A new thought for you as to why CA is relocating to LV.....State Income tax purposes....below is just an illustration......
~Making LV your primary residence.....humm....
A CA resident whom makes $1M/yr is in the 10% tax bracket (I also read that they have a 1% surcharge above this too?) Ok let's say 10% of 1M is $100K Compare this too a mortgage loan or $480K for example that you can qualify for with no problem......$480K loan amount/7.5%interest rate/30 years let's say...... This is $3,349 P&I. $3,349 X12 months = $40/yr. It sure beats paying for a property that you own and can get something real and tangible (real property), than paying an exorbitant state income tax. I must
presume that paying CA state tax is a real value to CA residents!
With the $60K/yr left over, I presume there would be enough monies to pay for NV property tax (1% of SP = $5,900) and the $775/mo HOA (12 months = $9,300) I have not paid state income tax for 20 years since I left NYC!!
I have learned this one a while back from a CA resident while sitting at a Caesars Palace dinner table who purchased a more that $M primary residence here.
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Here is another one in the works......
~There is a proposed bill to increase gaming tax
revenues from 6.75% to 18.25% so that the city can get more $ from the prosperous gaming conglomerates and pay the Las Vegas city employees more money (teachers, indigent health, more infrastructure, and solar and geothermal power) Now our city salaried teachers can afford to pay more for a house, thus keeping our pricing stable and encouraging more teachers to relocate here, which is what the school system needs....more teachers.
Just notes.....
~We still have 6,000 moving here a month.
~We still have enormous job opportunity with very low unemployment rate
~We still have infrastructure growing and developing to get ready for all moving to Las Vegas
~We still have $40Billion tourist pass through LV a year
~We still have not platued with the ridiculous tolerance levels of California and New York City--- but we may be heading in this direction!
~"Rent vs Own" Tax deduction on interest on monthly mortgage payment
~"Rent vs Own" Pride of ownership on having and taking care of your own.
~We are the most exciting cosmopolitan city on the planet and still at a bargain now!
I have attached a file for you....it is the activity on the South part of the strip. This does not even include the growing activity of the core of the strip, like Echelon, City Center South, City Center North, Trump Tower II, Plaza Hotel, Conrad Majestic, Palazzo....These are coming or are already in the works.....A foresight for the savvy investor. I was wondering if these guys (Trump, Wynn, MGM Mirage, Harrahs) knew something that we did not know????
Please feel free to email me at LVRealEstateLady@yahoo.com and I will send it to you.
Thanks and have a great day! Julia at Liberty
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