Tahoe’s Tax Advantages
At first, the idea of droves of high-net-worth Californians fleeing the Golden State for the tax-friendly promised land of Nevada is sure to materialize in one’s mind as an overworked editorial cartoon. On closer examination, it becomes clear that these corporate company owners and vacation home hunters are making the most of a buyer’s market, and they’re doing so in one of the most desirable recreational destinations in the world: Lake Tahoe.
Nevada’s policy of no corporate or personal income tax, coupled with Lake Tahoe’s reputation as one of the purest, most picturesque lakes worldwide, makes the region lucrative to both corporate entities and private homeowners. “A lot of our high-end buyers are company owners that are looking for an exit strategy to take their company out of California,” says John Krolick, broker/owner of Alpine Realty International in Incline Village. “Some corporate owners have found tax advantages to the point where savings are so great that the house is almost free.” Tawny Stanton, of the Schwartz-Stanton Group at Coldwell Banker Incline Village, Select Realty, shares a similar observation, stating “as of the start of the summer, the last three high-end sales (one $9 million and two $2 million listings), were [to] Californians moving here because of the taxes.”
People are “prehistorically programmed” to desire access to water, says Krolick, and on the most popular alpine lake in North America, respectable waterfront property demands a price of $10 million or more. “We’re not dealing with the atypical millionaire; we’re dealing with the billionaires,” he says.
—Sarah Binder
Photos courtesy Schwartz-Stanton Group At Coldwell Banker Incline Village
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