Storey County, Nevada Property Taxes
The median property tax rate in Storey County is 0.98%, which is just below the national median of 0.99% but notably higher than Nevada's state median of 0.80%. With the median home value in Storey County at $161,718, the typical annual property tax bill is $1,283, considerably lower than the national median of $2,690. Property taxes in Storey County are based on the tax assessed value, which often falls below the actual market value due to various property tax exemptions like primary residence and agricultural exemptions. Understanding Storey County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Virginia City or another part of Storey County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Storey County, Nevada Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$1,585
$1,471
Ownwell’s Storey County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Storey County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Storey County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Storey County, Nevada
Property taxes in Storey County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Storey County is 0.98%, which is slightly below the U.S. national median of 0.99%. Local government entities within Storey County set these rates annually, and they can vary significantly between different areas within the county. Each year, Storey County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. For comparison, the city of Virginia City has one of the higher property tax rates in Nevada at 1.08%, while the city of Sparks boasts one of the lowest at 0.65%. Analyzing how Storey County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Storey County Tax Rate
0.98%
Average Nevada Tax Rate
0.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Storey County, Nevada
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Dayton | 0.58% | 0.63% | 0.76% | 0.95% | 1.07% |
| Gold Hill | N/A | N/A | N/A | N/A | N/A |
| Reno | 0.82% | 0.97% | 1.06% | 1.11% | 1.14% |
| Sparks | 0.57% | 0.61% | 0.65% | 0.70% | 0.81% |
| Vc Highlands | N/A | N/A | N/A | N/A | N/A |
| Virginia City | 0.84% | 0.96% | 1.08% | 1.14% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Storey County, Nevada
In Storey County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Storey County Appraisal District. The assessed value, however, 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 Storey County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. For instance, Reno has the highest median tax bill at $2,448, while VC Highlands has the lowest at $238. Being aware of these valuation processes in Storey County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Storey County Assessed Value
$161,718
Average Nevada Assessed Value
$225,374
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Storey County, Nevada
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Dayton | $69,309 | $110,620 | $142,700 | $180,047 | $225,903 |
| Gold Hill | N/A | N/A | N/A | N/A | N/A |
| Reno | $67,192 | $138,589 | $240,410 | $340,232 | $448,532 |
| Sparks | $120,172 | $129,759 | $149,648 | $178,130 | $202,487 |
| Vc Highlands | N/A | N/A | N/A | N/A | N/A |
| Virginia City | $54,490 | $87,288 | $137,262 | $205,338 | $308,869 |
Source: Ownwell
Property Tax Bills Across Storey County, Nevada
In Storey County, NV, property tax bills are calculated using the assessed value of a property, which is determined based on a percentage of the property's market value. The median home price in the county is $161,718. Property taxes are then applied to this assessed value using the county's tax rate. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions or deductions. For example, homeowners in Storey County can expect a range of tax bills. The 25th percentile tax bill is around $871, while the 75th percentile tax bill is approximately $2,470. At the higher end, the 90th percentile tax bill reaches up to $3,631. These figures highlight the variability in property tax bills within the county, influenced by property values and specific local tax rates. Comparatively, Storey County's property tax rates are competitive, given the national median property tax rate of 0.99%. This variability in tax bills can significantly impact homeowners, affecting their annual budgeting and overall financial planning.
Average Storey County Tax Bill
$1,283
Average Nevada Tax Bill
$1,782
Average United States Tax Bill
$2,690
Property Tax Bills Across Storey County, Nevada
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Dayton | $566 | $766 | $1,004 | $1,410 | $2,018 |
| Gold Hill | N/A | N/A | N/A | N/A | N/A |
| Reno | $593 | $1,473 | $2,448 | $3,423 | $4,528 |
| Sparks | $760 | $850 | $998 | $1,140 | $1,308 |
| Vc Highlands | N/A | N/A | N/A | N/A | N/A |
| Virginia City | $576 | $880 | $1,434 | $2,249 | $3,338 |
Source: Ownwell