The city has easy access both to the beauty of California and Lake Tahoe. Residents enjoy dry, pleasant temperatures year-round; yet, just a short distance away, they can take in a winter wonderland of white-capped mountains and snow-covered trails. Most important, perhaps, newcomers to Reno discover a wealth of local businesses that have spurred a strong economy.

Northern Nevada Tax Advantages = Nevada’s tourism industry provides a dependable source of tax revenues. This means Nevada’s tax burden on residents and business is one of the lightest in the nation.

• No personal income tax
• Property is assessed at 35% of appraised value.
• Nevada has No Inheritance, Estate or Gift Taxes
• No corporate income tax
• No inventory,unitary or franchise tax

The Nevada State Legislature has passed a law to provide a property tax cap. Assembly Bill 489, signed into law on April 6, 2005, provides a partial abatement of taxes by applying a 3% cap on the tax bill of the owner’s primary residence.

Tax Advantages of Home Ownership = When you buy a home, you get some tax advantages. You can deduct home mortgage interest, real estate taxes, and loan points. For most people, the best home deduction is for your mortgage interest. You can also deduct annual taxes based on the assessed value of your property. When buying a home - Reno Nevada Real Estate, you often have to pay points to the lender, in order to get your mortgage. These points can usually be deducted, as a prepayment of interest.

Kelly Richmond REALTOR®
NV License since 2004 #S.63483

Real Estate of Reno Sparks
5365 Mae Anne Ave.
Suite A-6
Reno, Nevada 89523

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