Overview
Nevada is best known for Las Vegas but offers much more, including the outdoor recreation of Lake Tahoe, a growing tech presence in Reno, and significant tax advantages with no state income tax. The state has attracted many Californians seeking lower costs and business-friendly policies.
Nevada Real Estate Market
Las Vegas experienced a dramatic run-up during the pandemic as remote workers fled expensive coastal cities. Prices have since corrected but remain above pre-pandemic levels. Reno has emerged as a tech hub with companies like Tesla and Apple nearby. Nevada's tax advantages and lower cost of living compared to California continue to drive migration.
Property Taxes in Nevada
Nevada has relatively low property taxes, with constitutional limits on tax rates and abatement caps on increases.
Average effective rate: 0.55%
Annual tax on median home: ~$2,338
Tax cap: 3% annual increase for primary residence, 8% for other property
First-Time Buyer Programs
Nevada Housing Division:
- Home Is Possible - Down payment assistance up to 5%
- Home Is Possible For Teachers - Special program for educators
- Mortgage Credit Certificate - Tax credit for mortgage interest
Closing Costs in Nevada
Nevada closing costs are moderate, typically 2-3% of purchase price.
Common costs include:
- Real Property Transfer Tax: $1.95 per $500 of value
- Title insurance: Based on purchase price
- Escrow fees: $400-$1,000
- Recording fees: County-dependent
Frequently Asked Questions
Nevada is popular for retirees due to no state income tax (including on retirement income), low property taxes, and warm climate. Las Vegas offers excellent healthcare and entertainment options.
Water availability is a serious consideration. Lake Mead levels have declined significantly. However, Southern Nevada has implemented strong conservation measures and recycling programs.
Yes, most master-planned communities in Las Vegas have HOA fees, typically ranging from $50-$300 monthly depending on amenities. Some luxury communities exceed $500/month.