Taxes in Wyoming are less stressful than in a lot of places!
State Sales Tax:
4% (no taxes at all on prescriptions and food). Counties "can" add up to 2% in additional taxes, and you'll see county lodging taxes of 2-4% added to other sales tax.
Gasoline is taxed at 14 cents a gallon (check out www.wheaterville.com for the cheapest gas places in the state!). Diesel Fuel and Gasohol Tax are the same, 14 cents a gallon.
Cigarettes are taxed at 60 cents a pack.
Personal Income Taxes:
No state personal income tax
Retirement Income Taxes: Not taxed, including that received from other states.
Property Taxes
Tax rates are set by governmental entities including counties; school districts; cities and towns; and special taxing districts, such as water and sewer districts and cemetery districts. Once the taxing entities have adopted their budgets and tax rates, the tax rates cannot be appealed.
Wyoming is a "fractional assessment" state. Property tax applies to only a fraction of the full market value of property. This fraction is the property's assessed value. For most property, only 9.5% of market value is subject to tax. Consequently, a home worth $100,000 on the market is only taxed on $9,500 in assessed value.
The rate is limited to 8 mills (.8%) for county revenue. With very few exceptions, state law limits the property tax rate for all governmental purposes. All Wyoming citizens benefit from property tax exemptions. Personal property held for personal use is tax exempt. Inventory, pollution control equipment, cash, accounts receivable, stocks, and bonds are also exempt.
Wyoming has several property tax relief programs. If the value of certain assets (bank accounts, investments, real estate other than house, and motor vehicles in excess of one per household member) exceed $21,120, a Wyoming resident cannot qualify.
To be eligible for the main property tax relief program one must have a house hold income less than the greater of half the state or county median household income, and have other assets totaling less than $21,120 (see above). By meeting the eligibility rules, the tax relief is up to one-half of the median residential property tax or one-half of the property tax bill, whichever is less.
There is an exemption for qualifying Wyoming veterans. $210 or less per year is removed up to a lifetime maximum of $800. (Those who have exhausted their lifetime benefit were able to reapply beginning in 2007.) A surviving spouse may continue to collect benefits until he or she remarries.
A tax rebate is available to those age 65 and older who meet certain income requirements. They can receive a refund on property tax, utilities, and sales/use tax ranging from $100 to $800 if single and $100 to $900 if married. For details on property tax relief programs,
click here. Call 307-777-5235 for details.