High Taxes have you considering a move elsewhere? Why not Las Vegas?

I continue to hear about states like Oregon, Illinois, Maryland and California raising taxes.   In some cases, these taxes are focused on the “wealthy” and small businesses facing increases of as much as 60%!  As a native Las Vegan, I ask why not consider a move to Nevada?  How could anyone plan for the future with the uncertainty of taxes rising at these levels with no end in sight!  How can a business plan for hiring and growth with an uncertain business and tax environment?  May I suggest consideration of a move to Las Vegas? 

I can hear people asking why would anyone think about a move to Las Vegas let alone Nevada!  The fact is that Nevada is the Fourth LOWEST state for business taxes in the US!  That goes double for individuals as well! 

Nevada has:

  • No State Business Income Tax
  • No State Income Tax (actually is prohibited by the constitution)
  • No State Estate Tax
  • No State Franchise Tax
  • No State Gift Tax
  • No State Inventory Tax
  • No State Tax on Corporate Shares
  • Cap on Property Tax Increases
  • Minimum Tax Increases
  • Minimum Payroll Taxes

How does that compare to your state?  I am getting several calls a week from people who are begging me to help them relocate to Las Vegas to establish residency so they can avoid the crushing taxes in their home states!  You can take back 30% of your gross or more by a move to Nevada!  I can assist you with your relocation (even if you maintain homes in other parts of the country) and establishment of residency for FREE!  How is that possible you ask? I am a real estate professional, a Realtor, and will help you find and purchase your new residence here.  The sellers usually pay my fee so its free to you!  I will assist you with the rest at no cost to you!  Feel free to email me or leave a comment on the site  if you have any questions or if you would like more information!  I have spent my life in this great community and am very knowledgable in this process so contact me!  I am happy to help!  Watch for my next blog post about a new residential development in Summerlin you will love!

What is going on in the Las Vegas real estate market you ask?

Las Vegas Lifestyle

Las Vegas Lifestyle

I get this question quite frequently and most people who ask are very surprised at the answer.  Las Vegas is experiencing tremendous sales activity and in the month of June an all-time sales record was exceeded.  The number of resale homes available to be purchased is around a three months supply at the current consumption rate.  Clients of mine who travel to Las Vegas from out-of-town are amazed at the quality of life here and the low prices of homes.  The local Las Vegas Review Journal recently reported that Nevada is in the top ten states in the Nation for the best Economic Outlook.  Right now in Las Vegas we have more resale homes under contract then are available to purchase and it costs less to own a home than it costs to rent!  These are both indicators that the current housing market is undervalued because when you consider the tax benefits and appreciation potential of owning a home it should cost more than renting.  You also must insure a home in Las Vegas for more than the current prices because it will cost more to rebuild if damaged! 

I think that our low tax structure will most assuredly be a driver of our economic growth as is our warm climate since 7918 people in the US turn 60 every day(according to the US Census Bureau) !  When the Baby Boomers retire they will be looking for warmer climates and environs that have low tax structures which Nevada and especially Las Vegas have.  This is not a political blog but with the Bush tax cuts expiring next year and the current Administration’s expansion of government higher taxes is a certainty!  Those in the highest tax brackets in the higher tax states like New York, New Jersey and California may be facing tax bills in excess of 50% including property, income and business taxes.  Nevada is one of the states with the lowest tax burden and we just FELL a notch and are now number four in the Nation for lowest business tax environment!  And as proof of this more high net worth individuals are moving to Nevada and relocating their businesses here in growing numbers. 

Major Institutions are also investing in the Las Vegas community:   the prestigious  Brookings Institute just announced a joint initiative with UNLV to improve the quality of life in the US Southwest with an emphasis on Las Vegas,  and the World-Renowned Cleveland Clinic, partner in the Lou Ruvo Center for Brain Health  in  Symphony Park in Downtown Las Vegas is starting a feasibility study on head-quartering a Clinic location within Symphony Park. 

Las Vegas is a great place to live and will make a great place to relocate, purchase your second or vacation or investment property!  Please leave me any questions or comments in the space below and make sure to visit Vegasdreamsellers.com!

Senior Economist says the Las Vegas Housing Market is poised to rally!!

NAR Senior Economist Lawrence Yun

NAR Senior Economist Lawrence Yun

The National Association of Realtors’ Chief Economist made a statement at the Realtor’s Rocky Mountain Regional Conference in Las Vegas last week that may surprise you.  He not only said what I have been saying all along that “Low mortgage rates combined with first-time home-buyer assistance from the stimulus package, will push buyers off the fence and into affordable homes”, Mr Yun said.  I paraphrased most of his speech as reprinted from the Las Vegas Review Journal.   “I think Vegas will be the bell weather of how the nation will recover”, he said.  “Rising sales could help stabilize prices by the end of the year.  Vegas is a leading edge and portends what’s coming for the rest o f the country and also for financial institutions.”  He went on to say that “…monthly sales of existing homes have doubled for the past few months, a precondition for prices to stabilize.  The long-term prospect for Las Vegas is bright because baby-boomers reaching retirement age are migrating to cities with warm climates and favorable tax structures, the economist said. (see my post National Publications are Buzzing about Las Vegas)  ”  The home buyer tax credit accounts for less than $10 billion of the new $787 billion stimulus package, a rather small amount, but nonetheless sufficient to help spark a comeback, Yun said.  “I’m a little disappointed that it didn’t address as much as it could have, given the size of the bill,’ he said.  The plan features an $8000, non-refundable tax credit for first- time home buyers and it raises FHA limits to $400,000 in Las Vegas.  The media has led us to believe that new home sales have totally collapsed but their production has been cut way back, which is keeping inventory levels in check so naturally fewer sales will result. 
So prices are low and a PHD in economics predicts that Las Vegas will the first to emerge from the housing crisis!  So what have we learned?  The window of opportunity to take advantage of the current price levels is slowly closing and recovery is coming in the near future!   If you have questions or comments please leave them in the space below and make sure you visit my website Vegasdreamsellers.com to search for homes and to contact me directly for more information! 
%d bloggers like this: