High-net-worth individuals are increasingly choosing Incline Village, a serene mountain town on the Nevada side of Lake Tahoe, over California for their residences.
Incline Village, a small community with stunning views of Lake Tahoe and the surrounding mountains, and a population of around 9,300, has become a magnet for some of the world’s richest individuals. This trend has seen billionaires trading their California addresses for properties in this Nevada border town.
Prominent figures like Oracle co-founder Larry Ellison, venture capitalist Steve Jurvetson, and Google co-founder Sergey Brin have all acquired lavish homes in Incline Village, reflecting the growing appeal of the area among tech industry leaders.
Real estate broker Cole Mizak noted, “Our main clientele consists of Californians seeking tax advantages by relocating to Nevada and individuals looking for second homes. Demand has surged notably in the past decade.”
The shift towards Nevada among California’s affluent residents coincides with discussions around the proposed 2026 Billionaire Tax Act in California, which could levy a one-time 5% tax on residents with net worth exceeding $1 billion.
Realtor Christine Perry highlighted the trend of tech moguls leaving Silicon Valley for Nevada, stating, “My clients in Nevada are high-net-worth individuals aiming to establish themselves by the lake early on, driven partly by concerns over wealth taxes.”
Nevada’s appeal lies in its lack of personal income tax and absence of state-level taxes on capital gains, estates, inheritances, and gifts, making it an attractive option for those considering a state relocation.
Mark Norman Vena, CEO of SmartTech Research, shared his decision to move from California to Nevada, citing lower living costs, no state income tax, and more affordable housing as key factors influencing his relocation.
Incline Village’s allure extends to its luxurious resorts, picturesque mountain ranges ideal for snow sports and hiking, and exclusive beaches like Sand Harbor, making it a desirable destination for many.
With the looming 2026 Billionaire Tax Act proposal in California, concerns have been raised about the potential impact on the state’s economy and job market, with experts warning of a possible exodus of wealthy individuals and businesses.
The Tax Foundation cautioned against the billionaire tax, noting its potential to drive founders and investors away from California, leading to job losses, reduced investments, and economic stagnation if implemented.
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