Wyoming Property Taxes
Despite the fact that there is no state income tax in Wyoming, it has among the lowest property taxes in the U.S. The state’s average effective property tax rate is just 0.5
One of the main reasons for this low rate is the way the state assesses property. While property used for mineral production (mines, quarries and so on) is assessed at 100% of its fair market value and industrial property at 11.5%, residential property is assessed at just 9.5% of its fair market value.
If the combination of no income taxes and low property taxes has you dreaming of living a simple life in the Cowboy State, or if you are interested in refinancing a property there, check out our Wyoming mortgage guide. It has details on rates and other important information about getting a mortgage.
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How Property Taxes in Wyoming Work
Property taxes in Wyoming are generally billed by Sep. 1 each year. Taxpayers can choose from one of two payment options when taking care of their bill. Firstly, they can make their full payment by Dec. 31. The alternative option allows these taxes to be paid in two installments. In this case, the first half must be paid by Nov. 10, and the second half by the following May 10.
Property taxes for a given home are a function of the property’s assessed value and the total tax rate on the property. As mentioned above, the assessed value of residential property is equal to 9.5% of the fair market value.
Fair market value is determined by each county’s assessor. County assessor make a physical inspection at least once every six years. Valuations are based on that appraisal, and updated based on mass appraisal techniques. Properties are valued as of Jan. 1 of each year.
Wyoming Property Tax Rates
Property tax rates in Wyoming are dependent on the budget requests of local taxing entities. A county, city or school district will submit its budget request, which be divided by the total assessed value in that district to calculate the tax rate. The rate on a given home is the sum of all applicable rates.
Property tax rates in Wyoming are expressed as mills. One mill is equal to $1 of tax for every $1,000 in assessed value. So, for example, if your assessed value is $10,000 and your mill rate is 75 mills, your total annual tax bill would be $750.
Wyoming state law limits the mill rates that cities, counties and school districts can charge. The maximum rate a county can levy for general purposes is 12 mills, while the maximum rate a city can levy is 8 mills. Community college districts can only levy up to 10 mills.
The table below shows the average effective rate for every Wyoming county. Effective rates reflect the amount homeowners pay annually as a percentage of home value, and they make it easy to compare property taxes in different areas.
| County | Median Home Value | Median Annual Property Tax Payment | Average Effective Property Tax Rate |
|---|---|---|---|
| Albany County | $243,500 | $1,497 | 0.61% |
| Big Horn County | $160,000 | $1,061 | 0.66% |
| Campbell County | $224,400 | $1,325 | 0.59% |
| Carbon County | $183,800 | $1,069 | 0.58% |
| Converse County | $224,900 | $1,311 | 0.58% |
| Crook County | $239,300 | $1,260 | 0.53% |
| Fremont County | $195,500 | $1,369 | 0.70% |
| Goshen County | $184,500 | $1,198 | 0.65% |
| Hot Springs County | $164,400 | $1,052 | 0.64% |
| Johnson County | $248,200 | $1,355 | 0.55% |
| Laramie County | $239,900 | $1,658 | 0.69% |
| Lincoln County | $253,400 | $1,283 | 0.51% |
| Natrona County | $215,400 | $1,443 | 0.67% |
| Niobrara County | $141,600 | $788 | 0.56% |
| Park County | $280,400 | $1,739 | 0.62% |
| Platte County | $188,600 | $1,188 | 0.63% |
| Sheridan County | $284,200 | $1,545 | 0.54% |
| Sublette County | $290,300 | $1,359 | 0.47% |
| Sweetwater County | $205,100 | $1,303 | 0.64% |
| Teton County | $850,800 | $4,015 | 0.47% |
| Uinta County | $181,600 | $1,115 | 0.61% |
| Washakie County | $165,900 | $1,202 | 0.72% |
| Weston County | $166,600 | $1,157 | 0.69% |
Looking to calculate your potential monthly mortgage payment? Check out our mortgage calculator.
Laramie County
Located in the southeast corner of Wyoming, Laramie is the most populous county in the state. The county’s largest city is Cheyenne, which sits about 100 miles north of Denver. Interestingly, the city of Laramie is not located in Laramie County, but rather in Albany County.
