Hi Jeff,

All HOA fees vary based on amentites / services offered, and in the case of condo units typically adjustments for size, as was mentioned.

Clark County property taxes aren't based on purchase price, per se. Assessed values are calculated by using Marshall & Swift Building Cost Service replacement costs, less any depreciation, and land value. That amount is multiplied by .35 (35%) to determine taxable value, then that figure multiplied by the tax rate for that specific area. Tax rates are roughly 2.5 - 3.5 per hundred of taxable value.

Lower overall home values for an area will reduce land values, but that's only a portion of the tax calculation. Replacement costs less dany depreciation can remain the same, increase, or drop, but it isn't necessarily directly effected by how much you pay for a property. This is very true where you'll see some proprties selling for less than the cost to build.

Because Nevada has property tax caps of 3% for primary residence and 8% for commercial / investment properties, there can be previous year tax abatements that may apply, depending on the use by the previous owner. In that case the assessor uses the base year from when the property qualified for an abatement.

It may sound confusing, but it's really not. You can find a general explaination here, as well as appeals process information..

http://www.accessclarkcounty.com/depts/assessor/pages/PropTxs.aspx

http://www.accessclarkcounty.com/depts/assessor/pages/aboutao.aspx

Hope that helps, and if you have any other questions, just get in touch.

Best,
Roberta

HOA's are all over the board. There is no consistancy.
Taxes: NO - Clark County wants it's money. The purchase price will have little to no effect on your property taxes.
What will impact your property taxes is if it is an owner occupied vs an investment.
Please feel free to contact me or my REO dept if interested in buying any forclosures or distressed real estate in Las Vegas or the Henderson area.
Ashley Grimes
702.375.3750
info@vegaspropertyvultures.com

Thank you for your answers. I thought you could give me a better answer with more specific financial information. I really like the Lake Las Vegas area and would like to buy there in th near future. I would like to spend about $1,000 to 1,500 per month. What can I buy for that including mortagage, taxes and all the fees. If that doesnt' work for me, I would go to Plan B. I would recruit a partner to share the unit and the expenses. So, then we would be up to $2,000 to $3000 per month. I am interested in the Via Vasari townhouse. One of them was listed for $139,900 with 3 bedrooms and 1500+ sq. ft. with a 1 car garage. For those units what are the fees and what is currently on the market? I see a few of them at auction. I understand there is a management company which will rent out the unit. Is that correct? What would be the projected yearly rental fees? Also, what is the liability in regards to Lake Las Vegas and the lake and current status of the golf courses. If you are interested in discussing these issues please contact me at 708-396-0420. Thank you.

Jeff

Hi Jeff,

-HOA Fees-
Regarding your question about HOA fees, Max is correct that each community has a different fee structure. These are based upon facilities (and the maintenance thereof), insurance, landscaping, and even staff. So, it entirely depends upon the type of property in which you are interested as well as the level of liability and maintenance you are willing to accept.

As a general rule, single family (and to a great extent, town home) home neighborhoods have the lowest fees. Cost-per-square-foot, condos are the highest fees in Lake Las Vegas since the calculation of such fees is often calculated based upon the square footage your unit occupies. So, for example, a 600-square foot condo in the MonteLago Village will incur lower monthly fees than a 1,700-square foot condo in the same area. There are a few exceptions to this, where the HOA costs are assessed evenly among the total ownership, but there are other factors that can apply. For example, one condo community in Lake Las Vegas is made up of small buildings, each with 3 condominiums and private elevators that service the 2nd & 3rd floors only. In this case, the first floor owners must spend far less per month since the insurance and maintenance on the elevator does not benefit an owner who occupies only the first floor. On the converse, the 2nd and 3rd floor owners must then bear a relatively hefty financial burden to maintain such an amenity (a luxury elevator that services only 2 units).

