Las Vegas vs Henderson Cost Segregation: Same Tax Position, Different Permit Regimes

Quick answer

Across 5 engine fixtures for the Las Vegas area, the differences between Henderson and the rest of Las Vegas come down to three factors: land allocation, property archetype mix, and HOA capital-assessment patterns. See the per-fixture detail below.

Side-by-side per-fixture

Property	Sub-market	Price	Reclass %	Y1 fed savings @ 37%	Land %
Summerlin Master-Planned STR SFR · STR	Summerlin (master-planned)	$625,000	26.9%	$49,601	20.3%
Henderson Anthem SFR STR SFR · STR	Henderson (Green Valley / Anthem)	$485,000	24.8%	$34,454	22.6%
Spring Valley STR Conversion SFR · STR	The Lakes / Spring Valley (Las Vegas)	$525,000	25.1%	$38,536	20.8%
Centennial Hills SFR BRRRR SFR	Centennial Hills / North Las Vegas (suburban)	$385,000	16.7%	$18,451	22.4%
MacDonald Highlands Ultra-Luxury STR SFR · STR	MacDonald Highlands / Lake Las Vegas (Henderson luxury)	$1,850,000	27.2%	$141,566	24.0%

What's the same

• Tax law. Both sub-markets are in Nevada, subject to the same state conformity rules: Nevada has no state individual income tax, federal §168(k) bonus depreciation under OBBBA's restored 100% is the entire tax story for Las Vegas investors. No state addback, no decoupling math. Combined with Nevada's STR-permissive county-level regulation and Las Vegas's year-round demand profile, this produces among the cleanest cost-seg tax positions in the country for a major destination STR market.
• Federal §168(k) bonus depreciation. 100% under OBBBA, permanently restored for 2025+ acquisitions.
• MACRS classification methodology. Same Rev. Proc. 87-56 asset class life assignments regardless of sub-market.
• Engine methodology. Same RSMeans 2024 base costs, same BLS PPI time index, same geo factor (these are city-level, not sub-market-level).

What's different

• Land allocation. Henderson typically runs higher on land allocation because of either resort-tier land scarcity premiums or proximity-to-amenity scarcity. This compresses depreciable basis as a percentage of purchase, even though absolute basis is larger.
• Property archetype mix. Henderson concentrates in higher-end vacation rental product, while the broader Las Vegas market includes more off-market SFRs and longer-tail product.
• HOA capital assessment patterns. Resort-tier HOAs in Henderson often levy special assessments for infrastructure (snowmelt, lift access, parking decks). Those assessments add to depreciable basis but distort the per-fixture cost-seg picture if the buyer doesn't separate base purchase from assessments paid.
• STR economics. Different ADR (average daily rate) profiles and material-participation friction.

Which is better for cost-seg ROI?

It depends on what "better" means.

If you measure ROI as Year-1 federal savings dollars: Henderson wins on absolute dollars (higher purchase prices = larger absolute deductions). If you measure ROI as savings-per-dollar-of-purchase: the broader Las Vegas non-resort sub-markets typically win (lower land allocation = more depreciable basis as % of price).

For most buyers, the more useful question is: which sub-market matches my buy-box? If you're already buying $2M+ resort-tier product, the cost-seg differential is a rounding error against your decision drivers. If you're price-shopping across sub-markets and considering both, the broader Las Vegas non-resort areas produce more reclassification per dollar.

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