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Property taxes do not automatically increase simply because the fair market value of the property has increased. Market value is only a portion of the formula used in calculating tax amounts. The formula for determining actual tax dollars is as follows:
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Wyoming statute requires that all property be listed, valued and assessed as of January 1 of each year. Assessment schedules must reflect the owner of record as of that date and be mailed on or before the fourth Monday in April.
All properties in Teton County are physically inspected once every six years. Properties are also inspected when a building permit is issued or an address assigned. Inspections can also be done as deemed necessary in the event of a disagreement with the property value as established by the Assessor’s Office or upon the request of a property owner.
The "Total Valuation used to Calculate Tax" listed on the Notice of Assessment should represent the approximate fair market value of your property as of January 1st. If you disagree with the total valuation, we recommend that you first contact our office within 30 days of the "Date Mailed" on the assessment to review pertinent information and data used to calculate the total valuation. You may only appeal your value during the 30 day period by completing a form provided by the assessor’s office or filing a statement with the assessor specifying the reasons why the assessment is incorrect.
The County Commissioners, in their capacity as the County Board of Equalization, will hear and rule on all filed appeals. As the appeal process is dictated by statute, please review Wyoming State Statute 39-13-109(b) for further information regarding the filing of your appeal. You may also contact our office to discuss the process.
Many factors affect market value - a change in property characteristics, market supply and demand, interest rates, labor and material costs to name a few.
Industry-accepted mass appraisal procedures and methodologies are used to determine property values. Factors such as location, property characteristics and sales information are analyzed each year to determine the estimated fair market value.
Wyoming statute (34-1-142) requires a statement of consideration be completed whenever a deed, contract or other document transferring legal title is recorded. Information such as the date of sale, purchase price and the sale’s terms are required. This information is not generally available to the public.
Property owners appealing their assessment may review the sales that were used to determine the fair market value of their property during the 30 day appeal period. The assessor must mail the Notice of Assessment by the fourth Monday in April. Property owners may not further disclose this sales information to anyone else, however the information may be introduced later in the event of a formal appeal of a tax assessment. Any further disclosure is prohibited by state law.
The Notice of Assessment will contain the "Date Mailed". All appeals must be filed within 30 days of the "Date Mailed".
As there are no exceptions to the 30 day filing period, please make sure that your mailing address is up to date, and that you contact the assessor’s office if you have not received your Notice of Assessment by the end of April.
Wyoming statute also states an individual statement of consideration shall not, by itself, be used to adjust the assessed value of any individual property. To ensure that sold properties are being valued using the same procedures as unsold, all valid open market sales within a neighborhood are used. Neighborhood boundaries are developed on location, economic forces, governmental and social factors. Within neighborhoods other considerations may be age, type of construction, etc.
No, only sales that are considered valid open market sales are used. Sales involving foreclosures, relatives, gifts, etc. are generally not used.
The level of assessment is the percentage of the market value that determines the assessed value of a property. In Wyoming, the level of assessment for minerals is 100 percent; the level of assessment for industrial use properties is 11.5 percent; and for all other properties the level of assessment is 9.5 percent. These percentages are determined by the state legislature.
A mill levy equates to the number of dollars in taxes that a property owner must pay for every $1000 of assessed value. The Teton County Commission establishes the total mill levy for each tax district based on budget requests from the various taxing entities - municipalities, school districts, water or sewer districts, fire districts or other specially formed districts as designated by state statute - within the districts’ boundaries.
In order to determine the mill levy for each tax district, taxing entities must submit their final budget requests. The budget, less any anticipated revenues from non-property tax sources, is divided by the assessed value to obtain the tax rate, or mill levy. Assessed values determined by the County Assessor and values of state assessments - those industries that are valued by the Wyoming Department of Revenue, such as utilities and minerals - are combined to determine the total assessed value within the taxing entities’ boundaries. An individual assessed value is multiplied by the total mill levy for the tax district to obtain an individual tax amount.
In Wyoming, land meeting the criteria for agricultural land classification is valued based on the land’s productive capabilities under normal conditions. Landowners must complete a sworn affidavit (PDF) stating the land met the legal requirements for such classification.
Real property is defined as land and all things attached to the land.
Personal property is all property that does not meet the definition of real property. Examples of personal property include furniture and fixtures - desks, chairs, tables, couches, file cabinets, display counters, shelves, etc.; computer equipment and software; telephones, fax machines, copiers; heavy machinery; oilfield equipment, etc.
The deadline for reporting changes to personal property listings is March 1 of each assessment year. Personal property forms, noting the information provided the previous year, are mailed to businesses in the Teton County in early December of each year. Business owners are asked to make any additions or deletions and return the form to the County Assessor. If there have been no changes, owners need only so indicate, sign and return the form. The reporting deadline may by extended to April 1 upon written request, provided that request is made no later than February 15.
You pay 5% sales tax on the net purchase price, after trade.
The treasurer accepts the following forms of payments: