Overview of Wyoming Taxes
Wyoming has among the lowest property taxes in the United States. The state’s average effective property tax rate is 0.62%, ninth lowest in the country.
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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 United States. The state’s average effective property tax rate is 0.62%, ninth lowest in the country. One of the largest regions 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 for details on rates and important information about getting a mortgage. Read on to learn more about the Wyoming assessment process and other important features of the Wyoming property tax.
How Property Taxes in Wyoming Work
Property taxes in Wyoming are due in two annual installments. The first half must be paid by November 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. Assessor’s offices 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.
The mills rates charged by cities, counties and school districts are limited by state law in Wyoming. 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 75 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. The average effective rate is calculated by dividing the median annual property tax payment by the median home value.
|County||Median Home Value||Median Annual Property Tax Payment||Average Effective Property Tax Rate|
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. (Oddly, the city of Laramie is not located in Laramie County, rather Albany County, in the next county over.)
Laramie County has the fifth highest average effective property tax rate in the state, at 0.65%, but that is not significantly higher than the state average. That average is also far lower than the national average effective rate of 1.19%.
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 $1,118 about $45 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 is covers the central portion of the Powder River Basin, an area rich in coal reserves. The county’s average effective property tax rate is 0.57%, ninth lowest in the state.
The median annual property tax paid by homeowners in Sweetwater County is $1,101, slightly lower than the state average. In Rock Springs, the county seat, the total rate is 72.633 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, which is also the highest point in all of Wyoming. The average effective property tax rate in Fremont County is 0.69%, 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.
Property Tax: Which Counties are Getting the Best Bang for Their Buck
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 for their property tax dollars. To do this we looked at school rankings, crime rates and property taxes for every county.
As a way to measure the quality of schools, we calculated the average math and reading/language arts proficiencies for all the school districts in the country. Within each state, these schools were then ranked between 1 and 10 (with 10 being the best) based on those average scores.
For each county, we calculated the violent and property crimes per 100,000 residents.
Using the school and crime numbers, we calculated a community score. This is the ratio of the school rank to the combined crime rate per 100,000 residents.
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.
Finally, we calculated a tax value by creating a ratio of the community score to the per capita property tax paid. This shows us the counties in the country where people are getting the most bang for their buck, or where their property tax dollars are going the furthest.
Sources: US Census Bureau 2016 American Community Survey, Department of Education, Federal Bureau of Investigation, State Police or Justice Department websites