Retire To Nevada

Would you like to retire to Nevada? Well, you are not alone.



The National Association of Homebuilders predicts that Nevada will become the number one retirement destination in the country within the next decade. Nevada's warm, dry climate coupled with its cultural, entertainment and numerous recreational activities make this a very appealing destination for many retirees. Many California retirees wanting to stay close to friends and family are being lured by lower taxes and less congestion as well as lower home prices.

One of the most popular destinations is the Las Vegas/Henderson area. Many of the retirement communities here are mini-resorts catering to the active adult lifestyle. With over 300 days of sunshine and just 4 inches of rain on average every year, it's easy to see why it is so popular.

Another hot spot is Reno, "The Biggest Little City in the World". If you are looking for a place a little less populated than Vegas but would still like all of the amenities that Vegas has to offer, Reno may be just what you are looking for. Reno has an altitude of about 4,400 feet in a beautiful mountainous setting making it considerably cooler than Las Vegas.

Both Reno and Las Vegas are equipped with excellent medical facilities.

Nevada is a low-tax paradise. It has a no income tax. State sales tax is 6.5% and it is ranked 49th in total tax burden making it very appealing to many retirees.

Median Home Price: $155,000

Personal Income Tax: No

Sales Tax: Yes

--Nevada levies a 6.5 percent sales tax.

--Counties can impose taxes as well, making the combined state/county sales taxes rate in some areas as high as 7.75 percent.

Property Tax: Yes

--Property taxes in Nevada are levied by the state, counties, cities, towns and school districts.

--The assessed value of real estate for property tax purposes is 35% of the fair market value and is reassessed every five years.

--Nevada law provides for the partial abatement of property taxes based on the type of property. The sunset date for the additional 2 cents in property tax is June 30, 2009.

--The Nevada Senior Citizens Property Tax Assistance Act provides relief to eligible senior citizens who carry an excessive residential property tax burden in relation to their income. Refunds are on the home's property taxes and the homeowner's income. The program is administered by the Nevada Division for Aging Services.

Inheritance and Estate Tax:No

--Nevada does not require filing for decedents whose date of death was Jan. 1, 2005, or after. If the federal estate tax credit is reinstated, Nevada will require filing at that time.

For More Information: Contact the Nevada Department of Taxation website

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