Martha Webb, instructor of “Positioning Properties to
Compete in the Market” shared that almost 70% of the buying
decision occurs before a buyer even steps foot on a property.
Location and size (bedrooms, baths, square footage, garages.)
account for almost 70% of the initial buying decision, so the
remaining 30% comes from the “feel” of a home.  That is why it is
important to have a house that appears well maintained, clean and
be absent of any smells.

Market Report June 2012

• No state income tax
• Dynasty trusts
• No inheritance tax
• No state gift tax
• No retirement income tax

• Low property taxes
• No excise taxes
• No tax on mineral ownership
• No intangible taxes
• No tax side on sale of real estate

To: Jamie Turner
Brokerage of the Tetons

Dear Jamie:

I enjoyed our recent discussion regarding the many advantages of calling Wyoming our home. Certainly one of the greatest advantages to being a Wyoming resident comes from our favorable tax status.

Wyoming truly is a tax haven to affluent individuals. It is obvious the State’s legislators appreciate the designation Bloomberg Wealth Manager Magazine has given to Wyoming as the most tax friendly state in the U.S. Other noted publications regularly list Wyoming as the most business-friendly tax system of any state. The legislature works to protect that status and by doing so attracts more business to the State. Wyoming’s ability to provide such benefits to its residents is a product of a resilient economy which in large part is driven from its rich mineral revenue base. Our legislature rarely deals with fiscal problems due to an income source from mineral severance taxes that consistently exceed budget expenses and appropriations. It is not uncommon for Wyoming’s budget surplus to approach $1 billion dollars per year. As such, the State allocates surplus funds most years to a permanent trust fund and other emergency accounts for periods when revenues may not be as strong. Our State is noted for budgetary conservatism in view of the volatility of the energy industry and the fact that severance tax revenues can fluctuate widely year to year. Wyoming also offers some of the best asset protection laws of any state in the nation. These laws are designed to conserve individual and family assets from not only creditors but a Federal tax system that can deplete family wealth from one generation to the next. Wyoming’s Close LLC statute is widely considered the best combination of laws available to protect business owners from lawsuits. The statute is ideally suited to small business owners and family businesses which are a major part of the Wyoming economy. The rules enable the LLC interest owners to retain control under adverse circumstances and take advantage of valuation discounts when transferring ownership interest to others.

The State effectively did away with the rule against perpetuities. Wyoming will allow a trust to be established that can continue for up to 1,000 years, benefiting multiple family generations. Assets within the trust are not subject to Federal estate taxes and the income is not taxed by the State due to Wyoming having no individual income tax or business income tax. Additionally, Wyoming has no inheritance tax. Under the shelter of the trust, the assets are insulated from creditors and divorce and grow at a much faster rate due to the avoidance of the transfer taxes. Laws in Wyoming also allow individuals to establish other trusts, or amend existing trusts, for their immediate benefit, which will protect the assets from potential lawsuits. Wyoming residents are further rewarded with some of the lowest property taxes in the region, no state tax on retirement income earned and received from another state, no state gift taxes, no personal property tax on property held for personal use, no state capital gains tax, no tax on individual mineral interest ownership, and no excise tax or intangibles tax. What more could we ask for. It is in our best interest to preserve what we have for future generations. We are blessed to live in one of the most beautiful places in the world with benefits and opportunities such as these.

Sincerely,

Brian K. Jones
Senior Vice President
Trust Department Manager
Bank of Jackson Hole

Most Realtors agree that the market appears to be gaining strength, and while individual property values are still trending down, the number of sales in Teton County was up by over 27% over the preceding year. Furthermore, despite the continued value decline, the relative strength of the higher end segments of the market kept average prices nearly level, showing a less than 1% decline. The increase in both number of sales and the influence of high end transactions combined to increase overall dollar volume of sales by approximately one-third. Some value losses have been as extreme as 7;0%, although these losses are limited to areas where distressed properties are most prevalent (such as entry level attached homes). Value loss for this market segment was ongoing throughout 2010, with losses of 30% in some cases. Less distressed areas of the Teton County market have been, to date, able to limit total loss to between 30% and 40%

Click Here to download our Full Market Report 2010

Rob moved from Minnesota in the late seventies to enjoy the Jackson Hole lifestyle. A Realtor since 1991, Rob knows this Real Estate market well and looks forward to working with both Buyers and Sellers in this beautiful part of Wyoming including Teton, Sublette and Lincoln counties. Always conducting his business practice under the guiding Rotary principle of ‘Is it Fair to All Concerned’, Rob takes great pride in ensuring that all his clients receive the Service they deserve with the Results they expect. Rob is an active member of the Rotarians, Masons and Shriners. Rob is proud to be part of the Brokerage Of The Tetons team as an Associate Broker and looks forward to helping you meet your Real Estate goals.

Rob may be conatcted via email at robweed1@gmail.com or directly at 307-690-1950.

Addressing the need to clarify real estate relationships, the Wyoming State Legislature has defined three agency relationships for Buyers, one of which must exist for a real estate agent to be involved with a real estate Buyer. With the near disappearance of subagency (seller’s agents showing real estate to Buyers), only two of these relationships are practiced in Teton County, Wyoming. These relationships are:

1.  Intermediary (Non-Agent) – Both the Buyer and the Seller sign written agreements acknowledging that the Intermediary (non-agent) is the advocate or representative of neither party. The intermediary agent’s purpose is to serve as “conduit” so that the Buyer and seller may negotiate their transaction.

An intermediary owes no fiduciary duty either to Buyer or seller and is not allowed to negotiate on behalf of the Buyer or the seller.

2.  Buyer’s Agent – The Buyer’s agent signs a written Buyer’s Agency Agreement with the Buyer and owes the “utmost of good faith, loyalty, and fidelity” to the Buyer.

The Buyer’s Agent is an advocate for the Buyer.