reno nv | David Morris Group

Relocation Guide: Nevada Tax Advantages

March 12, 2021/in Reno Relocation Information /by Shauna Morris

Living in Nevada, specifically in the Reno area, comes with a variety of benefits. From its close proximity to the blue waters of Lake Tahoe and the ski resorts to the never-ending list of events and activities going on around town, there’s a lot that already draws in new residents. But, one thing that shouldn’t be overlooked is all of the Nevada tax advantages.

No State Income Tax

To enjoy no state income tax, Nevada has to be your central place of residence, but you can do business and have residences in other states. Nevada just needs to be the state you have the closest ties or spend the most time out of the year. Becoming a Nevada resident will help you avoid state income taxes except for income that arises from sources within another state.

No Personal Income Tax

Many states force residents to pay taxes on income they’ve earned, and for high earners, this can result in high taxes. Nevada doesn’t tax an individual’s income earnings, allowing individuals to keep more of their hard-earned income in their pockets.

No Corporate Income Tax

A corporate tax is a tax on the profits of a corporation. The taxes are paid on a company’s taxable income, which includes revenue minus the cost of goods sold, general and administrative expenses, selling and marketing, etc.

No Franchise Tax

Many states impose a separate tax on at least some businesses, called a franchise tax. Simply put, this is a tax the state imposes for the privilege of doing business in the state. Franchise taxes are generally either a flat fee or an amount based on a business’s net worth.

While these are four of the largest tax advantages to calling Nevada home, there are more benefits to consider, including:

No inventory tax
No tax on issuance of corporate shares
No requirements of shareholders and directors to live in Nevada
No tax on sale or transfer of shares
No initial or minimum capital requirements
Anonymity of owners
Low property taxes
Business-friendly environment

There’s a lot to love about being a Reno resident, including the Nevada tax advantages you get to benefit from. If you’re hoping to move somewhere that will allow you to keep more money in your pocket and provide you with a great work-live-play atmosphere, Northern Nevada may be the right fit for you. Contact the David Morris Group to learn more about relocating to Reno. We’re always happy to share our knowledge of the area and the real estate market with you!

Relocation Guide: Things to Ask Yourself Before Moving to Reno

February 25, 2021/in Reno Relocation Information /by Shauna Morris

Less than an hour from Lake Tahoe and less than 4 hours from San Francisco, Reno offers the perfect location. With a bustling downtown area, great school districts, a variety of events, activities, and amenities available, the Biggest Little City is constantly drawing attention. The changing seasons, growing career opportunities, and love for the unique offer something for everyone to enjoy. If you are considering relocating, there are some things to ask yourself before moving to Reno.

Do you want a home in Reno, Sparks, or an outer city like Spanish Springs and Carson City?
Are you prepared for colder winters, some snow, and no humidity? Are you prepared for rapidly changing weather? (There’s a reason we say that if you don’t like the weather, just wait 5 minutes.)
Will you be buying a home or renting a home?
What style of home are you looking for?
Are there schools, programs, or offices that you would like to be close to?
Is it important to be near parks, trails, green spaces, etc.?
Do you have reliable transportation, or will you be biking/walking/bussing where you go?
Are you planning to job search when you’re in Reno, or will you be coming with a job opportunity already mapped out? Are there other career opportunities in your field in the area?
Does your budget work with the average cost of living in Reno?
Do you want to be a part of a community that has an HOA?
Are you hoping to be a part of a community that is close-knit or keeps to themselves?
Do you have family and friends in the area, or will you need to build a network of friends in the area?
Are you planning to join in on the multitude of festivities happening throughout the year (May – October, especially)? Can you handle the number of tourists coming in for the well-known events?
Does Reno have the things you need? Think about your favorite foods, shops, grocery stores, etc.

These things to ask yourself before moving to Reno are a great jumping-off point. These questions will allow you to outline what you’re looking for and set you up for some great conversations with a real estate expert that knows the Reno area well. If you have any questions about relocating to Reno and what the area has to offer, contact the David Morris Group. We’re always happy to share our knowledge of the area and the real estate market with you!

