Glossary of Terms
1. Ad Valorem: Specifically- According to value.
2. Ad Valorem Tax: A tax levied in proportion to the value of the thing(s) being taxed. Exclusive of exemptions, use-value assessment provisions, and the like, the property tax is an ad valorem tax.
3. Appreciation: Increase in value of a property, in terms of money, from causes other than additions and betterments. For example, a farm may appreciate if a shopping center is built nearby, and a property of any sort may appreciate as a result of inflation.
4. Assess: To value property officially for the purpose of taxation.
5. Assessed Value: The taxable value of a property. This value is calculated by multiplying the fair market value by the level of assessment. The level of assessment in Wyoming is 9.5% of fair market value for everything but industrial property at 11.5% and minerals which are assessed at 100% of value.
6. Assessment date: The status date for tax purposes. Appraised values reflect the status of the property and any partially completed construction as of this date. The date for Wyoming is January 1st of each tax year. All properties in Wyoming must be valued, assessed and taxed to the owner of record on this date.
7. Assessment Level/Tax Rate: The percentage of fair market value that determines assessed value. The current level of assessment in Wyoming for industrial property is 11.5%, for any producing mineral it is 100% and for all other property it is 9.5% . The level of assessment is set by the legislature and is subject to change.
8. Depreciation: Loss in value to an object relative to its replacement cost new or original cost, whatever the cause of the loss in value.
9. Fair Market Value: The amount of money a well-informed buyer would pay and a well-informed seller would accept for property that has been on the open market for a reasonable amount of time, assuming neither buyer nor seller is acting under pressure.
10. Geographic Information System (GIS): One type of computerized mapping system capable of integrating spatial data (land information) and attribute data among different layers on a base map.
11. Improvements: Buildings, other structures, and attachments or annexations to land that are intended to remain so attached or annexed.
12. Legal Description: A delineation of dimensions, boundaries, and relevant attributes of a real property parcel that serve to identify the parcel for purposes of law. The description may be in words or codes, such as metes and bounds or coordinates. For a subdivided lot, the legal description would contain lot and block numbers and a subdivision name. For those that aren’t platted it would be a township, range, section, and any applicable quarters, or quarter-quarters.
13. Mass Appraisal: The process of valuing a group of properties as of a given date, using standard methods, employing common data, and allowing for statistical testing.
14. Mill: Literally, one thousandth. For tax purposes: $1 of taxes for every $1000 of assessed value.
15. Mill Levy: The number of dollars in taxes that a property owner must pay for every $1000 of assessed value. This amount is based on budget requests from various taxing entities.
16. Personal Property: consists of every kind of property that is not real property; it is moveable without damage to itself or the real estate; and subdivided into tangible and intangible property.
17. Property Record Card: An assessment document with blanks for the insertion of data for property identification and description, for value estimation, and for property owner satisfaction.
18. Real Property: Consists of the interests , benefits, and rights inherent in the ownership of land and anything permanently attached to the land.
19. Statement of Consideration: (SOC) A document, which provides sales information that must be used in addition to other information to determine current market value. The seller, buyer or agent completes the document at the time of property transfer. In the State of Wyoming SOC information is confidential and not public record . Property owners may review sales information used to determine the value of their property. The SOC review period is only during the 30-day appeal period and the property owner may not further disclose the sales information to other persons or property owners. Sales information may be introduced to the County Board of Equalization during a formal appeal, but actions must be taken to prevent its indiscriminate disclosure.
20. Tax District: A geographical area on which a taxing entity has the right to levy taxes. These entities include school districts, counties, cities, water and sewer districts, improvement and service districts, fire districts or other specially formed districts as designated by state statute.
21. Tax Rate/Assessment Level: The percentage of fair market value that determines assessed value. The current level of assessment in Wyoming for industrial property is 11.5%, for any producing mineral it is 100% and for all other property it is 9.5%. The level of assessment is set by the legislature and is subject to change.