SIDs and LIDs are two concepts that you often encounter when searching for homes in the Las Vegas or Henderson area. What are SIDs and LIDs? And why must you consider them in your quest to find the perfect home? This guide explores these two concepts you must know when moving to Las Vegas.
SIDs stands for Special Improvement Districts, and LIDs stands for Local Improvement Districts. They are essentially the same, but determining which one applies to you varies according to which area you are living in Las Vegas.
SIDs and LIDs are part of the improvement districts formed by the local government, which will help fund important infrastructure such as roads, sidewalks, street lighting, sewer lines, water lines, landscaping, curbs, and more. Once the total cost of these projects is determined, the local government borrows money to fund them through a municipal bond issue. The bonds are repaid semi-annually and divided into a 10- or 20-year period.
Each SID and LID assessment constitutes a lien on the property. It works like a mortgage wherein the payment is tied to the property, not the property owner. Therefore, it is the property owner’s responsibility to pay this fee.
In the case of a home resale, for instance, the new homebuyer is the one to shoulder the payment of SIDs and LIDs. Therefore, it is something to consider when buying a home. Check for any pending SIDs or LIDs payments because it will impact the cost of homeownership.
As a homebuyer, you must check the following before finalizing a home sale: the total remaining cost, the rate, the payment terms, and any pre-payment penalty.
A skilled real estate agent in Las Vegas can help you determine this information. So, be sure to ask for this information before finalizing a sale, as it can add to the total cost of homeownership, especially if you have other fees such as HOAs.
The payment of SIDs and LIDs is typical in a masterplanned community, such as Inspirada, Summerlin, or Skye Canyon. Smaller, individual neighborhoods don’t have SIDs or LIDs, but most homes in masterplanned communities have one.
Yes. Paying off the assessment in full is allowed. However, you must check if there are pre-payment penalties and how much that would be.
If you want to know if your property has a SID or LID, or you want to know how much, you can visit www.amgnv.com. You can check the website to determine if you provide the required information for your assessment.
You may also call the Assessment Management Group at 702-796-0082. Provide your parcel number, and customer service can provide you with the remaining balance, terms, rate, and the prepayment penalty (if any).
Are you planning on moving to Las Vegas? If you are, the SIDs and LIDs are among the most important things to consider as part of living in Las Vegas or Henderson. If you have more questions about this assessment, please schedule a consultation with us. We would be happy to answer your questions on this matter, especially if you are looking at specific Las Vegas or Henderson communities.