Overview of Wyoming Taxes
Wyoming has among the lowest property taxes in the United States. The state’s average effective property tax rate is 0.61%, ninth lowest in the country. The $1,256 median annual property tax payment in Wyoming is also quite low, as it's around $800 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.
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Jennifer Mansfield Tax
Jennifer Mansfield, CPA, JD/LLM-Tax, is a Certified Public Accountant with more than 30 years of experience providing tax advice. SmartAsset’s tax expert has a degree in Accounting and Business/Management from the University of Wyoming, as well as both a Masters in Tax Laws and a Juris Doctorate from Georgetown University Law Center. Jennifer has mostly worked in public accounting firms, including Ernst & Young and Deloitte. She is passionate about helping provide people and businesses with valuable accounting and tax advice to allow them to prosper financially. Jennifer lives in Arizona and was recently named to the Greater Tucson Leadership Program.
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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 0.61%, which is ninth lowest in the country.
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 in Wyoming can help you understand how homeownership fits into your overall financial goals. Financial advisors can also help with investing and financial plans, including taxes, homeownership, retirement and more, to make sure you are preparing for the future.
How Property Taxes in Wyoming Work
Property taxes in Wyoming are due in two annual installments. 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 January 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. For this reason, the millage rate in most Wyoming cities is very similar—around 7.5 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.
|County||Median Home Value||Median Annual Property Tax Payment||Average Effective Property Tax Rate|
Looking to calculate your potential monthly mortgage payment? Check out our mortgage calculator.
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, the next one over.)
Laramie County has the seventh highest average effective property tax rate in the state, at 0.62%. However, that rate is not significantly higher than the state average of 0.61%. The county average is also far lower than the 1.08% national average effective rate.
Natrona County is in central Wyoming. It’s largest (and indeed only) city is Casper. The median annual property tax paid by homeowners in Natrona County is $1,247, just $9 lower than the state median. In Casper, the total mill rate is 72.890 mills. Of that, nearly half (32.5 mills) goes to the local school district.
Northeast Wyoming’s Campbell County has a population of around 50,000, making it the third largest county in Wyoming. It covers the central portion of the Powder River Basin, an area rich in coal reserves. The county’s average effective property tax rate is 0.58%, ninth lowest in the state.
The median annual property tax paid by homeowners in Sweetwater County is $1,201, slightly lower than the state median. In Rock Springs, the county's largest city by population, the total rate is 72.621 mills. The school district tax is 44.7 mills, the county rate is 12 mills and the municipal rate is the maximum 8 mills.
Fremont County is located in mountainous western Wyoming. It gets its name from John C. Fremont, a 19th century explorer, military officer and politician. Its highest point is 13,804 feet at the summit of Gannett Peak, and that is the highest point in all of Wyoming. The average effective property tax rate in Fremont County is 0.68%, also the highest in Wyoming.
The average effective property tax rate in southern Wyoming’s Albany County is 0.62%. At that rate, the annual taxes on a home worth $200,000 would be $1,240. Albany County is the sixth most populous county in the state, and its capital, Laramie, is the third largest city in the state. The total mill rate in Laramie is 73 mills.
Places Receiving the Most Value for Their Property Taxes
SmartAsset’s interactive map highlights the places across the country where property tax dollars are being spent most effectively. Zoom between states and the national map to see the counties getting the biggest bang for their property tax buck.
Our study aims to find the places in the United States where people are getting the most value for their property tax dollars. To do this, we looked at property taxes paid, school rankings and the change in property values over a five-year period.
First, we used the number of households, median home value and average property tax rate to calculate a per capita property tax collected for each county.
As a way to measure the quality of schools, we analyzed the math and reading/language arts proficiencies for every school district in the country. We created an average score for each district by looking at the scores for every school in that district, weighting it to account for the number of students in each school. Within each state, we assigned every county a score between 1 and 10 (with 10 being the best) based on the average scores of the districts in each county.
Then, we calculated the change in property tax value in each county over a five-year period. Places where property values rose by the greatest amount indicated where consumers were motivated to buy homes, and a positive return on investment for homeowners in the community.
Finally, we calculated a property tax index, based on the criteria above. Counties with the highest scores were those where property tax dollars are going the furthest.