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Wyoming ranked near the bottom in tax burden by state information

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Via the Wyoming News Exchange

AFTON (WNE) — With the national deadline for filing taxes, April 15,  just two weeks away, WalletHub.com has released an examination of the tax burden by state.

Wyoming ranks as one of the states with the lowest tax burden, coming in at #48 on the list with a percentage rate of 5.70%. Only New Hampshire (5.63) and Alaska (4.93) had a better ranking.

The states topping the list are likely unsurprising to many readers, with New York leading the way at 12.02% and Hawaii second at 11.80%. Vermont (11.12%), Main (10.74%) and California (10.40%) rounded out the top five on the list.

According to the information provided, Americans spend 6.6 billion hours doing taxes each year. The average person spends 13 hours and spends $270 completing their 1040.

Further information from WalletHub.com stated that 92% of tax returns are expected to be filed electronically, with the average refund in 2024 coming to $3,213.

Many of Wyoming’s neighboring states were also low on the list, with Idaho ranked 33rd, Montana 39th, North Dakota 43rd and South Dakota 44th.

However, Colorado ranked in the top half of states with the highest tax burden at #24 and Nebraska was all the way up to 15th. Utah had one of the highest tax burdens in the country at #11 (9.35%).

With property tax in the spotlight of the most recent Wyoming Legislature, Wyoming was placed at 3.10% in this category by the study, ranked 15th highest on the list.

Wyoming was aided in the overall number as a state with no personal income tax.

Full details of the study are available at wallethub.com.

This story was published on April 2, 2024.

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