rate of 0.99%, Silver Springs offers relatively manageable tax bills, making it an attractive option for homeowners.
Average Silver Springs Tax Bill
$746
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 Springs, Nevada
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 89429 | $286 | $448 | $746 | $1,185 | $1,856 |
Source: Ownwell