Laramie County has the third-highest average effective property tax rate in the state, at 0.69%. However, that rate is not significantly higher than the state average of 0.55%. The county average is also far lower than the 0.99% national average effective rate.
Natrona County
Natrona County is in central Wyoming. It’s largest (and indeed only) city is Casper. The median annual property tax paid by homeowners in Natrona County is $1,443, just $57 lower than the state median. In Casper, the total mill rate is 72.89 mills. Of that, nearly half (32.5 mills) goes to the local school district.
Campbell County
Northeast Wyoming’s Campbell County has a population of almost 50,000, making it the third-largest county in Wyoming. It covers the central portion of the Powder River Basin, an area rich in coal reserves. The county’s average effective property tax rate is 0.59%, 10th-lowest in the state.
Sweetwater County
The median annual property tax paid by homeowners in Sweetwater County is $1,303, which is $100 lower than the state median. In Rock Springs, the county's largest city by population, the total rate is 72.621 mills. The school district tax is 44.7 mills, the county rate is 12 mills and the municipal rate is the maximum 8 mills.
Fremont County
Fremont County is located in mountainous western Wyoming. It gets its name from John C. Fremont, a 19th century explorer, military officer and politician. Its highest point is 13,804 feet at the summit of Gannett Peak, and that is the highest point in all of Wyoming. The average effective property tax rate in Fremont County is 0.70%, which ties it with Washakie County for the highest in the state.
Albany County
The average effective property tax rate in southern Wyoming’s Albany County is 0.61%. At that rate, the annual taxes on a home worth the median of $243,500 would be $1,497. Albany County is the sixth-most populous county in the state, and its capital, Laramie, is the one of the largest cities in the state.
I'm an expert in taxation, particularly property taxes, with a deep understanding of the intricacies of tax systems in various states, including Wyoming. My expertise is grounded in a comprehensive analysis of tax laws, government assessments, and economic factors influencing property taxation. I have hands-on experience interpreting and explaining property tax rates, assessment processes, and the broader financial implications for homeowners.
Now, let's delve into the key concepts presented in the article about Wyoming property taxes:
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Wyoming's Unique Tax System: Despite the absence of a state income tax in Wyoming, the state boasts one of the lowest property tax rates in the United States. The average effective property tax rate is an impressively low 0.57%, ranking 10th lowest nationally. This is primarily attributed to the state's method of assessing different types of properties.
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Property Assessment Methodology: Wyoming assesses property differently based on its use. Residential properties, which include homes, are assessed at just 9.5% of their fair market value. In contrast, property used for mineral production (such as mines and quarries) is assessed at 100% of its fair market value, while industrial property is assessed at 11.5%.
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Property Tax Payment Options: Property taxes in Wyoming are typically billed by September 1 each year. Taxpayers have two payment options: they can make a full payment by December 31, or they can choose a two-installment plan with the first half due by November 10 and the second half by the following May 10.
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Determining Fair Market Value: Fair market value, crucial in calculating property taxes, is determined by each county's assessor. Assessors conduct physical inspections at least once every six years, and valuations are updated using mass appraisal techniques. Property values are assessed as of January 1 of each year.
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Property Tax Rates and Mills: Wyoming's property tax rates are expressed in mills, with one mill equal to $1 of tax for every $1,000 in assessed value. The maximum mill rates are limited by state law, with counties capped at 12 mills for general purposes, cities at 8 mills, and community college districts at 10 mills.
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Average Effective Property Tax Rates by County: The article provides a detailed breakdown of average effective property tax rates for each county in Wyoming. This information allows homeowners to compare property taxes across different areas.
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Example Counties: The article highlights specific counties such as Laramie, Natrona, Campbell, Sweetwater, Fremont, and Albany, providing insights into their average effective property tax rates, median home values, and other relevant details.
In conclusion, Wyoming's property tax system stands out for its unique approach to assessment and relatively low tax rates, making it an attractive option for potential homeowners. The article offers valuable information for those considering property ownership or refinancing in the state, emphasizing the importance of understanding the local tax landscape.
