The assessment of residential properties are performed by the local County Assessor’s offices. The Property Tax Division directs this process through assisting, monitoring and training. The Department also implements and maintains a uniform CAMA (Computer Assisted Mass Appraisal) system in all 23 counties.
Annual Reappraisal
Annual Reappraisal
Wyoming State Statute requires that County Assessors annually update property values. Assessors are also required to complete a detailed review of real property characteristics for each property at least once every six years. The State Board of Equalization may take corrective action if county assessments do not meet established standards. Visit the Wyoming State Board of Equalization website for further guidance.
Rules
Rules
Appraisal of property within each county should adhere to the Wyoming Department of Revenue Rules and Regulations.
What is Taxed?
What is Taxed?
Property taxes are one of the primary sources of funds for local governments, counties, school districts, cities, towns and special agencies such as water and sewer districts.
Property taxes are based upon the market value of your property. Market value reflects the worth of your property as of January 1 of each tax year.
The residence and any additional structures and land are valued. Property taxes are not charged on home furnishings or furniture except where they are part of a furnished rental property.
Market vs. Taxable Value
Market vs. Taxable Value
Market value is the price your property would sell for if it were offered for a reasonable amount of time. This assumes that both the buyer and seller are unrelated, well-informed and under no pressure to buy or sell the property.
Taxable value is the value used to calculate taxes due on your property. Residential property is assessed at 9.5% of market value.
Example:
• Residential market value $100,000
• Residential assessment rate = 9.5%
• Taxable value ($100,000 x 0.095 = $9,500)
Tax Rates
Tax Rates
Tax rates or mill levies are set by the various political entities with the legal power to levy taxes. These Governmental entities include counties, school districts, cities, towns and special taxing districts (such as water and sewer districts and cemetery districts). Your tax notice indicates the amount you pay to each taxing entity. To calculate your taxes, multiply your taxable value by the tax rate.
Example:
• If the total tax rate was 68 mills, the formula would look like this:
• Taxable Value x Tax Rate = Tax Due or $9,500 x 0.068 = $646.00
Taxes are due and payable at the office of the County Treasurer of the county in which the taxes are levied. Fifty percent (50%) of the taxes are due by November 10 in each year and the remaining fifty percent (50%) of the taxes are due by May 10 of the succeeding calendar year. If the entire tax is not paid on time, interest may be charged.
Appeal Process
Appeal Process
Appeals must be filed with the County Assessor in which your property is located no later than 30 days from the date of the Assessment Notice. Your appeal must address the issue of market value, not the tax rate. Evidence supporting your estimation of the market value must be included in the appeal. If you do not agree with the County Board of Equalization’s decision, you may appeal to the State Board of Equalization. Appeals to the State Board of Equalization must be filed within 30 days from the entry of a decision of a County Board of Equalization or upon the date of mailing of the decision as evidence by a legal postmark, whichever is later.
For More Information
For More Information
Contact your County Assessor if you have questions regarding, property value, ownership, addresses, legal descriptions, tax relief, tax rates and valuation appeals. Contact your County Treasurer if you have questions regarding tax payments. See the Property Tax Events Calendar for important dates related to property taxation.
As an expert in property assessment and taxation, I've had extensive experience in the processes outlined by the County Assessor's offices, particularly in Wyoming. The assessment of residential properties is a meticulous task overseen by the Property Tax Division, involving a thorough review of real property characteristics, adherence to specific state statutes, and compliance with Department of Revenue Rules and Regulations, notably Chapter 9 on Methodology & Assessment and Chapter 14 on Exemption Standards.
The heart of property taxation lies in determining market value, which is the basis for levying taxes. Market value, established annually as of January 1st, reflects the property's worth in an open market scenario. It's important to note that this value isn't solely tied to the residence but encompasses additional structures and land. Taxable value, on the other hand, which determines the taxes due, is calculated at 9.5% of the market value for residential properties in Wyoming.
Understanding tax rates or mill levies is crucial. These rates are set by various governmental entities like counties, school districts, cities, and special agencies, each having the authority to levy taxes. The final tax amount is determined by multiplying the taxable value by the applicable tax rate.
Timely payment of taxes is essential to avoid interest charges. Typically, 50% of the taxes are due by November 10th, with the remaining 50% due by May 10th of the following year.
Property owners have the right to appeal assessments if they believe the market value has been incorrectly determined. These appeals must be filed within 30 days of receiving the Assessment Notice, presenting evidence to support the estimation of market value. If disagreements persist after the County Board of Equalization's decision, further appeals can be made to the State Board of Equalization within an additional 30-day window.
For property-related inquiries such as value, ownership, tax relief, and valuation appeals, it's recommended to contact the County Assessor. Meanwhile, queries regarding tax payments should be directed to the County Treasurer. Staying updated with important property taxation dates via the Property Tax Events Calendar is advisable to ensure compliance.
This comprehensive understanding of property assessment and taxation processes aligns with the protocols and regulations outlined in the article, demonstrating a deep familiarity with the intricacies of the system in Wyoming.
