Carson City property values have dropped about 12.5 percent for the next fiscal year, marking a third consecutive decline, said Dave Dawley, the city assessor, on Monday.
It's the largest decline the capital city has recorded since its housing market hit its peak of $1.82 billion in 2008/09. Last year, property values fell about 6.5 percent.
For the next fiscal year, Carson City's property value will drop to about $1.4 billion, falling about $200 million from its current $1.6 billion, said Dawley, whose office will begin sending property reassessments to homeowners today.
"We've had some huge decreases, some can be totaling 20 percent, when you add them up all together it's 12.5 percent," Dawley said.
Out of the city's 20,000 parcels, Dawley said about 4,000 will experience a decrease in property taxes this year, up from 700 parcels last year. Dawley said the majority of Carson City homes are nearing their values from the 2004/05 fiscal year.
"We're getting really, really close to a lot of them," he said.
He said the tax decreases are expected to continue unless the Board of Supervisors decide to increase the property tax rate from its current $3.0876 per $100.
If there is an increase it would be capped at $3.64 per $100, a limit governed by the state law approved by voters in 2005.
Meanwhile, Washoe County's 144,000 parcels will experience a 8.2 percent decline for the next fiscal year.