Taxes in Wyoming

One of the greatest advantages to doing business in Wyoming is the taxes. Wyoming has been consistently ranked as the most tax friendly state in the union. There’s good reason for that.

Wyoming Tax Advantages:

  • No Corporate Taxes: That’s right. Corporations are not charged an entity tax in Wyoming. Which means that in Wyoming, you avoid the burden of double taxation.
  • No Personal Income Taxes: You read that correctly. In Wyoming, you will pay no personal income tax. Your money is your money. You earned it.
  • No Inheritance or Estate Taxes: In Wyoming, when you leave an estate to your children or family members, there are no estate taxes charged on their inheritance.
  • No Out-of-State Retirement Taxes: Do you have a second home in Wyoming you intend to retire to? There are no taxes on retirement income earned in other states.
  • No Excise Taxes: Every time you buy food and gas in Wyoming, you are not paying state taxes on those items.
  • No Intangible Taxes: Wyoming imposes no taxes upon intangible assets like stocks and bonds.

Wyoming Sales Tax

There is a sales tax in Wyoming. The state charges a low 4% and individual municipalities may add a little more. Sales tax tops out around 6%.

Businesses that intend to sell goods or services within the state are required to file an application with the Department of Revenue: Sales/Use Tax Application.  This form registers a business with the Department of Revenue so that sales taxes can be paid to the state.

Wyoming Property Taxes

Wyoming does have property tax, but it is incredibly low compared to other states.

  • State Assessment on Agricultural Land: 9.5% of Agricultural Value
  • State Assessment on Residential and Commercial Property: 9.5% of Fair Market Value
  • State Assessment of Industrial Land: 11.5% of Fair Market Value
  • State Assessment of Minerals: 100% of Fair Market Value

Wyoming residential and commercial property taxes can be calculated using the following equation: (Fair Market Value x 9.5%) x Local Mill Levy Rate = Property Tax.

Annual Business Fee

Wyoming corporations and Wyoming LLCs are required to pay a fee each year when filing their annual report. This fee is $50 or two-tenths of one million on the dollar ($.0002) of all in-state assets, whichever is greater.

If your total in-state assets have a value of less than $250,000 then you will pay the $50 annual fee (plus a $2 convenience fee if filed online).

If your in-state assets are greater in value than $250,000 then you will multiply the value by .0002 and pay the resulting amount.