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Property Value
These clear constraints on future development distinguish Jackson Hole from most other places in America. From a simple supply-demand perspective, they suggest that property in Jackson Hole has a better chance of retaining or increasing its value than property in much of the rest of the United States.
This dynamic played out in the 1990s, with property prices tripling during the decade, a compounded annual growth rate of nearly 12 percent. While there is no guarantee that such a rate of growth will continue, it is clear that Jackson Hole real estate will continue to be affected during the next decade by the same basic force: very high demand for benefits provided by a very limited supply.
Simply having constraints on developable land is not enough, however, if development is of low quality. The quality of development is a function of real estate prices. Land prices in Jackson Hole are already high, providing owners with an incentive to develop and maintain their property to the highest standards. Complementing this incentive is the community’s feeling about land use. Jackson Hole’s conservation ethic dates back to the 1920s, when John D. Rockefeller Jr. acquired thousands of acres of the valley floor with the sole intention of creating a conservation gift for future generations. His efforts were inspired by the same passion for the area felt by residents and visitors today, a passion that guides ongoing land-use planning in Teton County.
Land Conservation
This passion is manifest in property owners who donate hundreds of acres a year in the form of conservation easements. Should this trend continue, a significant portion of the remaining acreage of private, undeveloped land in Jackson Hole will be further removed from the market. This results in an even greater scarcity of land for sale as well as further preservation of the values and attributes which attract people to Jackson Hole in the first place: expansive, unobstructed scenic vistas, plenty of habitat for many species of wildlife, and a sense of solitude and wilderness. In short, Jackson Hole is a community that cares deeply about its land and how that land is used, qualities which serve to protect and enhance property values.
Jackson Hole Culture
In fact, Jackson Hole is a community full of people who care deeply about this magical environment. People have come from across the country to live or own second homes here, and they have brought their many varied interests with them. Sophisticated, well-educated citizens have encouraged a wide array of high-quality restaurants, stores and amenities, particularly those oriented toward outdoor recreation and the environment, as well as a remarkably rich variety of art, music, education, social services and other philanthropic activities. Such offerings serve to make Jackson Hole an appealing place for prospective property buyers, whether for part-time or permanent residences.
Commercial air service into Jackson Hole is growing rapidly, providing homeowners more choices and greater convenience in air transportation to the valley. Currently five major airlines service the Jackson Hole Airport (JAC) during the peak summer and winter seasons. American Airlines offers non-stop flights from Chicago, Continental from Houston and Newark, Delta from Atlanta and Salt Lake City, Northwest from Minneapolis, and United from Denver. The valley’s airport is the destination of thousands of private jets each year, too.
Financial Advantage
As one of only eight states with neither an income tax nor tax on interest and dividends, Wyoming offers a clear financial advantage to its residents, too. In addition, Wyoming has no gift tax, and while it has an inheritance tax, it is what is commonly known as a “pick-up” tax, being that amount which is equal to the credit against the federal estate tax, so no additional death tax is due.
These advantages helped Wyoming win “most wealth-friendly” status for the fifth year in a row in the April 2002 issue of Bloomberg Personal Finance Magazine. According to the Bloomberg survey – which compares taxes levied on residents in each state and the District of Columbia, including income, sales and property taxes – Wyoming was the only state to score an A-plus for how little families are taxed. It was one of only three states to get an A-plus for wealth-friendliness for retirees. This latter ranking was backed up by Barron’s, which on March 25, 2002, named Jackson Hole one of the twenty best places to retire.
During the 1990s, most tourism towns saw their populations grow twice as fast as the country as a whole; many grew three or four times as fast. Previously dependent solely on tourism, mountain towns are rapidly becoming communities with diverse economies. In Jackson Hole, the only destination in America that is both a national park gateway and a major winter resort, these trends – which show no sign of waning – have created a highly desirable community to call home.
