Property Tax

Property Tax Definition & Calculation

A property tax is an ad valorem tax. Which is, a tax imposed according to 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 11.5% for industrial use property and 9.5% for residential, agricultural and all other 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.

What you need to estimate your tax bill:

  • A= Mill Levy Rate
  • B = 1,000 (Divisor used to convert mill rate to a decimal)

A divided by B equals C (Mill rate expressed in decimal form)

(You will be assessed only on a portion of your property's total value. The assessed value will equal 9.5% of the total market value.)

C multiplied by D equals E (Your estimated tax bill)

Example: Determining the tax bill for a house or property appraised at $500,000

  • A = 58.454 (2016 rural mill levy rate)
  • B = 1,000
  • D = $47,500 (Assessed value, being 9.5% of $500,000)

i.e., C (.058454) multiplied by D ($47,500) equals E ($2,776.56) Estimated tax amount

What is a Mill Levy?

A mill is 1/10 of $.01 or $1 (one thousandth of a dollar). A mill levy is the number of dollars a taxpayer must pay for every $1,000 of assessed value. The taxing entity determines the amount of dollars based on its budget request to the County Commissioners.