For years, Bloomberg has rated Wyoming as the most tax-friendly state in the United States.

There are numerous reasons why those who live in Jackson Hole have chosen to have their primary residences here. Some of those reasons are emotional, such as the sheer beauty of the natural surroundings and the overall quality of life. Other reasons are more practical in scope and include Wyoming’s overall tax-climate benefits, when compared to all other states. Here are the 10 top tax benefits offered by Brian Jones, a senior vice president at Bank of Jackson Hole.

No state income tax

With no state tax on personal or corporate income, “you have more disposable income,” Jones says.

Dynasty trusts

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,” Jones says. “You can transfer your real estate into a limited liability company or family partnership and then put that into the dynasty trust.” As a result, multiple generations can make use of and enjoy the property, without having to pay estate taxes or worse, having to sell the property in order to pay the taxes. A key point to remember: The trust must be administered in Wyoming.

No inheritance tax or estate tax:

“Wyoming repealed its estate tax as of January 1, 2005,” Jones says.

No state gift tax

“Somebody who owns property in Wyoming can ‘gift’ that real estate to their heirs without having to worry about paying a state gift tax,” Jones says.

No tax on out-of-state retirement income

“A lot of people in Jackson Hole use Wyoming as a second home,” Jones says. “They have retirement income that comes from other states where they may be a resident. Wyoming doesn’t tax that retirement income that’s earned outside of Wyoming, which is certainly beneficial.”

Low property taxes

“Wyoming has very low property taxes compared to other states,” Jones says. “The taxes that you do pay here are based on the assessed value of the property.”

No excise taxes

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

No tax on mineral ownership

“A lot of states charge owners a tax on their mineral ownership, but Wyoming does not,” Jones says. “If you own minerals, you won’t pay tax on it like you would your home.”

No intangible taxes

Wyoming doesn’t make you pay a tax on financial assets like stocks and bonds.

No tax on the sale of real estate

Kim Havell, sales associate with JHREA, is a 17-year veteran of the real estate industry – with a past Brokers Associate License in Telluride, CO. Kim graduated from Choate Rosemary Hall and Brown University, then moved west to pursue dreams of living in a ski mountain community. Working in Telluride, CO resort real estate, Kim spent 6 years on the Board of Realtors, including one year as President of the Association. As a real estate associate, professional skier, and mountain guide, she enjoys the balance that comes with working in the beautiful environment of Jackson, WY and loves helping people find their right property and/or investment in the West. Kim was the recipient of the JHREA Ambassador Award in 2017.

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