Information on Wyoming Taxes
Wyoming State Sales Tax: 4% (prescriptions and food for home consumption exempt); counties have the option of adding up to 4% in additional taxes. There is a county lodging tax that varies from 2% to 4% and is added to the other sales taxes.
Gasoline Fuel Tax: 42.4 cents/gallon (Includes all taxes)
Diesel Fuel Tax: 48.4 cents/gallon (Includes all taxes)
Cigarette Tax: 60 cents/pack of 20
Personal Income Taxes
No state personal income tax! NO WYOMING TAXES for INCOME.
Retirement Income Taxes: Not taxed, including that received from other states.
Tax rates are set by the various political entities with the legal power to levy taxes. The governmental entities include counties; school districts; cities and towns; and special taxing districts, such as water and sewer districts and cemetery districts. Once the taxing entities have adopted their budgets and tax rates, the tax rates cannot be appealed. However, obvious factual errors may still be corrected by the county. Your tax notice indicates the amount you pay to each taxing entity.
Wyoming is a “fractional assessment” state. This means their property tax applies to only a fraction of the full market value of property. This fraction is the property’s assessed value. For most property, only 9.5% of market value is subject to tax. Consequently, a home worth $100,000 on the market is only taxed on $9,500 in assessed value. The real effect of fractional assessments is to exempt $90,500 of the home’s value from taxation. Citizens are legally protected from counties and municipalities increasing property tax rates. For county revenue, the rate is limited to 8 mills (.8%). With very few exceptions, state law limits the property tax rate for all governmental purposes. All Wyoming citizens benefit from property tax exemptions. Personal property held for personal use is tax exempt. Inventory, pollution control equipment, cash, accounts receivable, stocks, and bonds are also exempt.
The state has several property tax relief/credit/deferral programs. If the value of certain assets (bank accounts, investments, real estate other than house, and motor vehicles in excess of one per household member) exceed $101,900, a resident cannot qualify.
To be eligible for the main property tax relief program one must have a house hold income less than the greater of half the state or county median household income, and have other assets totaling less than $101,900 (see above). By meeting the eligibility rules, the tax relief is up to one-half of the median residential property tax or one-half of the property tax bill, whichever is less. For more information, click here.
There is a Veteran’s Property Tax Exemption. A person must be honorably discharged as a veteran of WWI, WWII, Korea, or Viet Nam. Surviving spouses of qualifying veterans and certain disabled veterans may be eligible for the exemption. The amount of relief is $3,000 of assessed value against real personal property. The exemption is limited to $800 in total tax benefits. A surviving spouse may continue to collect benefits until he or she remarries.
The state has a Tax Rebate to Elderly and Disabled Program that is available to those age 65 and older who meet certain income requirements. They can receive a refund from the Wyoming Department of Health on property tax, utilities, and sales/use tax up to $700 (single) and $800 (married). Call 307-777-5235 for details.
Inheritance and Estate Taxes
There is no inheritance tax and the estate tax is limited and related to federal estate tax collection.
For more information on Wyoming taxes, visit the Wyoming Department of Revenue site http://revenue.wyo.gov/home or call 307-777-5287.