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Formula for Tax Dollars
Fair Market Value x Level of Assessment = Assessed Value,
Assessed Value x Mill Levy = Tax Dollars
Wyoming Statutes
The Wyoming State Constitution and State statutes detail
the valuation and taxation of property in the state through the following
articles and statutes:
Wyoming Constitution Article 15, Section 11
“(a) All property, except as in this constitution
otherwise provided, shall be uniformly valued at its full value as defined by
the legislature, in three (3) classes as follows:” (continued)
Wyoming Statute 39-13-103
“(b)(i) Except as otherwise provided: (A) All taxable
property shall be annually listed, valued and assessed for taxation in the
county in which located and in the name of the owner of the property on
January 1;” (continued)
Wyoming Statute39-13-103
“(b)(ii) Property valued at fair market value. All
property shall be annually valued at its fair market value. Except as
otherwise provided by law for specific property, the department (Department
of Revenue) shall prescribe by rule and regulation the appraisal methods and
systems for determining market value using generally accepted appraisal
standards.”
Additionally, Wyoming Statute 34-1-142 through 144 require
the filing of a Statement of Consideration SOC) as part of each property
transfer. These forms contain sales information. The statute also states that
an individual SOC cannot be used to adjust the assessment on a property.
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