Nevada is home to many fire, police, civil service and private sector retirees for one main reason. All gave themselves a big "raise" establishing residency here since we have no personal state income taxes. Nevadan's also don't pay estate or gift taxes so you and your family keep more. Does saving yourself 11%* in personal income tax sound appealing? It should.
While California and the rest of the US grapples with skyrocketing deficits and imminent additional taxation, Nevada isn't allowed to raise taxes without a "super majority" vote and our property taxes are below the national average. Read Kiplinger's article on why Nevada's easy on retirees and why California is a "retirees tax nightmare".
Why Northern Nevada?
Well unless you like hot, Northern Nevada is the choice. At about 4,500 feet elevation our summers are fabulously comfortable and winters are relatively mild. Plus traffic and city congestion in the Reno region is so light compared to the Las Vegas Metro area and most of California.
Then there's Lake Tahoe. What's not to like about being minutes from Lake Tahoe and the rest of the Sierra's.
What About Leaving Our Family Behind?
If you're from Central or Northern California, like us before we relocated, you're concerned about being close to your family. You're still close to home via US 50 or I80. Only about three hours to anywhere in the bay area and minutes away via the Reno/Tahoe International Airport.
Why Nevada Now?
Home Prices are at all-time lows. The recession hit Nevada hard, in fact harder than most other states in the US but this won't last. Nevada is ranked 5th of all states expected to recover by 2014 according to a recent Yahoo Business real estate report and prices are expected to bottom out by the second quarter of 2011. But today's record low interest rates won't last and waiting until 2011 will cost you in the long-run. Homes are already being snapped up by investors and out of state buyers relocating to Nevada. There are still many distressed properties to chose from and great deals to be had. Today, that is.
* Average savings vary according to individual circumstances. Consult your tax consultant before making any decisions with tax implications.