Wyoming State Tax
Wyoming Income Tax
Along with Alaska, Florida, Nevada, South Dakota, Texas, and Washington, the State of Wyoming does not levy state taxes on incomes. There are no corporate income tax and out-of-state retirement tax as well. Instead, the state derives its tax revenues from other types of tax such as sales, property, and mineral taxes.
Wyoming Sales Tax
The general state sales tax rate in Wyoming is 4% of the product’s price. Counties and cities may impose up to 3% additional local sales tax. Wyoming has over 160 special taxing districts that levy special taxes. Most tourist areas collect an additional 3% special sales tax on top of the state and local sales taxes.
Sales tax payments are collected from sale, rent, or lease of tangible goods. They are paid by the consumer at the time of purchase. Sales taxes collected by the seller or business owner who then reports them to the Wyoming State Department of Revenue.
Groceries, food for home consumption, and non-alcoholic beverages are exempt from sales tax. Most labor services except those for real properties are subject to taxes in Wyoming. Educational, religious, charitable, and non-profit institutions do not have to pay sales tax in Wyoming.
Wyoming Property Tax
The value of a property and the corresponding property tax in Wyoming are assessed by the county where it is located. At present, Wyoming collects approximately 0.58% of a property’s fair market value. Property taxes are generally used to fund the local government, schools, road projects, law enforcement, and other county operations.