What To Know About Wyoming Real Estate Before You Invest
Before you invest your hard-earned money in Wyoming real estate there are a few things you should know about the state and its desirability.
The Cowboy State
Wyoming is known as "The Cowboy State" and is the least populated state in the United States. It features a stunningly beautiful countryside with spectacular mountain ranges, big horizons, abundant prairies and surrounding foothills that are rife with wildlife and a wealth of natural resources. The lack of pollution is breathtaking and the stars here may be clearer here than anywhere else in the U.S.
Wyoming is one of the most tax-friendly states in the Union because it has a low overhead. With the smallest population of any state, there are far fewer state services to pay for.
There are no individual or corporate state taxes. There's also no tax on retirement income earned in or received from another state. The state sales tax is only four percent. State law strictly limits Wyoming real estate and property taxes. Typically, for county taxes, the tax rate cannot exceed 1.2 percent of the assessed value of a property. For towns and cities, the rate is limited to .8 percent. Property used for charitable, religious, educational, benevolent, fraternal or government purposes is exempt from tax. Veterans are also eligible for property tax exemptions. Property used for mining or oil or gas extraction is also tax exempt.
There is no inheritance tax and only a limited estate tax associated with federal estate tax law. The Tax Foundation declared Wyoming to be the most "business-friendly" state, tax-wise, in the year 2008. Wyoming receives more federal tax aid per capita than any other U.S. state except Alaska.
Wyoming Real Estate Is Appreciating
Wyoming real estate has been appreciating in value, even through the 2008 world financial crisis. In many places in Wyoming, home prices have had a greater than 210 percent increase in value since 1990, which works out to an average of almost five percent per year. For the year 2014-2015, the increase in value was an astounding 8.4 percent. Currently, the median home price for the state is $204,1000. For ranch land, the average price increase was nearly 12 percent for the same period. With solid returns like these, it's hard to go wrong purchasing Wyoming real estate.