Why Wyoming?
By: Kevin Daniel Dwyer
Christian Cisco - Jackson Hole, WY
There are plenty of reasons to be thankful for owning a home in Jackson Hole, Wyoming—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. The real estate market is small, yet mature and exclusive. Inventory is fixed and demand is high, and no one knows it better than Christian Cisco.
A major player in the real estate market, Cisco is a top producer at Jackson Hole Sotheby’s International Realty and has been involved in many significant sales in the region. His own road to real estate began with his Aunt, a top producer herself in Jackson Hole in the 1980s. Cisco moved back to Jackson Hole with his family in the 1990s after successful sales careers in Houston and Chicago. “I have lived here for the better part of forty years and know just about everything (and everyone) there is to know,” says Cisco. “My clients describe me as very responsive, yet patient…a rare combination in our industry they say.” Cisco is also known for his creativity, intuitive nature and the ability to find people just what they are looking for, even though they might not immediately recognize it themselves.
A proven, trusted expert, Cisco’s clientele are mostly baby-boomers who love Jackson Hole and are at a place in their lives where they are seeking a change, mainly moving from their overpopulated and overtaxed urban lifestyles for everything the town has to offer. “The trend is simple and clear: Jackson Hole is a small philanthropic mountain community at the foot of the Teton Mountain range in the most tax friendly state in the country,” says Cisco.
“As enviable as our lifestyle is here, reality does intrude occasionally, as it does with taxes. But even in that area, we as Wyoming residents are better off than most. After all, Wyoming has been cited by Bloomberg Wealth Management magazine as the most tax friendly state in the country. This is largely due to the State of Wyoming’s budget surplus of nearly $1 billion,” says Cisco. “Tax savings helps us stretch our hard-earned dollars farther, whether to buy real estate, leave property to our heirs or buy a new mountain bike.”
Cisco also notes a trend in California buyers, having represented multiple buyers from the San Francisco Bay Area in recent years. Cisco helped one such client purchase the first publicly sold furnished private residence in three years at the Four Seasons Jackson Hole. He also recently represented another client in their two purchases and one sale in Shooting Star, Jackson Hole’s most exclusive new development. As improved quality of life and the draw of low taxes continue to attract buyers, Cisco enlists the expertise of Brian Jones, Wealth Management Associate at J. Singleton Financial, to present the top ten reasons why it’s good to own home in Wyoming.
Why Wyoming – Ten Reasons to Know
1. No state income tax: With no state tax on personal or corporate income, “you have more disposable income,” says Jones.
2. Dynasty trusts: In Wyoming, you can shield your real estate from federal estate taxes for up to 1,000 years through a dynasty trust. “You can establish a trust in Wyoming for the benefit of your family or other beneficiaries,” says Jones. “You can transfer your real estate into a limited liability company or family partnership and then put that into the ‘dynasty 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.
3. No inheritance tax or estate tax: “Wyoming repealed its estate tax as of January 1, 2005,” says Jones.
4. No state gift tax: “Somebody who owns property in Wyoming can ‘gift’ that real estate to their heirs without having to worry about paying a state gift tax,” Jones says.
5. No tax on out-of-state retirement income: “A lot of people in Jackson Hole use Wyoming as a second home,” says Jones.
6. “They have retirement income that comes from other states where they may be a resident. Wyoming doesn’t tax that retirement income that’s earned outside of Wyoming, which is certainly beneficial.”
7. Low property taxes: “Wyoming has very low property taxes compared to other states,” says Jones. “The taxes that you do pay here are based on the assessed value of the property.” For Teton County, Jones says, the rate is 1.2 percent of a property’s assessed value. The rate for the city of Jackson is 8/10 of one percent
8. No excise taxes: 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.
9. No tax on mineral ownership. “A lot of states charge owners a tax on their mineral ownership, but Wyoming does not,” says Jones. “If you own minerals, you won’t pay a tax on it like you would your home.
10. No intangible taxes: Wyoming doesn’t make you pay a tax on financial assets like stocks and bonds. G
Christian Cisco
307.699.1390 | ChristianCisco.com | christian.cisco@jhsir.com
Jackson Hole Sotheby’s International Realty