Tax Benefits

Wyoming’s Financial Benefits

For doing business, owning property, and retirement, Wyoming offers one of the most favorable tax climates in the nation. This claim is backed up by Bloomberg Wealth Manager, which names the state its “Most Tax-Friendly.”

​​​​​​​Top Benefits

No state tax on personal or corporate income

In Wyoming, you can shield your real estate from federal estate taxes for up to 1,000 years through a dynasty trust. You can establish a trust in Wyoming for the benefit of your family or other beneficiaries. You can transfer your real estate into a limited liability company or family partnership and then put that into the “dynasty trust,” which can continue for a thousand years. As a result, multiple generations can make use of and enjoy the property, without having to pay estate taxes or worse, sell the property in order to pay the taxes. A key point to remember: The trust must be administered in Wyoming.

Wyoming repealed its estate tax as of January 1, 2005.

A property owner in Wyoming can “gift” that real estate to his/her heirs without paying a state gift tax.

Homeowners in Jackson Hole who use Wyoming as a second home may have retirement income that comes from other states where they are a resident. Wyoming doesn’t tax retirement income earned outside of Wyoming.

Wyoming has very low property taxes compared to other states. The taxes homeowners pay here are based on the assessed value of the property. For Teton County the rate is 1.2% of a property’s assessed value. The rate for the city of Jackson is 8/10 of 1%.

When you fill up your car’s gas tank or buy a bag of groceries in Wyoming, you won’t pay any state tax on your gas or food.

Many states charge owners a tax on their mineral ownership, but Wyoming does not.

Wyoming does not tax financial assets like stocks and bonds.

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Learn more about Wyoming’s tax-friendly status from the Wyoming Business Council.

Work With Cindee

Having built and sold multiple homes in the community, she is uniquely positioned to guide you through the real estate experience as a buyer or seller in Wyoming.