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Wyoming
is a business friendly state.
Wyoming
received the “most
favorable” ranking for business from the Washington DC-based Tax
Foundation. The foundation
ranked all fifty states and the
District of Columbia
for fair and equitable tax systems for all business sectors.
Source:
www.taxfoundation.org.
Wyoming’s tax benefits include:
NO Corporate Income Tax
NO Individual
Income Tax
NO Intangibles
Tax
NO Inventory
Tax
LOW Sales/Use
Tax
4
%
State
Sales/Use Tax
1% General
Purpose County Option Tax
2% Lodging
Option Tax
LOW Property Tax (See explanation below)
The
Wyoming
three-tier property
tax structure is beneficial to residents and businesses.
The following classes of property and the percentage of fair
market value of property assessed for property tax are specified by
Wyoming
law:
1)
Gross value of minerals and mine products
100%
2)
Property used for industrial purposes
11.5%
3)
All other property, real and personal
9.5%
The
assessed value is multiplied by the amount of mill levy that applies
for the location of the property to get the amount of property tax
due. One mill is $0.001
(1/1000 of a dollar). The
2003 mill levy in
Crook
County
ranges from 60.500 to
68.500 and averages 65.833.
Sample
Calculation of Property Tax Levy:
Market
Value of Residential/Commercial
Property
$100,000
Assessed Value
of Property
($100,000 x 9.5%)
$9,500
Levy
(Average)
$0.065
Total Property Tax ($9,500 x $0.065*)
$617
Workers’ Compensation:
Costs vary from 0.92% to 12.24%, depending on the occupation.
The rate is adjusted according to each business’s record
after two years.
Unemployment Compensation:
An average rate for new employers for the first 24 months is
1.31% on the first $14,700 of annual wages.
Adjustment factors are made after the initial period based on
the employer’s rating.
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