Wyoming’s tax system, aka sales tax, is pretty much as simple as just putting a stamp (or a sticker, and some other such thing), and saying “I’ll be paying down the principal taxes for the year.” This is one of my favorite things I’ve noticed lately.
In Wyoming, if your property value goes over $10,000, the seller gets to deduct the full amount of the sales tax in that year. If your property value goes under $10,000, then the seller gets to deduct half the sales tax in that year.
What I love about this is that there is no minimum purchase amount necessary to pay, and there is no way to get out of paying it. This makes it easy to buy a house with a 10,000 dollar house. A buyer with a 10,000 dollar house can easily pay off the entire sales tax bill in one year.
This is a nice feature, but it does create a loophole in some jurisdictions. In Wyoming, for example, buyers must give a deposit of at least 10 percent of the sale price. The seller has the right to deduct that amount from the actual sales price.
That’s not to say that the 10 percent minimum payment is a bad thing. The seller gets a percentage of the overall final sales price, but that doesn’t require a minimum payment. If your 10 percent deposit is enough to cover the down payment on the new house, it’s less than the down payment. And if you don’t buy a new house, you can always make a down payment on an existing house with the 10 percent deposit.
The state of Wyoming has a sales tax, so I guess that means its legal. But the sales tax is currently 15 percent. Some states do not have a sales tax at all. So it depends on the state. In general, a $20,000 down payment on a new house is about $700,000.
Not all sales tax laws apply in Wyoming, but most do. In general, sales tax is based on the state of your state. In case of Wyoming sales tax law, it means the state of your state.
The sales tax is a percentage of the total price of your house. The difference between federal and state taxes is the state’s sales tax. So if it’s 15 percent in Wyoming, it’s 15 percent in your state.
In general, you can buy a home for 15% of the sales price (or less). In Wyoming, this means that you can purchase a home for $800,000. That’s a lot of money, but it’s also one of the priciest places in the country for new construction.