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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:
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 Natrona County ranges from 67.250 to 223.250 and
averages 84.125.
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)
$0.084
Total
Property Tax ($9,500 x $0.084*)
$798
Workers’
Compensation: Costs vary from 0.92% to 12.24%, depending on
the occupation. The rate is adjusted
according to each business’ 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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