Wyoming Has One of the Lowest Tax Rates in the Country
It's tax season! But it's safe to say that several people living in the state of Wyoming are pretty satisfied with where their tax rate ranks with the rest of the nation.
Wyoming has the 5th lowest tax rate in the U.S. This, according to our friends at WalletHub. This is thanks to their Effective Total State and Local Tax Rates on Median U.S. Household, which comes in at 8.05 percent. To give a frame of reference, Illinois is ranked last on the list and their number for that statistic comes in at 14.96 percent.
One key of the great ranking for Wyoming is the fact that we tie a select few other states with $0 in Income Tax, which ranks us tied at the top of that category. Wyoming also has the 9th best real estate tax, so that also factored into the high ranking.
Finishing ahead of Wyoming on the list was Alaska finishing with the best tax rate, followed by Delaware, Montana, and Nevada. Finishing near the bottom with Illinois were Connecticut, New York, and Pennsylvania.
So it turns out that when it comes to tax season, Wyoming's a pretty good place to be.