Tax Benefits of Wyoming
A blog by Neil Bangs, Sales Associate, Licensed in WY
Whether you are in the land market for a working ranch, recreational ranch, second home, or personal residence, there are certain criteria that must be considered before you make your decision. We have always heard the old saying location, location, location when it comes to purchasing real estate. The location holds many different meanings depending on the property type you are purchasing. Sometimes, this tends to be looked at on a smaller scale, meaning a Buyer of a personal residence may find a home located near a school or shopping more appealing than a home being located next to the racetrack. More appropriate, a ranch Buyer may find a ranch more appealing being located closer to a stockyard than not. I would like to look at the location in a little broader sense, in particular, the value of Wyoming and why its location is more appealing than others.
Wyoming is currently ranked the second most tax-friendly state in the United States, just behind the state of Alaska.
Below is a long list of the reasons why:
- Wyoming has no income tax or corporate tax.
- Wyoming has no estate or inheritance tax.
- Wyoming does not tax out-of-state retirement income.
- Wyoming has no excise tax.
- Wyoming has no real estate tax.
- Wyoming has no tax on mineral ownership.
- Wyoming has no State gift tax.
- Wyoming has a low property tax.
- Wyoming has a 4% State Levy Sales tax (Municipalities can add up to 2% to that)
- Motor fuel taxes are $0.24 per gallon.
As you start to look at the tax savings Wyoming offers compared to other states, you will start to realize that there is hidden value in the state of Wyoming. If you are looking at two comparable similar ranches, one resides in Wyoming, and one does not, the choice is simple, the tax benefits in Wyoming will far outweigh most any other state. One could even justify a higher budget in Wyoming because of the annual tax savings, or you could keep the same budget and just enjoy a better bottom line at the end of the year. So, if you are actively searching for a ranch or recreational property, I would strongly urge you to compare the benefits that Wyoming offers compared to any of the other states you may be considering.
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