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A Tale of Two States: Lake Tahoe's Real Estate Market Creates Border Competition in the Great West
Lake Tahoe toes the line between two great US states, Nevada and California. The question for the home buyer going into 2016 and beyond is which side to choose. Each state has its benefits, making for an interesting and exciting decision.
One of Nevada's advantages is in the area of taxes. In Nevada, there is no personal income tax. This is a great benefit to retirees, even if their passive income derives from the state of California. However, those currently employed in The Golden State and living in Nevada will still be charged California state tax.
You can save big time on property tax in Nevada. The difference is estimated as being about $1000 a month in California to roughly $3500 for the whole year in Douglas County, Nevada. Depending on the county in Nevada, though, this tax rate can go up to near California rates. Most agents see the real estate tax advantages in Nevada as being more significant if the home being bought will be the primary residence. If it is a second home, the gap gets a lot smaller (unless, of course, it will eventually be a retirement home).
California comes with its own perks and privileges. First off, the median home price there is significantly less than that of Nevada. So for all the tax rewards, the money paid to get in can be quite steep. In addition, California has access to the old-Tahoe towns to the north and west that attract so many to the area.
And, well, it's California. The population of educated consumers already based there and continuing to migrate in can make the business opportunities worth the tax rates. Companies and professionals that settle in the state rarely leave. And if you are starting your business in California with a Nevada LLC, you'll have to register it as a foreign entity and your fees will actually go up.
So there are the large and lovely homes in the quiet areas just outside the bustling business districts of California that the north and west of Lake Tahoe offers. Then there are the economy friendly tax exemptions and exciting vacation resorts of the South and East in Nevada. Lake Tahoe real estate agents on either side can present their case. But in the end it's the consumer's choice as to what would benefit them best as the real estate market for Lake Tahoe gears up for a competitive, dynamic 2016.
About the Company:
Granger Group is a leading real estate company in Northern California, driven by honesty, integrity & professionalism. Linda Granger has a well-earned reputation for top-tier real estate service in the Lake Tahoe/Truckee area. Granger Group’s team believes in delivering the highest-quality care to buyers and sellers throughout Lake Tahoe, from Truckee, CA to Incline Village, NV and beyond.
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