Wyoming is a very friendly state in terms of business taxation. The energy industry (coal, oil and natural gas) create a tremendous tax base which make a substantial contribution to the operation of state and local government through property and minerals severance taxes. As a result, individual property tax rates are very low. For a quick comparison of property taxes as they relate to other states, consider that nationwide, the median effective tax rate per $100 is $1.50. This means that for every $100 dollars in assessed value, property taxes are $1.50
Wyoming’s effective tax rate per $100 is 72 cents or just less than half of the median for all states.
For the past 5 years, the Tax Foundation has ranked Wyoming #1
in their State Business Climate Index. click here to learn more
In addition, Wyoming also has:
NO Personal State Income Tax / NO Corporate State Income Tax / NO Inventory Tax
What we do have are:
Additionally, the State has enacted an excise tax on tobacco products and alcoholic beverages. More information on these and other taxes may be found at the Wyoming Department of Revenue website.
The Ad Valorem Tax Division establishes taxable values for properties such as utility and transportation companies, which includes airlines, electric and gas distribution, pipelines, railroads and rail car, and telecommunication companies. These tax levies are collected by the State. The State also administers the Ad Valorem and Severance taxes levied upon mineral companies. These taxes are collected and distributed back to local governments on a formula basis.
The following chart indicates the local distribution of taxes in Park County:
Wyoming has a 4% Sales tax on purchases, with groceries exempted. Local government has the option of adding up to 1% for capital projects. In Cody and Park County, an additional 1% tax has been used to construct a new jail and law enforcement center and a new library and to renovate or replace community swimming pools. This “extra penny” tax has created some magnificent community improvements across the state.
Economic Development in Northwest Wyoming
Each local jurisdiction has the authority to levy taxes based on property value. The local government sets an annual rate (mill) based on their budget. Through a formula, the taxes owed on a property can be easily calculated.