Here are the 10 practical reasons why it is good to live in wyoming

01. No state income tax. With no state tax on personal or corporate income you have more disposable income at the end of the day.

02. Dynasty trusts:  In Wyoming, you can shield your real estate from federal estate taxes for up to 1,000 years through a dynasty trust.  A dynasty trust can be a powerful benefit for your family and future generations.  Real estate can be transferred to the trust allowing your family to enjoy the property while not having to pay estate taxes or having to sell the property in order to pay the taxes.  A key point to remember: The trust must be administered in Wyoming.

03. No inheritance tax:  Wyoming can collect a limited estate tax, but you have to have a very large estate before that kicks in as it is tied to a federal estate tax credit.  In general, Wyoming doesn’t collect any inheritance tax.

04. No state gift tax:  You can “gift” your Wyoming real estate holdings to your heirs without being subject to paying a state gift tax.

05. No tax on out-of-state retirement income: There are many second home owners in Jackson Hole that receive retirement income from another state that they are a resident of. Wyoming doesn’t tax that retirement income that’s earned outside of Wyoming.

06. Low property taxes:  Wyoming has very low property taxes compared to other states.  For Teton County, property taxes are based on the assessed value which 9.5% of the appraised value times 6/10 of one percent.  So for a property appraised at $1,000,000 the property tax would be $5,700.

07. No excise taxes: You won’t pay any state tax on your gas or food.

08. No tax on mineral ownership:  Many states charge owners a tax on their mineral ownership.  If you own minerals, you won’t pay a tax on it like you would your home.

09. No intangible taxes: Financial assets like stocks and bonds are not charged a tax by Wyoming.

10. No tax on the sale of real estate.