In a recent survey of Americans’ well-being, conducted by Gallup, Wyoming scored third in a poll that rated variables such as mental, physical and economic health. Utah took first place and the islands of Hawaii took second. Combined with a low state unemployment rate, Wyoming is one of few states in the nation that can boast of such health and happiness.
Jackson is one of the most scenic areas in the United States offering limitless opportunities to explore or to just sit back and enjoy the views. With Grand Teton and Yellowstone National Parks at its doorstep, 97% of the lands in and around Jackson Hole are permanently protected as conservation easements or as National Forest and BLM lands. It is comforting to know that today’s scenery will be preserved for future generations to come.
Nestled in the center of the valley, the Town of Jackson keeps the Old-West alive with its wooden sidewalks, historic Town Square and buildings. But Jackson welcomes newcomers as well – like the Center for the Arts and an array of new cosmopolitan restaurants and galleries. The arts scene continues to thrive, with gallery shows, movies, film festivals, live music and comedy, theater performances, and a steady stream of special exhibits at the National Museum of Wildlife Art.
Jackson Hole is also one of few communities that can still be considered safe and friendly. With a low crime rate and a hospitable attitude, residents are community and civic minded. A modern hospital, an airport with daily jet service to major airline hubs, a wide array of stores, wine shops and restaurants all offer the big-city comforts anyone could want, but without big-city attitude.
To top off the benefits of Jackson and Wyoming – there is no state income tax.
Tax Benefits of Ownership in Jackson Hole, Wyoming
NO STATE INCOME TAX
With no state tax on personal or corporate income, you have more disposable income.
In Wyoming, you can shield your real estate from federal estate taxes for up to 1,000 years through a dynasty trust, which can be established in Wyoming for the benefit of your family or other beneficiaries. You can transfer your real estate into a limited liability company or family partnership and then put that into the dynasty trust, which can continue for a thousand years. As a result, multiple generations can make use of and enjoy the property, without having to pay estate taxes or worse, having to sell the property in order to pay the taxes. A key point to remember: The trust must be administered in Wyoming.
NO INHERITANCE OR ESTATE TAX
Wyoming does not assess any state inheritance tax. Wyoming repealed its estate tax as of January 1, 2005.
NO STATE GIFT TAX
Somebody who owns property in Wyoming can ‘gift’ that real estate to their heirs without having to worry about paying a state gift tax.
NO TAX ON OUT-OF-STATE RETIREMENT INCOME
People in Jackson Hole who use Wyoming as a second home may have retirement income that comes from other states where they are a resident. Wyoming does not tax that retirement income earned outside of Wyoming, and if the participant is a resident of Wyoming when they take that income then the original state cannot tax that income either.
LOW PROPERTY TAXES
Wyoming has very low property taxes compared to other states. The taxes that you do pay here are based on the assessed value of the property.
NO EXCISE TAXES
When you fill up your car with gas or buy a bag of groceries in Wyoming, you will not pay any state tax on your gas or food.
NO TAX ON MINERAL OWNERSHIP
Many states charge owners a tax on their mineral ownership, but Wyoming does not.
NO INTANGIBLE TAXES
Wyoming doesn’t make you pay a tax on financial assets like stocks and bonds.
NO TAX ON THE SALE OF REAL ESTATE
Wyoming real estate sales are not taxed.
There are numerous reasons why those who live in Jackson Hole have chosen to have their primary residences here. Some of those reasons are emotional, such as the sheer beauty of the natural surroundings and the overall quality of life. Other reasons are more practical in scope and include Wyoming’s overall tax-climate benefits, when compared to all other states.
For years, Bloomberg has rated Wyoming as the most tax-friendly state in the United States. Here are the 10 top tax benefits offered by Brian Jones, a senior vice president at Bank of Jackson Hole.