Welcome to Wyoming: the most tax and wealth friendly state.
The mountain lifestyle has always attracted people to Jackson Hole. However, as other states' fiscal position has become more tenuous, and the pressure to raise other state income taxes has increased, Wyoming’s status as America’s most wealth and tax friendly states has become an important part of real estate ownership in Jackson Hole.
Top 10 Wealth and Tax Reasons to buy Real Estate in Jackson Hole
No State Income Tax
Wyoming has no personal or cooperate income taxes for residents.
No Inheritance or Estate Tax
Continuing a long-standing tradition of abhorring taxes, Wyoming repealed its estate tax in 2005. Transferring to an heir in Wyoming does not place any Wyoming Tax burden on the heir, allowing a tax savings for future generations of families.
In Wyoming you can shield your real estate from federal estate taxes for up to 1,000 years through a dynasty trust for the benefit of your family or other beneficiaries. Multiple generations can make use and enjoy Jackson Hole Real estate without having to pay estate taxes, or even worse, having to sell a legacy family property in order to pay the taxes.
No tax on Out-of State Retirement Income
Jackson Hole attracts many second home owners for its natural beauty and casual western lifestyle, and these home owners often have retirement income that comes from out of state. Wyoming does not tax that retirement income.
No Intangibles Tax
Wyoming does not tax financial assets like stocks and bonds. Nor will Wyoming tax bank accounts.
Low Property Taxes
Property taxes in Jackson Hole are 6/10 of a percent. Put another way, you only pay $6,000/year on every $1,000,000 of your property’s assessed value.
Low Sales Taxes
Wyoming sales tax is 4% on non-essential goods. However, Wyoming allows individual county’s to levy an additional 2% in order to fund important projects. Jackson Hole has taken advantage of this additional 2% sales tax to fund the building of a new library, renovate our recreation center and create over 100 miles of bike paths.
Please discuss with your attorney or accountant.