I am looking to purchase my first property here soon and started underwriting deals a couple days ago and thought I was doing it correctly based on asking price and everything was coming back with big cash on cash returns. Then when I was trying to calculate property tax I realized I needed to figure that out based on assessed value of the property. So now I have two issues, when I use the taxes provided by many of the PnL statements I find attached to the deals I am looking at like 3-6% cash on cash returns which I feel like is stupid low considering before that I was looking at 15-20% based off of asking prices. Second issue is I have only found one property with it's assessed value posted on the county's auditor website, all of the other properties I have looked at I can not find assessed value anywhere.
Please help! I know I am doing something wrong when it comes to the math of the property taxes and I need help finding assessed values.
@Chad A Burge most of the real estate websites (ie Zillow, Redfin) also have property tax info and it's really easy to navigate. Keep in mind, property taxes (at least in Vegas) are at least partially assessed on the LAND as opposed to the physical structure. I only discovered this when I bought a small old property on a huge lot and the property taxes were actually more than my much, much nicer, newer, larger, and more expensive personal home that was on a smaller lot.
check the assessors website. In Vegas you can see the exact taxes for any property. You’ll also notice the assessed value is not the taxed value. They tax you on a ridiculously lower number than the true value.