Hiko, Nevada Property Taxes
The median property tax rate in Hiko, NV is 1.05%, 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 $106,093 in Hiko, the typical annual property tax bill amounts to $1,117, surpassing the national median of $2,690. Property taxes in Hiko are based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Hiko'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 Hiko or another part of Lincoln County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hiko, Nevada Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$1,114
$1,034
Ownwell’s Hiko Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hiko with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hiko 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 Hiko, Nevada
Property taxes in Hiko, Nevada, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hiko is 0.53%, which is significantly lower than both the Nevada state median of 0.60% and the U.S. national median of 0.99%. Local government entities within Hiko set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hiko 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 Hiko's effective property tax rate to other counties in Nevada and the national median. For comparison, the 89017 zip code has both the highest and lowest median property tax rate of 0.53%. Understanding how these cities compare with Hiko provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hiko Tax Rate
1.05%
Average Lincoln County Tax Rate
1.13%
Average Nevada Tax Rate
0.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hiko, Nevada
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 89017 | 0.75% | 0.96% | 1.05% | 1.06% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across Hiko, Nevada
In Hiko, 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 Lincoln 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 Hiko, 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. 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 Hiko helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Hiko, the highest and lowest median tax bills are both $1117, found in zip code 89017.
Average Hiko Assessed Value
$106,093
Average Lincoln County Assessed Value
$68,008
Average Nevada Assessed Value
$225,374
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hiko, Nevada
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 89017 | $36,265 | $56,502 | $106,093 | $268,727 | $389,678 |
Source: Ownwell
Property Tax Bills Across Hiko, Nevada
In Hiko, located in Lincoln County, NV, property tax bills are calculated based on the assessed value of the property, which is typically a percentage of the market value. The median home price in Hiko is $106,093. Homeowners in this region experience a range of tax bills, reflecting different property values and tax rates. For instance, the 25th percentile tax bill is $586, while the 75th percentile tax bill reaches $2,685, and the 90th percentile tax bill is as high as $4,754. The tax bill is determined by multiplying the assessed value of the property by the local tax rate. Factors such as property improvements, location, and market conditions can influence the assessed value. Compared to the national median property tax rate of 0.99%, Hiko's property tax rates may seem favorable or challenging depending on individual circumstances. For homeowners, understanding these factors is crucial as they directly impact annual financial obligations and the overall cost of homeownership.
Average Hiko Tax Bill
$1,117
Average Lincoln County Tax Bill
$767
Average Nevada Tax Bill
$1,782
Average United States Tax Bill
$2,690
Property Tax Bills Across Hiko, Nevada
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 89017 | $361 | $586 | $1,117 | $2,685 | $4,754 |
Source: Ownwell