Placing Fair Market Value
The function of the Assessor`s office is to place value on properties, which represents typical sale and/or purchase prices of similar properties. This procedure is known as placing fair market value on property. All property is assessed as of January 1 each year using sales occurring between January 1 and December 31 of the previous year.
Fair Market Value is the most probable price expressed in terms reasonably equivalent to cash that a property would bring if exposed for sale in the open market in an arm`s length transaction between a willing seller and a willing buyer, both of whom are knowledgeable concerning all the uses to which the property is adapted and for which it is capable of being used.
The Teton County Assessor`s office appraises approximately 15,200 parcels of property each year (residential, commercial, vacant land and personal property) with approximately $12 billion total market value.
The Assessor`s office is responsible for valuing all real and personal property in Teton County. The Assessor does not set taxes. The Assessor is actually the county appraiser. The county appraisers must be certified appraisers and maintain this certification through continuing education.
It is the statutory duty of the Assessor`s office to locate, identify, and value all taxable property in Teton County. We are mandated and prescribed by state law on how we perform our assessments and when we perform our assessments.
Wyoming Constitution Article 15, Section 11. "(a) All property, except as in this constitution otherwise provided, shall be uniformly valued at its full value as defined by the legislature, in three (3) classes as follows:" (continued)
Wyoming Statute 39-13-103. "(b)(i) Except as otherwise provided: (A) All taxable property shall be annually listed, valued and assessed for taxation in the county in which located and in the name of the owner of the property on January 1;" (continued)
Wyoming Statute 39-13-103. "(b)(ii) All property shall be annually valued at its fair market value. Except as otherwise provided by law for specific property, the department (Department of Revenue) shall prescribe by rule and regulation the appraisal methods and systems for determining market value using generally accepted appraisal standards."
The Assessor has not created the value of your property. PEOPLE MAKE VALUE by their transactions in the marketplace. The Assessor simply has the legal responsibility to study those transactions and appraise your property accordingly (IAAO.org).
If your opinion of the value of your property differs from the Assessor, please contact the office to discuss the matter. The Assessor`s office will be glad to answer any questions you may have about the value of your property. The staff will be glad to answer your questions about the appraisal and explain how to appeal if you cannot come to an agreement on the current value of your property.