How Property Tax is Determined
Determining Property Taxes
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.
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.
The formula for determining actual tax dollars is as follows:
- Appraised Value x Assessment Rate = Assessed Value
- Assessed Value x Mill Levy (Tax Rate) = Tax Dollars
The following is an example of how the tax amount for residential property is determined:
Effective Tax Rate
|Appraised Value of property
|Assessment Rate (9.5%)
|Assessed Value of property
|Mill Levy / Tax Rate (64 mills)
|Amount of Taxes
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 ÷ $200,000 = 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
If you have any questions regarding your property's valuation, please contact the Assessor's Office at (307) 733-4960.