Smith, Nevada Property Taxes
The median property tax rate in Smith, NV is 0.91%, slightly below the national median of 0.99% but higher than the Nevada state median of 0.80%. With a median home value of $341,434 in Smith, the typical annual property tax bill reaches $3,268, surpassing the national median of $2,690. Property taxes in Smith are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Smith'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 Smith 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
Smith, Nevada Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$3,107
$2,883
Ownwell’s SMITH Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SMITH with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SMITH 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 Smith, Nevada
Property taxes in Smith, Nevada, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Smith is 0.91%, which is lower than the U.S. national median of 0.99%. Local government entities within Smith set these rates annually, and they can vary significantly across different neighborhoods. Each year, Smith 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 Smith's effective property tax rate to other counties in Nevada and the national median. For comparison, the 89430 zip code has both the highest and lowest median property tax rate in the region at 0.91%. Understanding how these cities compare with Smith 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 Smith Tax Rate
0.91%
Average Lyon County Tax Rate
0.69%
Average Nevada Tax Rate
0.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Smith, Nevada
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 89430 | 0.76% | 0.81% | 0.91% | 1.08% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Smith, Nevada
In Smith, 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 Smith, 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 Smith 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 89430 at $3,268, while the lowest is also 89430 at $3,268.
Average Smith Assessed Value
$341,434
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 Smith, Nevada
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 89430 | $85,005 | $173,575 | $341,434 | $448,290 | $525,261 |
Source: Ownwell
Property Tax Bills Across Smith, Nevada
In Smith, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value typically represents a percentage of the market value. Homeowners in Smith can expect their tax bills to vary significantly, with the 25th percentile at $1,581 and the 75th percentile reaching $4,181. The highest median tax bill in the area, recorded in zip code 89430, is $3,268, which is above the national median property tax rate of 0.99%. Factors such as property size, location, and market conditions influence the assessed value, ultimately affecting the tax bill. For homeowners, these taxes fund essential public services like schools, infrastructure, and emergency services, making it crucial to understand how these bills are determined. High property taxes can impact affordability, while lower taxes might indicate fewer public services. Understanding these dynamics helps homeowners budget effectively and anticipate annual expenses.
Average Smith Tax Bill
$3,268
Average Lyon County Tax Bill
$1,773
Average Nevada Tax Bill
$1,782
Average United States Tax Bill
$2,690
Property Tax Bills Across Smith, Nevada
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 89430 | $756 | $1,581 | $3,268 | $4,181 | $5,639 |
Source: Ownwell