States can tax a piece of property in a number of ways. Some states offer abatements to veterans and senior citizens, while others provide limits or caps on the amount taxpayers can be assessed. Some states have an imposed rate or a millage, while other states collect property taxes based on an assessment ratio of the market value. In Wyoming, all property taxes are based on the assessed value. The assessed value can include home furnishings and furniture if it’s included in the price of a furnished rental property.

Average Property Taxes in Wyoming

Property taxes can be a significant cost of home ownership. The average American spends over $2,000 on property taxes for his/her home as of 2016. New Jersey has the highest effective property tax rate at 2.38%, followed by Illinois and New Hampshire. Conversely, Hawaii has the lowest effective rate at .28%, followed by Alabama and Louisiana. According to Wyoming's Department of Revenue, Wyoming's property tax rate in 2016 is 11.5% for industrial property and 9.5% for commercial and residential. However, Wyoming is a fractional assessment state, which means property taxes apply to a fraction of the market value of the property. In most cases, this fractional percentage is also 9.5% of the market value. Due to the fractional assessment valuation, Wyoming’s effective property tax rate is actually much less than 9.5%. The effective tax rate is .61%, which ranks as the 44th lowest state property taxes in the country, with Hawaii being 50th at .28%. So, a home worth $200,000 is taxed based on a $19,000 assessed value. This means $181,000 of the property’s value is considered exempt from taxation. Campbell, Sublette and Sweetwater counties have the highest assessed valuations.

Wyoming Property Taxes Compared to Surrounding States

There is no set rule regarding the way in which states impose property taxes. Some states have uniform rules regarding property taxes and others have a completely decentralized system. Wyoming has a centralized system with one set of rules for the state. Wyoming also has lower rates than surrounding states. Montana’s effective property tax rate for 2016 is .86%, Idaho’s is .75%, Utah’s is .68%, Colorado’s is .61%, Nebraska’s is 1.84% (one of the highest in the nation), South Dakota’s is 1.32% and North Dakota’s is 1.11%.

Wyoming Property Taxes Compared to National Averages

Wyoming has no corporate or personal income taxes, yet it still boasts one of the lowest property tax rates in the nation. Residents have mineral production to thank for this haven. Mineral production alone accounts for 34% of the state’s gross domestic product, generating $3.5 billion per year in tax revenue. In fact, 35.9% of the state's economy depends on agriculture or mining. This is compared to 9.8% in Montana, 8.5% in Idaho, 3.7% in Utah, 7.3% in Colorado, 9.4% in Nebraska, 10.4% in South Dakota and 21.2% in North Dakota. As a result, 59.9% of Wyoming's tax revenue originates from mineral production, 18.5% of the state’s revenue is from residential property, 9.3% is from industrial locally assessed property, 5.8% is from industrial state-assessed property, 5.3% is from commercial property and 1.3% is from agricultural lands. Property used for educational, fraternal, governmental, religious or benevolent purposes in Wyoming is exempt from taxation. A number of county-specific programs also exempt elderly, low-income and disabled residents in Wyoming.

Appraisals and Payment Due Dates

Property appraisals are made as of Jan. 1 of each year, and taxpayers have until March 1 to pay, unless they make a request in writing for an extension. This request must be received by Feb. 15. The assessed values go out prior to June, and the county treasurer sends bills in September. Taxpayers have the option to pay 50% by Nov. 10 and the other 50% by May 10th.

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