Jackson Hole Community Price Ranges & List of Tax Benefits

Wyoming’s wealth-friendly status as well as Jackson Hole’s lifestyle benefits have created incredible demand and diversity in housing options in Jackson. Recognized as a “World Heritage Site” by the U.N. and the Department of Interior; Jackson Hole represents some of the most renowned natural beauty and ecological significance on the planet. The economic benefits of our state are certainly rivaled only by the health and lifestyle benefits enjoyed by our residents.

OVER 97% OF TETON COUNTY’S 2.7 MILLION ACRES WHICH INCLUDE JACKSON HOLE IS PERMANENTLY PRESERVED in National Parks, National Forests, and other varieties of public land. This means that just 3% of the Jackson Hole valley is privately held and of that, over two-thirds is already developed or preserved through conservation easements. Jackson Hole’s commitment to retaining the character, lifestyle and natural resources of this area has resulted in the creation of a highly desirable community that continues to attract full and part time residents from around the world.

North OF THE TOWN OF JACKSON The Jackson Hole Golf & Tennis Club blends the rugged West with the country club lifestyle and boasts a Robert Trent-Jones II -designed golf course. As you continue north towards the airport, the area features subdivisions, such as Solitude and Upper and Lower Cascade which offers full views of the Teton Mountains. Many of these subdivisions are tucked off main roads and have Snake River access.

Price range is $500,000 – $20,000,000

Town OF JACKSON The Town of Jackson was named in 1894 after Davey Jackson, who spent a winter in the late 1800s on Jackson Lake. Today, residents enjoy a vibrant cultural scene, anchored by the $35 million Jackson Hole Center for the Arts. In addition to the cultural benefits and convenience, St. Johns Hospital is located to the east of the Town of Jackson and features top-of the line medical services and

Price range is $350,000 – $3,000,000

South OF THE TOWN OF JACKSON The area known as South Park is the open expanse of land that spreads south from Jackson Hole High School and High School Road. South Park offers property that can feel separated from town, but is actually quite convenient to the bike path and services of town. It features relatively affordable neighborhoods such as Rafter J and Melody Ranch; as well as more high-end, 3-Creek Ranch, the valley’s first completely private golf course, not to mention some of the last privately held ranch lands in Jackson Hole.

Price range is $500,000 – $12,000,000

Wyoming is one of the most tax-friendly states. There are plenty of reasons to be thankful for owning a home in Jackson Hole, Wyoming: the mountains, the rivers, two national parks and three ski resorts, art galleries and restaurants, a charming Western-style downtown, and a close knit, philanthropic-minded and fun loving community. As enviable as our lifestyle is here, reality does intrude occasionally, as it will in mid-April when we pay our 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. We can stretch our hard-earned dollars farther, whether to buy real estate, leave property to our heirs or buy a new mountain bike.

Below is a list of top 10 tax benefits offered by Clay Geittmann, Senior Vice President and Manager of Trust Services at Bank of Jackson Hole, on why it’s good to own a home in Wyoming.

NO STATE INCOME TAX

With no state tax on personal or corporate income, “you have more disposable income,” Geittmann says.

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,” Geittmann says. “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.

NO INHERITANCE TAX

Wyoming does not assess any state inheritance tax.

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,” Geittmann says.

NO TAX ON OUT-OF-STATE RETIREMENT INCOME

“A lot of people in Jackson Hole use Wyoming as a second home,” Geittmann says. “They have retirement income that comes from other states where they may be a resident. Wyoming does not tax that retirement income that’s earned outside of Wyoming, and if the participant is a resident of Wyoming when they take that income then the original state cannot tax that income either, which is certainly beneficial.”

LOW PROPERTY TAXES

“Wyoming has very low property taxes compared to other states,” Geittmann says. “The taxes that you do pay here are based on the assessed value of the property.”

NO EXCISE TAXES

When you fill up your car with gas or buy a bag of groceries in Wyoming, you will not pay any state tax on your gas or food.

NO TAX ON MINERAL OWNERSHIP

“A lot of states charge owners a tax on their mineral ownership, but Wyoming does not,” Geittmann says. “If you own minerals, you will not pay a tax on it like you would your home.”

NO INTANGIBLE TAXES

Wyoming doesn’t make you pay a tax on financial assets like stocks and bonds.

NO TAX ON THE SALE OF REAL ESTATE


Melody Ranch Home: $829,900 4Br/3Ba, 2581 SqFt

This listing is no longer available.

One of the few actively listed properties in the Melody Ranch subdivision, this South Valley four bedroom single-family house features outstanding views of Glory Bowl. The improvement has been very well maintained inside and out, has an open floor plan, great sunlight, and the master is on the first floor –much of which you can see yourself in this short video.

In addition to this short 40 second clip, you can also view an image gallery showing this home’s open kitchen, appliances, bedrooms and well-maintained landscaped lot below.


Teton Village: 2011 Sales Breakdown

Big dollar sales in Teton Village tilted the value of Jackson area real estate favorably in 2011 with condos being the dominate property type. However, single-family and vacant land gave an average of over $1 million with a combined total of $18,350,000 between seven sales.

