Wells, Nevada Property Taxes
The median property tax rate in Wells, NV is 1.06%, which is higher than both the national median of 0.99% and the Nevada state median of 0.80%. With the median home value in Wells, the typical annual property tax bill reaches $747, falling below the national median of $2,690. Property taxes in Wells are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Wells' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Wells or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wells, Nevada Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$767
$712
Ownwell’s Wells Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Wells with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wells to provide an estimate of your property tax bill. This valuable 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, taking into account any exemptions that may apply.
Property Tax Rates Across Wells, Nevada
Property taxes in Wells, Nevada, are essential for funding critical local services, including public schools, road maintenance, and emergency services. The median tax rate in Wells is 0.60%, lower than both the Nevada state median of 0.72% and the U.S. national median of 0.99%. Local government entities within Wells set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wells 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 Wells's effective property tax rate to other counties in Nevada and the national median. For comparison, the 89835 zip code has the highest median property tax rate of 0.60%, while the lowest median tax rate also stands at 0.60%. Understanding how these cities compare with Wells provides valuable insights into the varying tax landscape across Elko County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wells Tax Rate
1.06%
Average Elko County Tax Rate
0.92%
Average Nevada Tax Rate
0.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wells, Nevada
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 89835 | 0.83% | 0.90% | 1.06% | 1.16% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Wells, Nevada
In Wells, 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 Elko County Assessor's Office 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 Wells, 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. Wells homeowners face a range of property tax bills, with the 25th percentile paying around $409 and the 75th percentile paying up to $1486. The highest median tax bill in the area is $747, found in the 89835 zip code. 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 Wells helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wells Assessed Value
$72,371
Average Elko County Assessed Value
$142,560
Average Nevada Assessed Value
$225,374
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wells, Nevada
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 89835 | $17,494 | $40,906 | $72,371 | $146,043 | $268,823 |
Source: Ownwell
Property Tax Bills Across Wells, Nevada
In Wells, located in Elko County, NV, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the property's market value. Homeowners in Wells see a range of property tax bills, with the 25th percentile at $409 and the 75th percentile at $1,486 annually. For those at the higher end, the 90th percentile tax bill reaches up to $2,739. The median home price in Wells stands at $72,371, and the property tax rate can significantly impact homeowners' finances. Compared to the national median property tax rate of 0.99%, Wells offers a more manageable tax burden for many residents. However, factors such as property improvements, neighborhood changes, and local government budgets can influence individual tax bills. Understanding these elements can help homeowners better anticipate their annual property tax obligations and plan their finances accordingly.
Average Wells Tax Bill
$747
Average Elko County Tax Bill
$1,397
Average Nevada Tax Bill
$1,782
Average United States Tax Bill
$2,690
Property Tax Bills Across Wells, Nevada
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 89835 | $211 | $409 | $747 | $1,486 | $2,739 |
Source: Ownwell