Lake Tahoe, Nevada Tax Advantages

California Business magazine says the best state in the country overall for business is Nevada. This January, the magazine published the results of a 50 state survey which showed the pastures really are "greener on the other side of the state line".

A research team from California Business collected information on all 50 states. They brought together government statistics and private research reports and compared special interest data bases. Twenty different measures of state social, economic and business health were chosen as being of primary importance. Nevada was chosen largely because of its pro-business attitude. The study ranks Nevada high in the following areas:

• Overall business climate
• Lowest corporate profits tax
• Best overall economy
• Population growth
• Employment growth
• Lowest combined major state and local tax
• Number of new companies per 10,000 workers
• Gross state product (GSP) growth
• Number of environmental policy initiative in place

All of this goes to show that a move to Nevada is a move to the greener pastures of a top-ranked business climate.

Here are some simple tax facts. In Nevada, there are fewer taxes and a lower tax burden than in most other states. That’s why Nevada is on every list of the top tax havens. Just this year, Money magazine ranked Nevada as one of the states with the lowest tax bill and California Business magazine rated Nevada as best overall for business based on a review of several factors including a low tax burden. In Nevada, there is:

• No personal income tax
• No corporate income tax
• No inheritance, estate or gift tax
• No franchise tax

Treasurer’s Office Tax Rates

Bill Berrum, Washoe County Treasurer

How The Tax Rate Is Determined

The tax rate is proposed in April of each year based on the budges prepared by the various local governments: Counties, cities, school districts, special districts such as fire protection districts, etc.
Prior to the budget hearings, the county will publish a newspaper ad which identifies any property tax rate increase and the tie and place for the different budget hearings.  These budget hearings present an opportunity for you to question expenditures and the property tax rates which will be set to cover the proposed expenditures.
The local government’s budget must be adopted no later than June 1.  In June of each year, the Nevada Tax Commission approves the property tax rates based on the budgets submitted by the local governments.

How Property Taxes Are Calculated

To compute the property taxes for a particular parcel of property, simply multiply the assessed valuation by the tax rate as shown in the following example:
Taxable value X 35% = assessed value X *tax rate = property taxes due.
Taxable Value of $100,000.00 x 35% = Assessed Value of $35,000.00 X *Tax Rate of .0283 ($2.83 per $100 assessed valuation) - $990.50 Property Tax Due.
*All parcels have their own tax rate.  For more information, call the Washoe County Assessor’s Office at (775) 328-2200.  You can also visit their website at http://www.co.washoe.nv.us/assessor/cama.

How The Property Taxes Are Collected

Property Listed On The Secured Roll (The listing of real property values as prepared annually by the Assessor.  The payment of the tax is secured by a lien against the real property):  Property taxes are collected by the County Treasurer based on the tax bills sent out July of each year.

• No unitary tax
• No special intangible tax
• No chain store tax
• No admissions tax
• No inventory tax