Single-Family: 4

Single-family homes accounted for $14 million in Teton Village among four sales. Valley-wide, list prices for 223 homes on the open market averaged $3.1 million when these numbers were compiled at the beginning of the year. Considering that list price is commonly higher than the actual sold price in this market, a “sold” average of $3.5 million for 2011 in Teton Village is good news for existing homeowners.

Condo/Townhome: 46

Despite the 33% decline of the average sale price settling at $998,543 by year’s end, 2011 sales are up 70% compared to 2010 with a total of 46 sales–one of which being the most expensive condo sale of $3.1 million for a 3 bedroom/3.5 bath at the Four Seasons.

Lots/Vacant Land: 3

If there’s one thing man cannot make more of, it’s land. Land in Teton Village supports how valuable dirt can be with only three sales accumulating $4,350,000. Two of the lots were additions in Jackson Hole Ski Corp. while the third wheel was in Granite Ridge.  Average for vacant land was an impressive $1,450,000.

Condo sales proved Teton Village to be a hot spot with the total sales being up by 70%. However, unlike the 61 condo sales in The Town of Jackson for 2011, Teton Village might not be as much of a “hot spot” for investors with an average sale price of $998,543 among the 46 total transactions. On the contrary, compare those 46 condo sales with only four single-family homes and three lots (one in the Granite Ridge subdivision and two in Jackson Hole Ski Corp.) totally over $18 million.


Westbank: 2011 Sales Breakdown

Real estate sales in the Westbank area remained fairly steady in 2011 with 68 of 408 single-family, condo, townhome or vacant lot total sales in Jackson Hole.

Single-Family: 44

North of Wilson had $53.923 million in sales (excluding resort areas zoned for nightly vacation rentals) from a total of 20 homes sold, and South of Wilson had 14 totalling $33.7 million. Remaining sales include one in The Aspens at Jackson Hole Racquet Club for $1.15 million and nine in Teton Pines totalling $18.863 million. Together, the Westbank accounted for $107,636,000 million in single-family homes sold alone.

Condo/Townhome: 17

The Westbank recorded 17 condo/townhome sales in 2011 with 10 condos at the Jackson Hole Racquet Club averaging $383,450 and seven townhomes at Teton Pines averaging $820,714.

Lots/Vacant Land: 7

Excluding resort areas, Westbank had seven lots sold, three North of Wilson and four south of Wilson with a total dollar volume of $2,630,000 and $6,950,000 respectively.

Among the 87 distressed sales, only 14 were in the Westbank of which three were at the Jackson Hole Racquet Club.

Across the valley, 55% of single-family home sales were under $1 million, yet (the Westbank) North of Wilson had an average sale price of $2.696 million with a median of $1.395 million and South of Wilson had an average sale price of $2.408 million with a median of $1.405 million.

Despite a 33% decline in number of condo sales at Jackson Hole Racquet Club, the average sale price of $383,450 is up 18%. With condo inventory throughout Jackson being 21% lower than 2010, the 18% increase in price at JH Racquet Club could prove to be a promising example in an equity building scenario. In addition, for the first time in almost two decades, someone who can afford 10% down and has a good credit score can pay less in a mortgage than in rent based upon the purchase of many listed condos under $400k.


Town of Jackson: 2011 Sales Breakdown

The Town of Jackson had the most sales in 2011 compared to Teton VillageWestbank, Middle Valley, North Valley and South Valley with 111 single-family, condo, townhome or vacant lot sales.

Single-Family: 44

Median sale price for single-family homes was $580,000 with a total dollar volume of $29.2 million.

Condo/Townhome: 61

Median sale price for condos/townhomes was $320,000 which is down 21% from 2010, however the number of sales are up by 22%.

Lots/Vacant Land: 6

Residential land sales averaged $224,000 with the most expensive lot selling for $350,000, and the least expensive lot for the entire valley of 0.22 acres at $193,900.

The Town of Jackson’s condo sales are significantly higher than 2010 and believed to be due to the convenience of living in town. At the same time, the increase could have a significant influence from investor purchases considering condo values are down by as much as 60%.

Of 87 distressed sales throughout the entire valley, 37 were in the Town of Jackson, which more than likely had an effect on a listing’s “Days on Market” considering time spent on a distressed sale is typically between 90 and 120 days.

The Town of Jackson is also being considered a hot spot for single-family homes with 44 sales.  South of Town had 45.


Wolves in Indian Trails spark debate and caution

Reports of gray wolves have sparked some debate after a resident of the Indian Trails neighborhood captured some footage in his backyard.

There doesn’t seem to have been anything threatening to have happened as of yet, but the US Fish and Wildlife Service has planned to capture and euthanize the wolves before anything threatening does happen.

Concerned homeowners have pledged money for the cost of relocating the wolves rather than killing them, but the services wolf recovery coordinator Mike Jimenez insists that relocation won’t benefit the wolves in the long run. Jimenez has publicly shared his office phone number so that concerned residents can call and learn more about his decision to terminate the predators.

Mike Jimenez 307-733-7096

In the meantime, locals are being urged to keep their pets indoors and to keep an eye on children. JH Underground has done a fantastic job posting updates if you would like to get involved with the debate or even just see some impressive photos.