Overall, fees run as low as $145 to as high as $2,000 per month, dependent - again - upon location, neighborhood amenities and maintenance/insurance fees. So, if you have a neighborhood or property type already in mind, contact me or update this post with that information, and I will get you hard numbers.

Regardless of the neighborhood, every property owner is assessed a masterplan fee of appx. $105 per month. This accounts for maintenance of the lake, itself, as well as facilities, landscaping, and the maintenance/insurance thereof, throughout the Lake Las Vegas community that cannot be contributed (or are for the benefit of) any one or more specific neighborhoods.

-Property Taxes-
You are correct that the property taxes should be adjusted upon a new sale of a property, but there are conditions. First, you must close on/before 11/14/2009 in order for the change to take effect for the (December) 2009 - 2010 tax year. After that occurs, you will be sent a "Statement of Value" postcard in mid- to late-December disclosing your assessed value. If for some reason the taxes were not adjusted, you would need to recognize this on the postcard and complete a petition to lower your assessed value. This petition would need to be submitted on/before 1/15/2010 in order for it to be valid, and would then be reviewed by an Assessor's Office appraiser. As I noted above, this should be done automatically for you. That being said, I am certain that with so much activity in the Assessor's Office, it is not a bad idea to make sure that occurs. I recommend this to all of my clients. That way, you won't get caught after 1/15/2010 and discover too late to make the change for the 2009-2010 tax year. In the rare event a client needs to petition, I offer to send them the proper forms and supporting documentation (have not had to do this yet; fingers crossed).

I hope this helps.

Sincerely,

Linne Karstensson
Owner, OwnLakeLasVegas.com
Direct: (702) 525-9492
Email: Linne@OwnLakeLasVegas.com
Web: http://www.OwnLakeLasVegas.com

Lake Las Vegas' most comprehensive real estate and community web site:
http://www.OwnLakeLasVegas.com

View Lake Las Vegas homes, condos, foreclosures, lakefront homes, golf course homes, and more!

Hi Jeff - The answer is it varies widely. Most communities in Lake Las Vegas have at least 2 HOA fees, some have 3. One is paid monthly and the other 2 are paid quarterly.

It usually runs as low as $500 per month for a small studio unit to over $1100 per month for a larger property or a condo hotel like Luna Di Lusso or Viera.

Because there are a number of different communities in Lake Las Vegas, its very difficult and cumberson to list them all. Lake Las Vegas offers condos, townhouses, single family homes as well as condo-hotel units.

If you'd like to give me a call or email me about the type of property you're looking for, I'll be happy to help you decide which one might be right for you.

Heather Peck
Rosen & Company West
702-595-7380
LasVegasExpert@yahoo.com http://www.HeatherSellsVegas.com

Hi Jeff,
Here are some projects pulled out of the MLS. As you can see things change with location and unit size. I would love to discuss the MANY factors that cause the changes in these HOA's but it simply would take a book to do it here on each and every project. If you would like to know more please contact me.

LUNA DI LUSSO CONDO
Master Plan Fee's $42 to $154
HOA fee's $346 to $967
Sq/Ft of units 445 to 1,243

TRAMONTO CONDO
HOA fee's $400 to $853
Sq/Ft of units 2,012 to 2,961

Golf Villa on South Shore
Master Plan fee's $539 to $917
HOA fee's $917 to $972
Sq/Ft of units 1,004 to 1,028

VIERA CONDO
Master Plan fee's $51 to $264
HOA fee's $266 to $1,118
Sq/Ft of units 402 to 2,010

MANTOVA
Master Plan fee's $215 to $540
HOA fee's $424 to $917
Sq/ft of units 1,503 to 3,442

This is an example of the spreads within different projects. It is based on information from GLVAR and is deemed reliable but not guaranteed. There are more projects in Lake Las Vegas. To extract all data would be pointless until you choose a specific project, square footage and location. In general you will pay more in Master Plan fee's if you are in the exclusive "South Shore" area behind the guard gates.
For additional information please contact me. Max Schmidt 702-334-2200