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Wyoming consistently rates as the #1 tax friendly state in the nation for both individuals and corporations. Land ownership in Wyoming can offer significant reductions in federal income taxes through the strategic use of conservation easements while protecting the valuable resources we all cherish.
If you’re not familiar with Wyoming’s tax friendly reputation, a little research on the subject should convince you. For the sake of your valuable time, we have compiled a list of tax benefits below. Click each header in the list for an explanation and links to valuable resources.
Wyoming and South Dakata are the only states that do not levy a corporate income or gross receipts tax. In addition, Wyoming is one of the 7 states that does not levy individual income tax.
The Equality State is tax-friendly to all residents, especially retirees. There is no income tax, and sales taxes are low. Thanks to abundant revenues that the state collects from oil and mineral rights, Wyoming residents shoulder one of the lowest tax burdens in the US, according to the Tax Foundation.
The property taxes in Wyoming are the 9th lowest in the nation and based on the assessed value. The median property tax on the state’s median home value of $213,300 is $1,247.
Seniors who meet income requirements are eligible for a refund of up to $900 ($800 for single filers) of property taxes, utilities and sales/use taxes.
4% state tax rate. The average local tax rate is 1.36% for a combined rate of 5.36%, according to the 2019 Tax Foundation report..
Dynasty trusts are permitted to shelter assets from generation to generation.
A Wyoming Closely Held LLC is one of the hidden gems of LLC asset protection. There are a lot of smart lawyers in Wyoming who have lobbied to insert the country’s strongest LLC asset protection laws into the Wyoming LLC. Given the lack of businesses in Wyoming outside the energy and natural resource sectors, the revenue made from Wyoming business formations is an important income stream for the state.
Photo of Eatons’ Ranch Horses by Tracy Boyle