Wyoming’s Property Tax Overview
Wyoming has one of the lowest median property tax rates in the United States, with a median property tax of $1,058.00 per year for a home worth $184,000.00. Wyoming’s property tax rate is 11.5% for industrial property and 9.5% for commercial, residential, and all other property. Property tax rates in Wyoming are also known as "mill levies," with one mill equating to one tax dollar per $1,000 of assessed value.
Certain exemptions and deductions may apply, such as a homestead exemption for primary residences or a deduction for seniors. The state’s average effective property tax rate is 0.55%, ranking 10th lowest in the country. Despite not having a state income tax, the $1,452 median annual property tax payment in Wyoming is low. With a median home value of $266,400 in 2021, Wyoming has the 24th most expensive housing market in the country, and the effective property tax rate for that year was 0.56%, the fourth lowest among the 50 states.
County Variations and Income Considerations
The exact property tax levied can vary by county in Wyoming. For example, Teton County collects the highest average property tax at $3,496 yearly, while Weston County has the lowest at $579 per year.
Wyoming’s median income is $63,602 per year. Median yearly property tax paid by residents is approximately 1.7% of income, placing Wyoming 41st of 50 states for property taxes as a percentage of median income.
Tax Benefits and Residency
Wyoming offers significant real estate tax benefits, thanks to low sales and property taxes, and the absence of estate tax, capital gains tax, or state income tax. The state encourages real estate transactions by providing a tax-friendly environment.
Property taxes in Wyoming are collected on a county level, and each county has its own method of assessing and collecting taxes. For most property types, only 9.5% of the market value is subject to tax, hence a home worth $100,000 on the market is only taxed on $9,500 in assessed value.
Wyoming’s Tax Friendly Features
Wyoming is recognized for being tax-friendly. Below is a list of the state’s tax benefits:
- No Tax on Sales of Real Estate: Investments in Wyoming properties are not subject to state tax upon sale.
- No Personal or Corporate Income Tax: Residents do not pay state tax on personal or business income.
- Dynasty Trusts and Asset Protection: Wyoming is a leading state for long-term asset protection.