If you're thinking of moving to Wyoming, you may want to consider its very low tax status. The state does not impose an individual income or a corporate tax. In addition, the Cowboy State's sales tax is currently 4%, and with additions from local taxes, it can be as high as 6%. According to Tax Foundation, the state has a tax burden of 7.1%, one of the lowest in the country. Rolled into this burden is the state's property tax rate, which is also one of the nation's lowest. 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 in Wyoming were the eighth-lowest in the country, according to the most recent data from SmartAsset. The average effective tax rate for the state was 0.61%. Fremont County reported the highest tax rate at 0.68%, where the average home value was $189,600. At that value, homeowners could expect to pay $1,290 in property taxes annually. But the highest taxes were paid in Teton County. The median home value there was $720,000, resulting in an average annual tax bill of $3,583.

On the lower end, Crook County's effective tax rate of 0.49% netted an annual tax payment of $1,074 on an average home value of $217,500. The lowest annual payment in the state was in Niobrara County, at $785, with a rate of 0.51%. Home values averaged $155,200 in that county. 

How Wyoming Property Taxes Are Calculated

Wyoming taxes properties used in mineral production at 100% and industrial properties are taxed at 11.5%. Residential properties in Wyoming are assessed at just 9.5% of their fair market value. This value is determined by a county assessor, who conducts an appraisal every six years. The tax rate depends on the budgets of local and county governments, as well as school districts. Once these budgets are submitted, it is divided by the value of assessed properties in that area, resulting in the tax rate. The assessed values go out prior to June, and the county treasurer sends bills in September. Taxpayers have the option to pay half in November and the other half in May of the following year.  

Wyoming Property Taxes Compared to Surrounding States and the Nation

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, placing it in ninth-place. Montana’s effective property tax rate is 0.85%, Idaho’s is 0.76%, Utah’s is 0.67%, Colorado’s is 0.57%. Meanwhile, Nebraska’s is 1.83% — one of the highest in the nation. South Dakota's tax rate hit 1.32% and North Dakota’s hit 1.05%.

The Bottom Line

Homeowners in Wyoming benefit from some of the lowest property tax rates. Along with the absence of an individual income and corporate tax, its low property tax rate — at 0.61% — makes it a very tax-friendly state for homeowners. 

 

 

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