Current Residential Property Tax System in Wyoming

The Department of Revenue is organized into six operating divisions: Ad Valorem Tax Division, Excise Tax Division, Information Technology Division, Mineral Tax Division, Administrative Services Division and the Liquor Division. The agency’s primary mission is the administration and collection of severance and excise taxes and the wholesale distribution of alcoholic beverages and enforcement of liquor laws. The agency administers the property tax system & values certain property. The State of Wyoming currently does not have a State Income Tax. There is a State Sales/Use Tax of 4% with a County option of 1%. County Lodging Tax varies from 2% to 4%.
All property tax is based on the assessed value of the property.

"Assessed value" means taxable value. "Taxable value" means a percent of the fair market value of property in a particular class as follows:

(A) Gross product of minerals and mine products, one hundred percent (100%);
(B) Property used for industrial purposes, eleven and one-half percent (11.5%);
(C) All other property, real and personal, nine and one-half percent (9.5%).

Local Assessments
The County Assessors establish taxable values for most properties within their counties. Property is taxed at fair market value. "Fair market value" means the amount in cash, or terms reasonably equivalent to cash, a well informed buyer is justified in paying for a property and a well informed seller is justified in accepting, assuming neither party to the transaction is acting under undue compulsion, and assuming the property has been offered in the open market for a reasonable time.

Agricultural land valuation is based on its productivity.

"Agricultural land" means land which has been used or employed during the previous two (2) years and presently is being used and employed for the primary purpose of obtaining a monetary profit as agricultural or horticultural use or any combination thereof is to be agricultural land for the purpose of tax assessment unless legally zoned otherwise by a zoning authority. The Ad Valorem Tax Division provides the County Assessors with recommended valuation guides and schedules to use in the valuation of personal property.

Reporting date for local assessed properties

All taxable property is appraised at its fair market value as of January 1 of each year. Taxpayer deadline for filing statement of personal property is March 1, unless a written request for extension is received not later than February 15.

Assessment Schedules

Mailed by the fourth Monday in April to notify taxpayers of the established valuation.

Protest Period

The person assessed may object to the assessment and valuation within thirty (30) days of the date of postmark on the schedule, at the County Assessor’s Office.

Tax Due

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 paid on or before December 31, no interest or penalty will be charged.

Exemptions

Personal property held for personal or family use excluding mobile homes.

Inventories

Snowmobiles.

Property used for pollution control to the extent provided by W.S. 35-11-1103.

The property of veterans to the extent provided by W.S. 39-13-105.

All livestock including livestock in feed lots being fed for slaughter. This exemption applies only to ad valorem taxation.

Any improvement to residential property making entrance to or common facilities within the property accessible to a handicapped person.

Tax Credits/Deferral/Relief
Home Owner's Tax Credit, (when funded by legislature).
Deferral of Tax Collections.
Property Tax Relief Program.
See the exemption brochure for more information

State Assessments Utilities

The Ad Valorem Tax Division establishes taxable values for properties such as utility and transportation companies; which includes airlines, electric and gas distribution, pipelines, railroads and rail car, and telecommunication companies.

Minerals

Minerals are valued by the state for Ad Valorem and Severance Tax purposes. The values are allocated back to the counties for Ad Valorem purposes.

Reporting date for state assessed properties

The Department of Revenue annually value and assess the following property at its fair market value for taxation:
Deadline for gross product of all mines and mining claims; Annually, on or before
February 25 of the year following the year of production.
Property of pipeline companies and electric utilities; April 1.
Property of railroad companies and rail car companies; May 1.

Property of telephone and telegraph companies which have more than two thousand dollars ($2,000.00) in assessed value; April 1.

Protest Period for state Assessed Property

Following determination of the fair market value of property the Department will notify the Company by mail of the assessed value. The Company may file objections with the State Board of Equalization within thirty (30) days and appear before the board. The Company assessed shall also file a copy of the written objections with the County Treasurer of the county in which the property is located, who shall notify the County Assessor and the Board of County Commissioners, with an estimate of the tax amount under appeal based upon the previous year's tax levy.
http://revenue.state.wy.us/PortalVBVS/DesktopDefault.aspx?tabindex=0&tabid=1
Revised: 06/08/01