Navigating the complexities of state taxes can be daunting, but understanding Wyoming's tax landscape is essential for residents and newcomers alike.
In this guide, we'll explore key components of The Cowboy State's tax system, from income and sales taxes to property taxes and retirement benefits.
Wyoming state tax: Overview
Wyoming is one of just nine states with no state income tax, which can be a benefit for residents.
On top of that, the average combined state and local sales tax rate is relatively low, according to the Tax Foundation.
Property taxes in the Cowboy State are also modest, with a median rate that falls below the national average.
[Data for this state tax guide was gathered from a number of sources including the Census Bureau, the state’s government website, the Sales Tax Handbook, and the Tax Foundation. Property taxes are cited as a rate percentage rather than the assessed value.]
Wyoming income tax
Wyoming has no state income tax.
Wyoming retirement taxes
Wyoming is one of the states with no personal income tax, so you won’t need to pay state income tax on your retirement income or any other type of earnings.
-
Tax on Taxable Income: N/A
- Social Security: Not taxable
- Pensions: Not taxable
- 401(k) and IRA Distributions: Not taxable
Wyoming sales tax
Wyoming's state sales tax is 4.0%. The average local sales tax is 1.44%.
So, that is a combined rate of 5.44%, according to the Tax Foundation.
- Groceries: Exempt
- Clothing: Taxable
- Motor Vehicles: Taxable
- Prescription Drugs: Exempt
How much is property tax in Wyoming?
In Wyoming, the median property tax rate is 0.55% of assessed home value, according to the Tax Foundation.
Wyoming retirement taxes
Wyoming's property tax deferral program allows for the delayed payment of up to 50% of property taxes owed on a principal residence on a parcel of less than 40 acres of land.
To be eligible, the homeowner must have limited income, be over 62 years old (or disabled), and have purchased the property at least 10 years before applying for the tax deferral. The program is administered at the county level.
Wyoming gas tax
Product |
Tax Amount |
|---|---|
Gasoline |
$0.23 per gallon |
Diesel |
$0.23 per gallon |
Source: Sales Tax Handbook
Wyoming taxes on tobacco and alcohol
Product |
Tax Amount |
|---|---|
Cigarettes |
$0.60 per pack |
Other Tobacco Products |
20% of the wholesale price |
Source: Sales Tax Handbook
Product |
Tax Amount |
|---|---|
Beer |
$0.02 per gallon |
Wine |
$0.00 per gallon |
Liquor |
state-controlled |
Source: Sales Tax Handbook
Wyoming estate and inheritance taxes
Wyoming has no estate or inheritance tax.
