Industrial property assessment, both real and personal, is performed by the local County Assessor’s offices. The Property Tax Division directs this process thru assisting, monitoring and training. The Department also implements and maintains a uniform CAMA (Computer Assisted Mass Appraisal) system in all 23 counties.
The Property Tax Division annually publishes the Wyoming Personal Property Manual which provides guidance to County Assessors and other interested parties regarding the discovery, listing, classification, and valuation of industrial personal property for ad valorem tax purposes.
By March 1st of every year all agricultural, business and industrial personal property shall be reported to the County Assessor in which the property is located. See Forms for the reporting of personal property.
Annual Reappraisal
Wyoming State Statue requires that the County Assessors annually update property values. Assessors are also required to complete a detailed review of real property characteristics for each property at least once every six years. The State Board of Equalization may take corrective action if county assessments do not meet established standards. Visit the Wyoming State Board of Equalization website for further guidance.
Rules
Appraisal of property within each county should adhere to the Wyoming Department of Revenue Rules and Regulations. See Rules for the governing of property assessment.
What is Taxed?
Property taxes are one of the primary sources of funds for local governments, counties, school districts, cities, towns and special agencies such as water and sewer districts.
Property taxes are based upon the market value of your property. Market value reflects the worth as of January 1 of each tax year.
All industrial structures and land are valued as real property. All industrial machinery, equipment, furnishings, tools, aircraft, watercraft and supplies not held for resale are valued as personal property.
Market vs. Taxable Value
Market value is the price your property would sell for if it were offered for a reasonable amount of time. This assumes that both the buyer and seller are unrelated, well-informed and under no pressure to buy or sell the property.
Taxable value is the value used to calculate taxes due on your property. Industrial property is assessed at 11.5% of market value.
- Example:
Industrial market value $100,000
Commercial assessment rate = 11.5%
Taxable value (100,000 x 0.115 = $11,500
Tax Rates
Tax Rates or mill levies are set by the various political entities with the legal power to levy taxes. These Governmental entities include counties, school districts, cities, towns and special taxing districts (such as water and sewer districts and cemetery districts).
Your tax notice indicates the amount you pay to each taxing entity. To calculate your taxes, multiply your taxable value by the tax rate.
- Example:
If the total tax rate was 68 mills, the formula would look like this:
Taxable Value x Tax Rate = Tax Due or $11,500 x 0.068 = $782.00
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%) are due by May 10 of the succeeding calendar year. If the entire tax is not paid on time, interest may be charged.
For More Information
Contact your County Assessor if you have questions regarding property value, ownership, addresses, legal descriptions, tax relief, tax rates and valuation appeals. Contact your County Treasurer if you have questions regarding tax payments.
See the Property Tax Events Calendar for important dates related to property taxation.