Property Tax Definition & Calculation
A property tax is an ad valorem tax -one that is based on the value of the property. In Wyoming, the County Assessor is charged with the responsibility to value property at its fair market value. This value is then applied to the level of assessment, as determined by the state legislature. Currently, the level of assessment is 100% for gross production of minerals and mine products, 11.5% for industrial use property, and 9.5% for residential and all other real and personal property. The result is assessed value. The assessed value is then applied to the mill levy (set by the Board of County Commissioners) to derive the exact tax dollar amount due each year. Once the tax is determined, it is the duty of the County Treasurer to collect taxes.
How is My Property Tax Figured?
The formula for determining actual tax dollars is as follows:
- Fair Market Value x Assessment Rate = Assessed Value
- Assessed Value x Mill Levy = Tax Dollars
The following is an example of how the tax amount for residential property is determined:
|Fair Market Value of Property
|Assessment Rate (9.5%)
|Assessed Value of Property
|Mill Levy: 73.500
|Amount of Taxes
What is a Mill Levy?
A mill is 1/10 of $.01 or $.001 (one thousandth of a dollar). A mill levy is the number of dollars a taxpayer must pay for every $1,000 of assessed value. Various entities are legally entitled to charge mills against properties in their districts, subject to limits. The entities determine their budget needs, then levy the mills necessary to provide the needed funds.
Click here to view the current mill levy.