Overview of Wyoming Taxes
Wyoming has among the lowest property taxes in the United States. The state’s average effective property tax rate is 0.57%, 10th-lowest in the country (including Washington, D.C.). The $1,352 median annual property tax payment in Wyoming is also quite low, as it's around $1,200 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.
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 10th-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 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 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.
|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.
Laramie County has the 10th-highest average effective property tax rate in the state, at 0.61%. However, that rate is not significantly higher than the state average of 0.57%. The county average is also far lower than the 1.07% 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 $1,295, just $57 lower than the state median. In Casper, the total mill rate is 72.89 mills. Of that, nearly half (32.5 mills) goes to the local school district.
Northeast Wyoming’s Campbell County has a population of almost 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%, 10th-lowest in the state.
The median annual property tax paid by homeowners in Sweetwater County is $1,237, which is $100 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%, which ties it with Washakie County for the highest in the state.
The average effective property tax rate in southern Wyoming’s Albany County is 0.63%. At that rate, the annual taxes on a home worth $200,000 would be $1,260. Albany County is the sixth-most populous county in the state, and its capital, Laramie, is the one of the largest cities in the state.