Reno, Nevada Property Taxes
The median property tax rate in Reno, NV, is 1.06%, slightly higher than the national median of 0.99% and significantly above the Nevada state median of 0.80%. With the median home value in Reno at $240,410, the typical annual property tax bill reaches $2,448, which is below the national median of $2,690. Property taxes in Reno are calculated based on the assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Reno'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 Reno 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
Reno, Nevada Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$2,548
Ownwell’s Reno Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Reno with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Reno 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 Reno, Nevada
Property taxes in Reno, Nevada, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Reno is 1.06%, notably higher than the U.S. national median of 0.99%. Local government entities within Reno set these rates annually, and they can vary significantly across different neighborhoods. Each year, Reno 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 Reno's effective property tax rate to other areas in Storey County and the national median. For comparison, the 89521 zip code has the highest median property tax rate of 1.06%, while the same zip code also has the lowest median tax rate of 1.06%. Understanding how these areas compare with Reno provides valuable insights into the varying tax landscape across Storey County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Reno Tax Rate
1.06%
Average Storey County Tax Rate
0.98%
Average Nevada Tax Rate
0.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Reno, Nevada
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 89521 | 0.82% | 0.97% | 1.06% | 1.11% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across Reno, Nevada
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Reno, Nevada. 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 Storey County Appraisal District 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 Reno, 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 Reno helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill is $2,448 in the 89521 zip code, which is also the lowest median tax bill in the area.
Average Reno Assessed Value
$240,410
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 Reno, Nevada
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 89521 | $67,192 | $138,589 | $240,410 | $340,232 | $448,532 |
Source: Ownwell
Property Tax Bills Across Reno, Nevada
In Reno, Storey County, property tax bills are calculated based on the assessed value of a home, which typically represents a percentage of its market value. Homeowners in Reno can expect their tax bills to vary significantly depending on the specific assessed value of their property. For instance, the median home price in Reno is $240,410. The tax bill for properties in the 25th percentile is around $1,473, while those in the 75th percentile see tax bills closer to $3,423. Properties in the 90th percentile can face tax bills as high as $4,528. Factors influencing these tax bills include property location, market conditions, and local tax rates. The highest and lowest median tax bills in the city are both recorded at $2,448 in the 89521 zip code. Compared to the national median property tax rate of 0.99%, Reno's tax bills reflect the region's unique economic and real estate landscape. Understanding these factors helps homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Reno Tax Bill
$2,448
Average Storey County Tax Bill
$1,283
Average Nevada Tax Bill
$1,782
Average United States Tax Bill
$2,690
Property Tax Bills Across Reno, Nevada
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 89521 | $593 | $1,473 | $2,448 | $3,423 | $4,528 |
Source: Ownwell