With barely over 570,000 residents, Wyoming is one of the least populated states in the union. It is renowned for its huge open areas, stunning natural landscape, and chances for outdoor activity. It is also renowned for having a comparatively high cost of living. So where in Wyoming can you reside for the least amount of money?
The Niche data show that Rawlins is the least expensive city to live in Wyoming. Housing prices play the largest role in why Rawlins’ cost of living is 16% cheaper than the state’s average. Compared to the state average of $233,000, Rawlins’ median home value is much lower at just over $155,000.
Wyoming has a state income tax even though it does not tax Social Security benefits. In contrast to other states, Wyoming has comparatively low tax rates. Wyoming levies a 4% flat tax on all income, no matter how much you make. Consequently, if you reside in Wyoming, you must file a state tax return.
The energy sector, in particular coal, natural gas, and oil, plays a significant role in Wyoming’s economy. Millions of tourists travel to Wyoming every year to take advantage of the state’s abundant outdoor leisure activities and natural beauty.
Last but not least, there are just five states that don’t have a sales tax: New Hampshire, Oregon, Alaska, Delaware, Montana, and Delaware. Wyoming does have a sales tax, however it is only 4%, which is quite minimal.
Conclusion: Even though Wyoming may not be the most economical state in which to live, there are still certain locations to reside that are reasonably priced, like Rawlins, Green River, Evanston, and Rock Springs. There is a state income tax in Wyoming, but it is quite small, and the state’s economy is highly dependent on the petroleum sector and tourism. Wyoming is not the best option if you’re looking for a state without a sales tax, but there are other states to take into account.
Sales taxes, property taxes, other taxes and fees, as well as taxes on the exploitation of minerals, are some of the sources through which Wyoming derives its tax revenue. The majority of the state’s income comes from the taxes on mineral exploitation, mainly from coal, oil, and natural gas. In contrast to other US states, Wyoming is renowned for having a low tax burden.
Yes, there is an excise tax in Wyoming. However, depending on the good or service being taxed, different excise tax rates and categories apply.