Your property information is contained in CAMA, and we can provide you a property profile either by e-mail, fax or mail. If you would like a copy or need further information, please feel free to contact us. It is our pleasure to serve you.
Wyoming State Statute 39-13-103 states:
“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”
This includes Real Property defined as land and improvements (buildings or structures) permanently fixed to the land.
It also includes Personal Property. All tangible personal property used in a business is taxable and must be listed. This includes (but is not limited to) all furniture, fixtures, machines, computers, software, equipment, telephone systems, tools, manuals or libraries, unlicensed vehicles, mobile machinery, along with any small items used in a business.
Leasehold improvements must be reported, but listed separately and clearly identified. Leased equipment must be listed in detail along with the name and address of the Lease Company.
Inventory held for resale and licensed vehicles should not be reported.
The County Assessor establishes the fair market value for property within the county with the exception of State Assessed Properties. State Assessed Properties include Utilities, Transportation and Minerals.
The value of property for assessment purposes is based on Fair Market Value. Lands being utilized for agricultural use are valued based on productivity. (Please see How is Agricultural Property Valued? for further information)
Fair Market Value is defined as the amount of cash or terms reasonably equivalent to cash that a well informed buyer is justified in paying for a property and a well informed seller is justified in accepting, assuming neither party to the transaction is acting under undue compulsion, and assuming the property has been offered in the open market for a reasonable time.
The procedure for determining fair market value for assessment purposes is Mass Appraisal.Mass Appraisal is the process of valuing a universe of properties as of a given date, utilizing standard methodology, employing common data, and allowing for statistical testing.
Currently, in the State of Wyoming, the Assessors utilize CAMA (Computer Assisted Mass Appraisal) to perform this function. CAMA performs three vital functions:
- It serves as a warehouse for information collected such as ownership, location, size, use, physical characteristics, conditions and sales information that is updated continually.
- Is like a complex calculator – containing equations, cost and depreciation tables which automate standard appraisal methods to estimate fair market value.
- Quality control features, such as generation of reports using various parameters.
The ownership and physical characteristics of property are gathered by the Assessor’s Office. The Lincoln County Assessor’s Office is required to physically review property every six (6) years.
The Statement of Consideration is the document used to gather the sales information that is housed in CAMA. As property changes ownership and a deed is filed, a Statement of Consideration is required to be filed along with the deed. The Statement is a document which provides sales information that must be used in addition to other information to determine current market values. The document is completed by the Seller, Buyer or Agent at the time of a property transfer. It is important to know that the information contained on a Statement of Consideration is confidential and is NOT disclosed of public record outside of the 30 day protest period.
All property is placed in a Land Economic Area (LEA). LEA boundaries are developed based on physical, economical, governmental and social factors, and market activity. The LEA boundaries are utilized in the sales analysis in determining market adjustment factors.
After a market value is determined, the market value is applied to a level of assessment. The level of assessment is the percentage of the fair market value that determines assessed values. Residential and Commercial properties have a level of assessment of 9.5%, Industrial and State Assessed properties are 11.5%, and Minerals are valued at 100% of Market.
The Assessed Value is then applied to the Mill Levy. A Mill is literally, one thousandth. For tax purposes, $1.00 of taxes for every $1000 in assessed valued.
The Mill Levy is determined by the budgets of the various political entities with the legal power to levy taxes. These entities include, County, School District, Weed and Pest, Cities, Towns and Special Districts such as Cemetery, Fire, Water and Sewer and Improvement Districts.
The Mill Levy that is applied to your property is dependant upon which Tax District your property is located in. A Tax District is the geographic area on which a taxing entity has the right to levy taxes.