Determining Property Tax

Wyoming Statutes require all property to be valued at fair market value except for agricultural land which is valued by its productive capability. The fair market or productive value is given on the Assessment Schedule, also called a Notice of Assessment.

Terms

To determine the final tax amount, there are a few terms which must be understood:

  • Appraised Value: The fair market value (what the property could reasonably be expected to sell for) of the property.
  • Assessment Rate: The percentage of appraised value which determines the Assessed Value. The Assessment Rate is 9.5% for agricultural, commercial, and residential property, 11.5% for industrial, and 100% for minerals.
  • Mill: Literally one thousandth, mill means $1 of taxes for every $1,000 of Assessed Value and is the Tax Rate or Mill Levy. The average Mill Levy in Teton County is 57 mills or about $5.70 per $1,000 of appraised or market value.

Formulas

The formula for determining actual tax dollars is as follows:

  • Appraised Value multiplied by Assessment Rate equals Assessed Value
  • Assessed Value multiplied by Mill Levy (Tax Rate) equals Tax Dollars

The following is an example of how the tax amount for residential property is determined:

Appraised Value of Property

Assessment Rate (9.5%)

Assessed Value of Property

Mill Levy / Tax Rate (64 Mills)

Amount of Taxes

$200,000

x 0.095

= $19,000

x 0.064

= $1,216

Effective Tax Rate

The Effective Tax Rate equals the amount of taxes divided by the property value. This is the rate used to compare the tax burden from one area to the next.

In our example, it is $1,216 divided by $200,000 equals 0.0068 or 0.608%.

At the bottom of the Assessment Schedule or Notice of Assessment sent in April of every year, an estimated tax is given as well as the previous year's tax amount. The estimate is based on the previous year's Mill Levy for your tax district. The Treasurer's Office sends your actual tax bill in September after the County Commissioners, school boards, towns, and special districts have held their budget hearings and the final Mill Levies have been confirmed by the County Commissioners.

Contact Information

If you have any questions regarding your property's valuation, please contact the Assessor's Office at 307-733-4960.