State Income Tax
: None State Sales Tax
: 4% Estate Tax/Inheritance Tax
Thanks to the abundant revenues Wyoming collects from oil and mineral companies, residents of the Equality State don't have to fork over much of their income to taxes. There is no state income tax, so you'll pay nothing on your Social Security benefits, pension or IRA distributions. The state sales tax is 4%, and counties can add up to 2% in additional levies. Still, Wyoming has one of the lowest combined sales tax rates in the U.S., and prescription drugs and groceries are exempt. For most residential property, only 9.5% of market value is subject to tax. With a top property-tax rate of 80 cents per $100 in most cities and towns in Wyoming, annual property tax is just $760 per $100,000 of a home's market value.
(iStock) More From Kiplinger
: Kiplinger’s State-by-State Guide to Retiree Taxes 10 Things You Must Know About Social Security 12 Smart Year-End Tax Moves for 2012 The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.