FHA Loans in Wyoming
About This State and its People, Places, and Industries
Wyoming is a state in the Western United States. The majority of the state is dominated by the mountain ranges and rangelands of the Rocky Mountain West, while the easternmost section of the state includes part of a high elevation prairie region known as the High Plains. While the tenth largest U.S. state by area, Wyoming is the least populous, with a U.S. Census estimated population of 544,270 in 2009. This is a 5.9% increase since 2000. The capital and the most populous city of Wyoming is Cheyenne.As of 2005, Wyoming had an estimated population of 509,293, which was an increase of 3,407, or 0.7%, from the prior year and an increase of 15,512, or 3.1%, since the 2000 census. This includes a natural increase since the last census of 12,165 people (that is 33,704 births minus 21,539 deaths) and an increase from net migration of 4,035 people into the state. Immigration from outside the United States resulted in a net increase of 2,264 people, and migration within the country produced a net increase of 1,771 people. In 2004, the foreign-born population was 11,000 (2.2%). In 2005, total births in Wyoming numbered 7,231 (Birth Rate of 14.04).
Sparsely populated, Wyoming is the least populous (total number of people) state of the United States, and has the second lowest population density, behind Alaska.
According to the 2005 U.S. Bureau of Economic Analysis report, Wyoming’s gross state product was $27.4 billion.
As of January 2010, the state’s unemployment rate is 7.6% Components of Wyoming's economy differ significantly from those of other states.
The mineral extraction industry and the travel and tourism sector are the main drivers behind Wyoming’s economy. The Federal government owns about 50% of its landmass, while 6% is controlled by the state. Total taxable values of mining production in Wyoming for 2001 was over $6.7 billion. The tourism industry accounts for over $2 billion in revenue for the state. Wyoming was the first state in the United States to adopt a statute permitting the formation of limited liability companies as a business form in 1977.
In 2002, more than six million people visited Wyoming’s national parks and monuments. The key tourist attractions in Wyoming include Grand Teton National Park, Yellowstone National Park, Devils Tower National Monument and Fossil Butte National Monument. Each year Yellowstone National Park, the world's first national park, receives three million visitors.
Historically, agriculture has been an important component of Wyoming’s economy. Its overall importance to the performance of Wyoming’s economy has waned. However, agriculture is still an essential part of Wyoming’s culture and lifestyle. The main agricultural commodities produced in Wyoming include livestock (beef), hay, sugar beets, grain (wheat and barley), and wool. More than 91% of land in Wyoming is classified as rural.
Wyoming’s mineral commodities include coal, natural gas, coal bed methane, crude oil, uranium, and trona.
• Coal: Wyoming produced 395.5 million short tons (358.8 million metric tons) of coal in 2004. The state is the number one producer of coal in the U.S.[21] Wyoming possesses a reserve of 68.7 billion tons (62.3 billion metric tons) of coal. Major coal areas include the Powder River Basin and the Green River Basin
• Natural gas: Wyoming produced 2,254 trillion cubic feet of natural gas in 2007. The state ranked 2nd nationwide for natural gas production in 2007.[22] The major markets for natural gas include industrial, commercial, and domestic heating.
A Drilling rig drills for natural gas just west of the Wind River Range in the Wyoming Rockies
• Coal Bed Methane (CBM): The boom for CBM began in the mid-1990s. CBM is characterized as methane gas that is extracted from Wyoming’s coal bed seams. It is another means of natural gas production. There has been substantial CBM production in the Powder River Basin. In 2002, the CBM production yield was 327.5 billion cubic feet (9.3 km³).
• Crude oil: Wyoming produced 53.4 million barrels of crude oil in 2007. The state ranked 5th nationwide in oil production in 2007. Petroleum is most often used as a motor fuel, but it is also utilized in the manufacture of plastics, paints, and synthetic rubber.
• Trona: Wyoming possesses the largest known reserve of trona in the world Trona is used for manufacturing glass, paper, soaps, baking soda, water softeners, and pharmaceuticals. In 2008 Wyoming produced 46 million short tons (41.7 million metric tons) of trona, 25% of the world's production.
• Diamonds: The Kelsey Lake Diamond Mine, located in Colorado less than 1000 feet from the Wyoming border, produced gem quality diamonds for several years. The Wyoming craton, which hosts the kimberlite volcanic pipes that were mined, underlies most of Wyoming.
• Uranium: Although uranium mining in Wyoming is much less active than it was in previous decades, recent increases in the price of uranium have generated new interest in uranium prospecting and mining.
Unlike most other states, Wyoming does not levy an individual or corporate income tax. In addition, Wyoming does not assess any tax on retirement income earned and received from another state. Wyoming has a state sales tax of 4%. Counties have the option of collecting an additional 1% tax for general revenue and a 1% tax for specific purposes, if approved by voters. Food for human consumption is not subject to sales tax. There also is a county lodging tax that varies from 2% to 5%. The state collects a use tax of 5% on items purchased elsewhere and brought into Wyoming. All property tax is based on the assessed value of the property and Wyoming's Department of Revenue's Ad Valorem Tax Division supports, trains, and guides local government agencies in the uniform assessment, valuation and taxation of locally assessed property. "Assessed value" means taxable value; "taxable value" means a percent of the fair market value of property in a particular class. Statutes limit property tax increases. For county revenue, the property tax rate cannot exceed 12 mills (or 1.2%) of assessed value. For cities and towns, the rate is limited to 8 mills (0.8%). With very few exceptions, state law limits the property tax rate for all governmental purposes.
Personal property held for personal use is tax-exempt. Inventory if held for resale, pollution control equipment, cash, accounts receivable, stocks and bonds are also exempt. Other exemptions include property used for religious, educational, charitable, fraternal, and benevolent and government purposes and improvements for handicapped access. Minerals are exempt from property tax but companies must pay a gross products tax and a severance tax when produced. Underground mining equipment is tax exempt.
Wyoming does not collect inheritance taxes. Because of the phase-out of the federal estate tax credit, Wyoming's estate tax is not imposed on estates of persons who died in 2005. There is limited estate tax related to federal estate tax collection.
In 2008, the Tax Foundation ranked Wyoming as having the single most "business friendly" tax climate of all 50 states. Wyoming state and local governments in fiscal year 2007 collected $2.242 billion in taxes, levies, and royalties from the oil and gas industry. The state's mineral industry, including oil, gas, trona, and coal provided $1.3 billion in property taxes from 2006 mineral production.
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