The mountains, the rivers, two national parks, three ski resorts, art galleries, restaurants, a charming Western-style downtown, and a close-knit, philanthropic-minded and fun-loving community. Wyoming also reigns as one of America's most wealth- and tax-friendly states.
Wyoming has no personal or corporate income tax, leaving you more disposable income. City of Jackson taxes are lower than most states. This ensures residents can focus on spending where they would like.
In Wyoming, you can shield your real estate from federal estate taxes for up to 1,000 years through a dynasty trust for the benefit of your family or other beneficiaries. You can transfer your real estate into a limited liability company or family partnership and then put that into the trust, which can continue for a thousand years. As a result, multiple generations can make use of and enjoy the property, without having to pay estate taxes or worse, having to sell the property in order to pay the taxes. A key point to remember: The trust must be administered in Wyoming.
Wyoming repealed its estate tax as of January 1, 2005. Since there is no Wyoming estate tax, transferring property to an heir saves even more money. Inheritance taxes in states that have them are different as heirs are responsible for taxes after receiving an inheritance.
This real estate tax benefit keeps money in the pockets of Wyoming residents. The Federal gift tax still applies with an exemption of $15,000 annually per recipient, but property owners in Wyoming can gift that real estate to their heirs without paying a state gift tax.
Jackson Hole is a popular place to have a second home, and these homeowners often have retirement income that comes from other states where they are a primary resident. Wyoming doesn’t tax that retirement income that’s earned outside of Wyoming. This is one of many reasons that Wyoming is one of the most tax-friendly states for retirees.
Wyoming has very low property taxes compared to other states. In Teton County, home to one of a kind Jackson Hole, the rate is 6/10 of a percent of a property’s assessed value. The rate for the city of Jackson is just as low.
When you fill-up your car’s gas tank or buy a bag of groceries in Wyoming, you won’t pay any state tax on your gas or food. Since this tax can add up, it offers another benefit for those living in this tax-friendly state.
Wyoming does not tax mineral ownership. Oil, gas, and coal companies are charged based on the minerals they remove from the ground.
Wyoming doesn’t make you pay taxes on financial assets like stocks and bonds. The state also has no tax on bank accounts and doesn’t tax retirement income earned or received from other states.
Wyoming does not tax the sale of real estate. This tax-free real estate state offers many benefits for those who choose to live and own property here.
There are few places in the world like Jackson Hole, places where the natural and human world mesh into an exceptional lifestyle. Historic national parks, stunning mountain ranges, flourishing wildlife, a lively art and dining scene, inviting tax incentives, and first-class air service are just a few of the reasons that draw visitors and new residents alike to the valley.
For the winter sports enthusiast, Teton County has three ski areas-including Jackson Hole Mountain Resort, Forbes Magazine's #1 Ski Area in North America for many year in a row-as well as multiple Nordic ski complexes and opportunities for snowmobiling and snowshoeing. Grand Teton National Park's namesake mountain range has long been a standard for professional mountaineers and amateur adventurists alike, and provides the headwaters for an anglers' ideal network of rivers and streams.
The valley's surrounding mountain ranges are braided with perfect hiking, biking and horseback riding trails leading to high-mountain lakes and alpine meadows where it's not uncommon to run across wildlife such as wolves, mountain lions, bear, elk, deer, and bison.
In addition to the physical world, Jackson Hole's cultural attractions rival those of cities many times its size.
The Grand Teton Music Festival, Center for the Arts, talented ranks of chefs and restaurateurs, boutiques and art galleries will delight the visitor who is used to finding these wonderful cultural amenities in large cities rather than in a quaint Rocky Mountain valley of 20,000 residents.
Jackson Hole is filled with residents who ventured through as visitors, fell in love, and never left. The town's history is woven into every person you meet and the homes in which they live. To live in Jackson Hole is to become a part of a rare, one-of-a-kind place. Let Tom and Ashley be your connection to this extraordinary place.
The U.S Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, and some of the costs involved in buying a home.
Historically, real estate has had a long-term, stable growth in value. In fact, median single-family existing home sale prices have increased on average 5.2 percent each year from 1972, according to the National Association of Realtors®. The number of U.S households is expected to rise 10 to 15 percent over the next decade, creating continued high demand for housing.
Money paid for rent is money that you'll never see again, but mortgage payments let you build equity ownership interest in your home.
Building equity in your home is a ready-made savings plan. When you sell your primary residence, you may be exempt from capital gains taxes on the first $250,000 profit if you are single and $500,00 if married filing jointly.
Unlike rent, your fixed-rate mortgage payments don't rise over the years so your housing cost may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will likely increase.
The home is yours. You can decorate any way you want and choose the types of upgrades and new amenities that appeal to your lifestyle.
Remaining in one neighborhood for several years allows you and your family to build long-lasting relationships within the community. It also offers children the benefit of educational and social continuity.
Rentals often do not allow pets. Owning your home will allow you the freedom to have a furry companion.
1. Discuss property preferences & budget
2. Get Pre-qualified, if needed
3. Shop for properties
4. Discuss Terms & Make an Offer
5. Open Escrow
6. Due Diligence Period
7. Start Transfer Process
8. Closing
9. Congratulations
The Tom Evans & Ashley DiPrisco Real Estate Team team’s years of Jackson Hole real estate experience translate into unparalleled institutional knowledge and privileged relationships that will ensure unmatched results. Contact us today to learn more about Jackson Hole Real Estate or to request more information.
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