You are getting into my business in land development, and the fact that you can find one year where property values in Lafayette may have gone up more that Las Vegas over the last 50 years, is a one off, and not typical of the market.
Well, the median single family home price in West Lafayette is up 73.7% over the last 5 years, while the median single family home price in Las Vegas is up 57.8% over the same 5 year window. I don't have the ability to go back further than 5 years without paying for it, but the market is outperforming Vegas in the last 5 years based on that metric.
If you bought a house in Las Vegas 5 years ago, you would have doubled the value,
Maybe in your development position you're working with more jumbo or super jumbo mortgage type properties , but i haven't been able to find any data that suggests there is a 100% increase in price over the last 5 years in Las Vegas. I've been out of the valley for more than a decade now--but West Lafayette also didn't suffer nearly as badly during the subprime bubble so homes here fared much better in that 2008-2012 era as well. So that's a total of at least 10 years of the 50 where the West Lafayette Market outperformed Vegas.. There's also far fewer homes so if you're in the industry you might have access to better or more specific data. If you can provide data that proves me wrong here, I'll happily acquiesce the point.
West Lafayette is, in fairness, a much smaller market than Vegas which means much less volume, but that means the mean is much closer the median than the Vegas market.
Why do you think so many people from California move to Las Vegas and can pay cash for their homes?
Typically isn't that due to the fact that median home price in most of southern California is more than the median home price in Nevada. I'm not sure how that comparison reflects on our discussion at all.
As for property tax rates, Las Vegas is 0.5% while Lafayette is 0.77%.
West Lafayette is actually 0.76%, and Las Vegas is 0.515% for pure property tax, but if you're in the industry you have to know that there are other things that Clark County adds to the property tax which changes the effective rate, especially when compared to Indiana who handles some of those expenses in a separate county tax. For example, in Las Vegas district 200 when you figure in the assistance to indigent persons, Clark County Capital, Family Court, General Operating, School Debt, School Maintenance and Operation, Indigent Accident Fund, City Services, Fire Safety, Library, LVMPD 911 and Manpower, COOP extension and State of Nevada your total effective property tax is actually 3.2782%. Some the unincorporated areas are a little lower (Enterprise district 621 being the lowest in the Vegas Area at 2.7131%. Both West Lafayette and Las Vegas use a lesser assessment value than that gross assessed value.
Source:
https://www.clarkcountynv.gov/government/elected_officials/county_treasurer/by_tax_district.php
Source:
https://www.clarkcountynv.gov/government/assessor/real_property.php
Source:
https://www.in.gov/dlgf/understanding-your-tax-bill/citizens-guide-to-property-tax
