Teton County residents live in one of the most tax-friendly states in the U.S. Wyoming residents do not pay state income taxes, and the state Legislature has created a 1,000-year trust that helps residents protect assets. Wyoming residents enjoy low taxes because mineral and oil and gas companies extracting coal and natural gas throughout the state pay considerable severance. This makes Jackson Hole a tax haven for individuals. Along with no state income tax, the state does not tax real estate transactions, gifts, tangible assets or out-of-state retirement income. The state repealed its estate tax in 2005, and Wyoming law allows the formation of dynasty trusts that let people shield their assets for up to 1,000 years.
Teton County Sales Taxes
In most of Teton County, the sales tax rate is 6 cents per dollar. The state levies the first 4 cents and allows counties to choose whether they’ll levy more. In this valley, town and county leaders decided years ago to implement a fifth cent to fund operations. The sixth cent is what’s called the specific purpose excise tax, proceeds from which are used to pay for capital projects. Every few years, voters go to the polls to decide which projects will receive funding. Shoppers in Teton Village pay 8 cents for every dollar, as the tax rate is higher to support that area’s resort district.
Teton County Property Taxes
Property taxes are based on assessed values. Every year, the elected county assessor determines bills based on estimates of what each property could sell for. Values are based on comparable properties in the neighborhood, inflation, improvements, deterioration and the real estate market. The assessor uses confidential sale prices of houses to estimate a market value. In 2015, homeowners paid $5,455 in property taxes on a $1 million home. The median Teton County home amounted to .5% of the home’s value. In the United States as a whole, median home property taxes were over twice as high: 1.2 percent of the median value for homes with a mortgage. (For a technical explanation of how property taxes are computed go to http://tetonwyo.org/AgencyTopic.asp?topicID=100044.) Of the property tax levied in Teton County, almost 10 percent goes to county government. The state takes the majority, almost 65 percent, for schools. Other local entities that levy property taxes include Teton County Library, Teton County Fair, Teton County Weed and Pest, Teton County School District, St. John’s Medical Center, Teton County Conservation District and Teton County’s school recreation district.
Teton County sales tax: 6 percent Teton Village sales tax: 8 percent Wyoming state and Teton County mill levy: 57.42 Annual property tax on $500,000 home: $2,727 Annual property tax on a $1 million home: $5,455 Annual property tax on $10 million home: $54,550 County’s overall assessed value for 2009: $1.327 billion