Taxes in Wyoming
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Given the state’s many tax exemptions, Wyoming residents shoulder one of the lowest overall state and local tax burdens in the U.S. Below, we explain various Wyoming state taxes affecting retirement income, such as sales tax, inheritance tax, and property taxes.
For information regarding taxes in other states, see Retirement Taxes by State.
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Wyoming Tax Rates
|State Sales Tax||4%|
|Avg State/Local Sales Tax||5.36%|
|Gas Tax||$0.49 per gallon|
|Diesel Tax||$0.49 per gallon|
|Cigarette Tax||$3.03 per pack|
|Effective Tax Rate:||0%|
|Social Security Tax||None|
|Federal Income Tax Deduction:||Yes|
Wyoming State Taxes Explained
Wyoming Sales Tax
Wyoming levies a 4% sales tax (prescriptions and food for home consumption are exempt). Counties can add up to 2% in additional taxes. A county lodging tax varies from 2% to 4% and is added to the other sales taxes.
Wyoming Income Taxes
Wyoming has no state income tax.
Wyoming Property Taxes
Wyoming’s average effective property tax rate is 0.61%. Wyoming is a fractional assessment state, so tax is levied on only a portion of the property’s full assessed value. The median home value is $220,500 with $1,337 in property tax.
Wyoming offers three property tax relief programs. The property tax deferral program allows a resident age 62 or older to pay tax later on a qualifying residence. Wyoming does not charge interest on deferred taxes. Additional qualifications include:
- The property owner providing an affidavit demonstrating income below limits set each year
- Social Security disability if younger than 62 years old
- Property purchased at least 10 years prior
- Proof of payment for the first half of taxes due
Wyoming’s Veteran’s Property Tax Exemption is available to honorably discharged veterans of WWI, WWII, Korea or Vietnam wars. This program is also for those awarded the armed forces expeditionary medal or other authorized service or campaign medal indicating service during any armed conflict in a foreign country. The exemption reduces approximately $3,000 in property or motor vehicle taxes. Surviving spouses may use the exemption until remarried.
The Property Tax Refund Program is available to Wyoming taxpayers age 65 and older. Household income must be under the greater of 75% of the county or state median household income. Assets other than your house, each adult household member’s car, an IRA and other pension funds must be worth less than $133,651 per adult living in the home. Property taxes must be paid on time, and you’ll need to be a Wyoming resident for a minimum of five years.
The refund is up to the lesser of one-half of the median residential property tax amount or one-half of the property tax bill. See Wyoming’s current property tax relief programs for general information.
Wyoming Retirement Taxes
Washington does not tax retirement income.
Wyoming Estate and Inheritance Taxes
Wyoming has no inheritance tax or estate tax.
For more information, visit the Wyoming Department of Revenue.