Relocation Guide: How Does Reno Stack Up Against San Francisco?

The Bay area draws in creatives, tech geniuses, and entrepreneurs of all kinds. San Francisco continues to be a beacon for those working in various fields, but with large spikes in industries working remotely, it has caused many to look to other cities that may be cheaper and offer a variety of amenities that aren’t offered in San Francisco. So, how does Reno stack up against San Francisco?

Cost Comparison:

The median price of homes sold in January of 2021 was $446,702 in Reno, while the median price of homes sold was $1,745,000 in San Francisco. The median price in Reno is 75% less than that of San Francisco.
It costs 61% less to rent in Reno than in San Francisco.
Costs to register your vehicle are 53% cheaper in Reno.
Transportation costs are 43% more in San Francisco.
Child care costs nearly 20% more in San Francisco.
Auto insurance is 15% cheaper in Reno.
Sales tax is roughly 3% less in Reno than in San Francisco.
Utilities cost 2% more in San Francisco.
Reno has no state income tax.

Commutes:

Commute times for Reno residents averages 20 minutes.
Commute times for San Francisco residents averages 45 minutes.
Average gas price for Reno is $2.77 and $3.23 for San Francisco, making commutes cheaper and faster in Reno.

Reno’s National Rankings in 2020:

#1 Best Small Cities of 2020 – BestCities.org
#4 Best-Performing Cities of 2020 – Milken Institute
#11 Best Places For Business And Careers – Forbes
#17 Best Cities for Outdoor Activities in America – Niche
#38 Best Places to Live – U.S. News and World Report
Top 100 Best Places to Live – Livability

Reno and San Francisco share a lot in common when it comes to climate. With nearly identical sunny days, Reno only differs from San Francisco in snowfall and colder winter temperatures. On average, Reno has a lower cost of living, shorter commute times, and continuously ranks well in national reports.

The Biggest Little City in the World is expanding and becoming a beacon for city dwellers that don’t want to give up outdoor amenities and close-knit communities for events, attractions, and businesses — Reno has it all in spades!

If you or someone you know is considering relocating to Reno, contact the David Morris Group. We’re happy to share our insights on the city and make it a smooth transition from visitor to resident!

Could You Be the Next Copper Knolls Resident?

January 18, 2021/in Reno Neighborhoods, Reno-Sparks Real Estate /by Shauna Morris

Located in the Somersett area lies the picturesque neighborhood of Copper Knolls. With beautiful mountains surrounding the community, each home has a dazzling view to offer residents. The gorgeous scenery is but one of the things to love about the charming community of Copper Knolls.

Homes

Single-family homes in the Copper Knolls area average about 2,156 to 2,899 square feet and feature two to four bedrooms. As a community that was built in the early 2000s, it’s a newer development in the Reno area. Homes are located between the Somersett West Park and the Somersett East Park on lots that range from 0.19 to 0.37 acres.

Amenities

Just minutes from the Copper Knolls neighborhood lies the Somersett Golf and Country Club, where residents can enjoy many amenities and a panoramic view. The nearby parks also offer the neighborhood a ton of green space to explore as well as basketball courts, a playground, and picnic areas.

For anyone looking to explore the boutiques, coffee shops, restaurants, and nightlife of Downtown Reno, Copper Knolls is just under 10 miles away. That also means that anyone commuting to Downtown Reno for work only has a 15-minute drive.

Schools

Schools serving the students in Copper Knolls include George Westergard Elementary School, B.D. Billinghurst Middle School, and Robert McQueen High School — all a part of the Washoe County School District. The public charter school, Coral Academy of Science, offers an alternative to the Washoe County School District.

Copper Knolls is a tight-knit community that Reno residents love to call home. If you have any questions about what we love about the community or which homes in the neighborhood are currently on the market, contact the David Morris Group. We’re happy to help you begin your home search. Give us a call at (775) 828-3292.

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