There are not enough fingers on your hands to count reasons to own a home in Wyoming: the mountains, rivers, trophy hunting and fishing, our national parks and expansive public lands, the panoramic vistas, abundant wildlife (in your back yard), friendly adventure-driven communities (I could go on…). Wyoming has been cited by Bloomberg Wealth Management Magazine as “the most friendly tax state in the country”. We feel fortunate to live here.
What makes Wyoming tax friendly? The ten best reasons are:
1. No state income tax. With no state tax on personal or corporate income Wyomingites have more disposable income.
2. In Wyoming, you can shield your real estate from federal estate taxes for up to 1,000 years through a dynasty trust.
3. No inheritance tax or estate tax.
4. No state gift tax. A person who owns property in WY can gift that real estate to their heirs without having to pay a state gift tax.
5. No tax on out-of-state retirement income.
6. Low property taxes.
7. No excise taxes.
8. No tax on mineral ownership.
9. No intangible taxes: Wyoming doesn’t make you pay a tax on financial assets like stocks and bonds.
10. No tax on the sale of real estate.
Bankrate ranked all 50 states according to a variety of factors that are important to seniors. Surprisingly, most of the top picks see a healthy dose of snow and swap ocean views for mountain landscapes. The highest-scoring spots were in the Midwest and West, with only one of the top states on the East Coast.
Strengths: Low taxes, good weather, low crime rate
And the winner is: Wyoming!
Retirees looking for out-of-this-world mountain views will find their happy place in Bankrate’s No. 1 place to retire in 2015. The state is home to famous national parks like Yellowstone and Grand Teton, as well as ample hot springs and wildlife.
Wyoming has many practical perks for those looking to live out their golden years here, including low cost of living and minimal crime. Although apartment rental prices are on par with the national average, residents can find bargains in areas like entertainment and car maintenance.
In Laramie, for example, a movie ticket will cost you only $9.02, 7 percent below the national average. A trip to the beauty salon also won’t break the bank, coming in at $28.43 (17 percent below average), and an auto service, like tire balancing, is $9.41, a whopping 20 percent below average.
As far as tax rates, it doesn’t get better than here. According to the latest tax burden ranking, residents of Wyoming paid the lowest percentage of income tax at just 6.9 percent, edging out Alaska at 7 percent.
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