Are you looking to move? Are you retiring? Well if you are currently living in California, then you might want to consider moving to Nevada. Below are some of the top incentives for moving to The Silver State.
State Income Tax
If you live in California then I am sure you are well aware of the California State Income tax. You may also be aware that Nevada does not have one. Which means, you could essentially get a raise just to move to Nevada. The only catch is, your income has to come from there. If you work in California then you will still be subjected to California Taxes. Depending on how much money you make will determine how much you save. Here is the California State Income Tax Bracket.
1% on $7,749 of Taxable Income.
2% on Taxable Income between $7,750 and $18,371.
4% on Taxable Income between $18,372 and 28,995.
6% on Taxable Income between $28,996 and $40,250.
8% on Taxable Income between $40,251 and $50,869.
9.3% on Taxable Income between $50,870 and $259,844.
10.3% on Taxable Income between $259,845 and $311,812.
11.3% on Taxable Income between $311,813 and $519,687.
12.3% on Taxable Income $519,688 and above.
As you can see by this bracket, if you make $80,000 in Nevada then you will be saving $7,440 a year compared to living California. Like I said, this would be like getting a 9.3% raise to move to Nevada from California. With $7,440 you could do quite a lot, whether it be a nice family vacation every year, buying new toys, or perhaps put that money into a college fund for your kids. Think about how much money that is after only 10 years, $74,400. All of it is money you wouldn’t have if you lived in California.
In Nevada property values are significantly less than California. But in Nevada you aren’t necessarily getting less when you pay less. In California the average cost per square foot is $261, where in Nevada it is only $122. So that means you could get more than double the size of a house in Nevada as you could in California for about the same price or even a little less. And in Nevada you can actually buy land of a sizable amount, which is definitely not cheap in California. Finding an acre of land for an affordable price is an easy task in Nevada compared to California.
Another financial incentive for moving to Nevada from California is the property taxes. First of all, Nevada doesn’t have a state wide property tax like California, it is county specific. So of course it will vary from county to county. But as an example, in California, if you buy a million dollar home you will end up paying approximately $1000 every month in property taxes. However, if you buy the same home, but in Douglas County, Nevada, you will end up only paying about $3,500 each year. That is a savings of $8,500 a year! That’s another family vacation or more money into a college fund for your kids.
Overall moving to Nevada is a pretty sweet deal. Not only do you save money but you can buy a bigger house on a bigger piece of land for far less than it would cost you to do so in California. And you can have more fun or have your kids be more financially secure in the future with the money you save. Nevada is also a nice place to live. Nevada has the east side of Lake Tahoe for those who live in Northern Nevada, and Las Vegas for those who live in Southern Nevada. But wherever you decide to live in Nevada, it won’t be long until you call it home.