Chance Gates' Blog

My point of view in life is to make a mole hill out of every mountain that stands in the way.  In real estate there are several possible mountains in every transaction.  So when viewing a property here are just a view of the possible mountains.

1. County will not approve septic system or well.

2. Termite report reveals substantial damage and seller is not willing to fix.

3. Home was misrepresented as to size and condition.

4. Home is destroyed prior to closing.

5. Home is not structurally sound.

6. Home is uninsurable for homeowner’s insurance.

7. Property incorrectly zoned.

8. Portion of home sits on neighbor’s property.

9. Unique home and comparable properties for appraisal difficult to find.

10. Permit was not obtained to do the addition to the home.

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog.  I can be reached by email at chance@ballard-company.com or http://www.myspace.com/chancegates

Washoe County Property Taxes are assessed once a year and cannot exceed property value. The way the assessor’s office determines the base price, to be taxed, of a person home is to take the value of the land add how much to replace the house new, and subtract deprecation. If this base price exceeds the property value a person can challenge the base price as long as the challenge is before the January deadline. The county assessor’s office has to send you the base price before the end of December. The assessor’s office phone number is (775)328-2233.

Example

A person receives a letter form the county assessor’s office and they base his house at $300,000. However this person just bought the house for $250,000 and made no improvements. Now the assessor’s office does not use Nevada real estate sales to determine the base price. However a person would have a great challenge because they could prove the base price exceeds the property’s value. If the challenge is not made before the January deadline, the homeowner will have to wait until next year to adjust the base rate.
As a Reno – Sparks real estate consultant I encourage any questions or  comments on the Reno – Sparks real estate market or about any of the articles I post.  You can email me at chance@ballard-company.com