Tax Burden for Nevada Retired Vets


As of JUN 2019 Many people planning to retire use the presence or absence of a state income tax as a litmus test for a retirement destination. This is a serious miscalculation since higher sales and property taxes can more than offset the lack of a state income tax. The lack of a state income tax doesn’t necessarily ensure a low total tax burden. States raise revenue in many ways including sales taxes, excise taxes, license taxes, income taxes, intangible taxes, property taxes, estate taxes and inheritance taxes. Depending on where you live, you may end up paying all of them or just a few. Following are the taxes you can expect to pay if you retire in Nevada. Note: The state has a statutory provision for automatic adjustment of tax brackets, personal exemptions or standard deductions to the rate of inflation. Sales Taxes State Sales Tax: 6.85%. Groceries and prescription drugs are exempt from the Nevada sales tax. Nevada treats both candy and soda as groceries for sales tax purposes. Other items including gasoline, alcohol, and cigarettes are subject to various Nevada excise taxes in addition to the sales tax. Counties and cities can charge an additional local sales tax of up to 1.25%, for a maximum possible combined sales tax of 8.1% Nevada has 249 special sales tax jurisdictions with local sales taxes in addition to the state sales tax Nevada has a lower state sales tax than 75% of states
91Gasoline Tax: 51.92 cents/gallon (Includes all taxes) Diesel Fuel Tax: 52.96 cents/gallon (Includes all taxes) Cigarette Tax: 1.80 cents/pack of 20Personal Income Taxes Retirement Income: Not taxed. There is no state income tax. Property Taxes all property in the state is subject to tax by the state, counties, cities, towns, and school districts. Property taxes are applied to property of every kind and nature, including real and personal property. The assessed valuation for tax purposes is based on 35% of the fair market value of the property and is revalued every year. Refer to The Department of Taxation and county assessors and treasurers are required to provide information on the Internet concerning property taxes, including, a description of the assessment process, an explanation of the manner in which property taxes are calculated, the rates of taxes imposed by various taxing entities and the revenues generated by those taxes. The median property tax in Nevada is $1,749.00 per year for a home worth the median value of $207,600.00. Counties in Nevada collect an average of 0.84% of a property’s assessed fair market value as property tax per year. Nevada is ranked number twenty four out of the fifty states, in order of the average amount of property taxes collected. Inheritance and Estate Taxes There is no inheritance tax and a limited estate tax related to federal estate tax collection. Other State Tax Rates to compare the above sales, income, and property tax rates to those accessed in other states go to: Sales Tax: Personal Income Tax: Property Tax: the Nevada Department of revenue site http://tax.state.nv. Call 866-962-3707 for further information.[Source: | June2019++