California residents flee to Las Vegas suburb to avoid high taxes!
Recently, the Mayor of Henderson said that he saw a steep population surge of 20% in Nevada. According to him, it happened due to the migration of a huge number of people to the Las Vegas suburb. The population of the town has been increased by over 300,000 and it has become the 2nd most populous city in Nevada after pushing Reno to the third position. It has been found that the maximum of new residents of Henderson have come from the neighboring province of California. Expats tax consultants in Toronto believe that this migration happens to avoid high tax rates and a few other social issues.
Why Las Vegas suburb attracts migrators?
Las Vegas is the home of Casino Businesses, Real Estate Businesses, military and veterans. But, during the financial crisis, Las Vegas hasn’t been affected much. It is an appropriate location for starting any business and raising a family. Economists have found that staying in California is economically beneficial for the people of very much high and low-income groups. But, if you are a person of an average income, then you can hop across the border of Nevada and can settle there.
Some statistical facts about the cost of living
On Fox Business “Bulls & Bears”, Henderson’s Mayor Debra March has recently said that as a median price for home, you need to pay $336,000 for 1,800 square feet in Henderson; whereas in the Los Angeles area and in California, the price of the same floor area is around $786,000. It is around $1-7 million in San Francisco.
California is considered a high tax state and in the time period of 2013 to 2017, around 56% of the new residents moved to the Henderson suburb in search of an affordable cost of living.
Henderson’s Mayor March has also said that they emphasize the job creation activities and in this regard, they study the market for creating new jobs so that the economy can be sustained for a long term in the future.
Conclusive facts
As at The Accounting & Tax, we are one of the reputed international tax consultants in Toronto, our fact-finding teams and financial experts initiate research activities about the financial developments of various geographical locations. Thus, we have come to know that California will not lower their existing tax rates. Also, recently, as many residents are fleeing from New York, the Governor has proposed tax hikes so that the amount of the total tax collection never goes down.
At the Accounting & Tax, we can help you in two ways. If you want to stay in California, we can recommend some essential steps so that you don’t need to pay any extra tax amount. Secondly, if you migrate to the Las Vegas suburb, we will offer you essential guidance helping you in reaping all the benefits of the new tax system.
