No state taxes and lowest population in the US
Welcome to Wyoming, nicknamed the “Equality State” for being the first state in the US to grant women the right to vote and the first to elect a female governor. Wyoming is renowned worldwide for the beauty and grandeur of Yellowstone and Grand Teton National Parks. It’s also known as the cowboy state, with rodeo being the official state sport and the image of the bucking bronco appearing on Wyoming license plates. This is a state full of hardy people who know what real work means and who love the wide open grassland that stretches for miles. Let’s take a look at a few of Wyoming’s highlights, and where it stands out compared to other states. We’ll explore the population, agriculture, and taxes of Wyoming.
There’s a certain soothing peace to the soul when you have the chance to get out into nature, far from the noise and bustle and stress of busy people, and Wyoming certainly delivers in this department. With the lowest population in the United States, Wyoming is a place for people who love the quiet life, nature lovers, and anyone who is not afraid to drive (or better, ride on horseback) for miles without seeing another living being. With a population density second only to Alaska, Wyoming is certainly a prime place where you can enjoy silence, solitude, and rest. In our anxiety-driven culture, it’s hard to put a price on that.
Agriculture is a major industry in Wyoming, as it brings in approximately $4.2 billion to the state’s economy (2018 estimate)(1). In 2017, there were 29 million acres of farm and ranch land in Wyoming. Most of this land is devoted to grazing and pasture for cattle, with 2.6 million of the acres being cropland, including 1.6 million acres of irrigated land. Not surprisingly, cattle also bring in more overall income than crops, with a market value of goods sold of $956 million compared to $318 million for crops in 2017.
Wyoming has no state income taxes. This favorable tax climate attracts many people and businesses, including some who form a Wyoming business solely for the purpose of saving on taxes. If you live in the state and then move out, the addition of state taxes can be a rude shock to the system. The reverse is also true: You’re in for a delightful surprise if you move to Wyoming to shelter 1031 capital gains taxes on your property investments. State sales tax is also relatively low at 5.5%.
If you are looking for Wyoming land for sale, contact the friendly folks at American Land Brokers to help you to find the property that matches your needs and desires. Or, if you are looking to sell a piece of Wyoming property, let us find you a buyer! Call the American Land Brokers office today at (970) 818-1900 to get started, or contact us through any of the forms on our website.
MARV VAN HOUTEN