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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
1%
Special
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
Niobrara
County
ranges from 68.500 to 73.500 and averages 71.000.
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)
$0.071
Total Property Tax ($9,500 x $0.071*)
$674
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. |
