Wyoming follows the rule of no state income tax, which means no estate tax, no state gift tax, no funds gains tax. So, taxes you pay are comparatively low in the country, which makes Wyoming a more affordable state. You only have to pay the sales tax (4%), property tax, and a few other taxes. However, sales tax might increase up to 2% depending on the county.
Tax Benefits of Living in Wyoming
As per data from the Tax Foundation, Wyoming boasts a relatively modest combined state and local sales tax rate. When it comes to property taxes, the statewide median rate in Wyoming is also on the lower side compared to other states.
Other tax benefits of living in Wyoming are the lack of corporate income, estate, or capital gains tax. Trusts accumulating income are also not taxed. This is possible because the state has historically used revenues from mineral production and severance taxes to pay its bills.
Wyoming is a great place to live and an even better place to retire. After all, Wyoming has been cited by Bloomberg Wealth Management magazine as the most tax-friendly state in the country. This is primarily due to the State of Wyoming’s chief savings account, which currently contains nearly $2 billion.
Tax Benefits of Real Estate in Wyoming
Wyoming ranks as one of America’s most tax-friendly places to live, work, play, and invest. Wyoming is a tax-friendly state for retirees, residents, business owners, and more. It’s consistently ranked at the top as one of the best tax haven states to live in. This beautiful state is filled with wildlife, wide-open space, and all the activities you could want without making you pay too much to live your life in whatever way you like. Bloomberg Wealth Manager Magazine – and numerous other publications – regularly cite Wyoming as the most tax-friendly state in the US. Wallet Hub ranks Wyoming as having one of the lowest state and local tax burdens in the country.