Overview of Wyoming Taxes
Wyoming has among the lowest property taxes in the United States. The state’s effective property tax rate is 0.57%, 14th-lowest in the country (including Washington, D.C.). The $1,947 median annual property tax payment in Wyoming is also quite low, as it's around $1,300 below the national mark.
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To calculate the exact amount of property tax you will owe requires your property's assessed value and the property tax rates based on your property's address. Please note that we can only estimate your property tax based on median property taxes in your area. There are typically multiple rates in a given area, because your state, county, local schools and emergency responders each receive funding partly through these taxes. In our calculator, we take your home value and multiply that by your county's effective property tax rate. This is equal to the median property tax paid as a percentage of the median home value in your county.
Wyoming Property Taxes
Despite the fact that there is no state income tax in Wyoming, it has among the lowest property taxes in the U.S. The state’s average effective property tax rate is just 0.57%, which is good for 14th-lowest nationwide.
One of the main reasons for this low rate is the way the state assesses property. While property used for mineral production (mines, quarries and so on) is assessed at 100% of its fair market value and industrial property at 11.5%, residential property is assessed at just 9.5% of its fair market value.
If the combination of no income taxes and low property taxes has you dreaming of living a simple life in the Cowboy State, or if you are interested in refinancing a property there, check out our Wyoming mortgage guide. It has details on rates and other important information about getting a mortgage.
A financial advisor can help you understand how homeownership fits into your overall financial goals. SmartAsset’s free tool matches you with vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
How Property Taxes in Wyoming Work
Property taxes in Wyoming are generally billed by Sep. 1 each year. Taxpayers can choose from one of two payment options when taking care of their bill. Firstly, they can make their full payment by Dec. 31. The alternative option allows these taxes to be paid in two installments. In this case, the first half must be paid by Nov. 10, and the second half by the following May 10.
Property taxes for a given home are a function of the property’s assessed value and the total tax rate on the property. As mentioned above, the assessed value of residential property is equal to 9.5% of the fair market value.
Fair market value is determined by each county’s assessor. County assessor make a physical inspection at least once every six years. Valuations are based on that appraisal, and updated based on mass appraisal techniques. Properties are valued as of Jan. 1 of each year.
Wyoming Property Tax Rates
Property tax rates in Wyoming are dependent on the budget requests of local taxing entities. A county, city or school district will submit its budget request, which be divided by the total assessed value in that district to calculate the tax rate. The rate on a given home is the sum of all applicable rates.
Property tax rates in Wyoming are expressed as mills. One mill is equal to $1 of tax for every $1,000 in assessed value. So, for example, if your assessed value is $10,000 and your mill rate is 75 mills, your total annual tax bill would be $750.
Wyoming state law limits the mill rates that cities, counties and school districts can charge. The maximum rate a county can levy for general purposes is 12 mills, while the maximum rate a city can levy is 8 mills. Community college districts can only levy up to 10 mills.
The table below shows the average effective rate for every Wyoming county. Effective rates reflect the amount homeowners pay annually as a percentage of home value, and they make it easy to compare property taxes in different areas.
Looking to calculate your potential monthly mortgage payment? Check out our mortgage calculator.
Laramie County
Located in the southeast corner of Wyoming, Laramie is the most populous county in the state. The county’s largest city is Cheyenne, which sits about 100 miles north of Denver. Interestingly, the city of Laramie is not located in Laramie County, but rather in Albany County.
Laramie County has an effective property tax rate in line with the state average of 0.58%. It's also far lower than the 0.89% national effective rate.
Natrona County
Natrona County is in central Wyoming. Its largest (and indeed only) city is Casper. The median annual property tax paid by homeowners in Natrona County is $1,748, around $200 lower than the state median.
