State Tax in Wyoming

State tax in Wyoming is an interesting subject as there are really just two different methods by which taxes for the state are collected. These two methods are income tax and property tax. It happens to be one of only seven states in the country that does not charge an income tax for one thing; there is simply no tax levied against individuals or even corporations. In the state of Wyoming there is no tax levied on intangible assets such as bank accounts, stocks, and bonds. Nor will you have to pay any taxes on retirement income earned and received from another state. There is no inheritance tax in the state of Wyoming, and in the year 2005 the estate tax was phased out and will no be imposed on anyone who dies after that year.

Sales Tax Law in Wyoming

So, even though you won't be taxed on your income, state tax in Wyoming does include sales tax. The rate for the sales tax in the state happens to be four per cent on most purchases. There are 49 sales and use tax exemptions that you should know a little bit about as well. This list is too long to include here, but basically you will not be required to pay sales tax on certain products such as food purchased with food stamps, vehicles used in interstate commerce, wholesale sales, ingredients used for manufacturing, sales to religious or charitable organizations, and so forth. Also, you should be aware of the fact that each individual county in the sate of Wyoming has the right to levy its own sales tax of one per cent. There is also the occasional two to four per cent county lodging tax as well as a four per cent tax on items that are purchased outside of the state and then brought into Wyoming.

Property Tax in Wyoming

The final type of state tax in Wyoming is property tax. In the state of Wyoming, the sales tax that you will pay is dependent on the assessed value of your property. The assessed value is basically the taxable value. The state of Wyoming follows the fractional assessment method. As a result, the state of Wyoming only charges a tax based on a fraction of the full market value of the property. You will notice that only 9.5 per cent of the full market value is subject to tax for most property in the state.