It's a Good Time to Relocate to Nevada
The latest tax reform bill passed by Congress will result in many property owners in California and other states with high real estate prices losing some pretty significant tax deductions. With the deductions for property taxes, state income tax and sales tax capped at $10,000 per year, it means a good percentage of property owners in California are going to see their overall tax bill going up, not down.
If you live in California and work from home or own a small business and make over $200,000 per year, why not consider moving to Incline Village and living here full time? Commercial space is easy to find at relatively low rates. Those entrepreneurs who work from home can find beautiful residential properties and convert an extra bedroom or family room into a nice office. With high speed Internet, FedEx and UPS providing daily service and the Reno airport just 40 minutes away, all the services you need to run your business are readily available.
With home prices in many of the nicer communities in California at or above the levels of Incline Village, you can very often trade straight across while saving a bundle in taxes. Anyone earning over $200,000 a year in CA and selling a nice home will likely come out way ahead after moving to Incline Village. And with the way in which property taxes are calculated in Nevada, if you’re buying a condo, then your tax bill will likely be a lot less than 1% of the purchase price. That’s a very significant savings compared to property taxes in California.
The regulatory climate in California makes it more and more difficult for entrepreneurs and business people of all types to save and invest for the future. The heavy tax burden and the increasing costs of doing business in California make Nevada an attractive alternative. And with housing prices in Incline Village still below the pre-recession peak, this is a great time to make the move to the Nevada side of Lake Tahoe.
There are some great benefits to being able to live and work where you like to play. Those of us who live in Incline Village appreciate these 5 important factors:
· Quality of Life
· Unlimited Water Supply
· Village Owned Recreational Facilities
· It’s the Nicest Community at Lake Tahoe
· No State Income Tax or Corporate Income Tax
There is very little raw land and the TRPA strictly limits development. The finite supply of property in Incline Village and Crystal Bay is guaranteed by Forest Service land on three sides and beautiful Lake Tahoe to the south. It's the best place for long-term appreciation at Lake Tahoe.
The urban centers in California have become overpopulated, the schools and infrastructure are overwhelmed and unable to keep up with demand. Having moved here from the Bay Area many years ago, we can fully appreciate the quality of life in Incline on a day to day basis. It’s great being able to live and work here and also enjoy every form of recreation.
Making Incline Village your primary residence gives you a wonderful place to call home and great tax benefits to boot! There are good values in all price ranges making this an excellent time to consider relocating to Nevada and enjoy all the benefits of living on the North Shore of Lake Tahoe.
Weekly Real Estate Update
Statistics gathered from the Incline Village MLS on 12/24/17
Houses Condos PUDs
For Sale 97 46 22
Under $1 million 27 27 10
Median Price For Sale $1,795,000 $685,000 $1,100,000
YTD Sales 2017 165 204 55
YTD Sales 2016 158 194 57
New Listings 6
In Escrow 7
Closed Escrow 12
Range in Escrow $382,000 - $1,190,000
These statistics are based on information from the Incline Village Board of REALTORS® or its Multiple Listing Service as of December 24, 2017