Affordable Taxes and a Lack of..
Nevada tax benefits are a large draw for why 5000 people a month relocate to Southern Nevada. Despite the fact that the cost of living in Nevada is 4% higher than the national average, Nevada is still more affordable than most of the country. Nevada has reasonable utility costs and affordable housing, but the tax structure pushes it to the top of the desirable list. Because tourists contribute greatly to the state’s coffers, residents save money.
Nevada Specific Tax Benefits
Nevada’s tax benefits are great for families, businesses and retirees. Here’s why:
- Zero State Income Tax
- No Inheritance Tax
- There’s No Corporate Income Tax
- No Inventory Tax
- There’s not any Franchise Tax
- Property Tax In Clark County is about 1% of the property value
- Nevada’s average Property Tax is .77% – National average is 1.19%
- Sales Tax In Las Vegas, Henderson, and N. Las Vegas is 8.375%
- Nevada State Sales Tax Rate is 4.6% added to the Clark County rate of 3.775% equals 8.375%. Other counties are usually lower. No Sales Tax on food, candy, medical or medicine for people
The Downside Of Nevada’s Cost of Living
The state’s tax benefits are among the best in the country. With tourists paying the residents’ share what’s the catch? Doesn’t there have to be a downside? OK, here’s some truth:
Because 250,000 tourists visit The Strip each weekend, when they crash their cars or commit a crime, their statistics are added on to the stats for the 2 million residents. Drunk drivers- same thing- averaged between 250,000 fewer people than there really are. Since tourists don’t count, Las Vegas Valley residents pay higher insurance rates.
Higher rates aren’t as bad as they could be. We pay around $100 a month per car for 2 cars for 2 people. But hey, car registration is lower than California’s and gas costs less than many cities.
The tax rates in Nevada are certainly attractive, however, there’s a spirit of “team” that makes us want to stay and feel apart of this incredible energy. Having called Las Vegas home for over 25 years, we’ve seen a lot of changes and growth. What makes us proud of the community are the creative problem-solving companies and people that also call Southern Nevada home.
Blog was written by Kurt Grosse. Kurt is a 24+ year Las Vegas Top-Producing Realtor and Retired Building Engineer (P.E., C. E.) known by his clients as “The Protector.”