Real Property

  1. The Why's
  2. The How's

Wyoming Law requires that all property be valued at Fair Market Value (FMV), except for agricultural lands which are to be valued at their productive capability. FMV is the price a knowledgeable buyer would be willing to pay for your property in its current condition.  FMV is based on what similar properties sold for during the previous year. 

Fair Market Value (FMV) changes for various reasons including:

  1. Real Estate Selling Prices – Real estate selling prices will fluctuate from year to year depending on supply and demand, interest rates, etc. 
  2. Cost Tables – The Marshall and Swift cost tables are updated annually and fluctuate depending on the cost of materials and labor. 
  3. Property Review/Field Inspection – By state statute this office must review each property in the county every 6 years. The inspection may yield changes to your property characteristics.

Wyoming Constitution Article 15, Section 1 "All lands and improvements thereon shall be listed for assessment, valued for taxation and assessed separately."

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: (i) Gross production of minerals and mine products in lieu of taxes on the land where produced; (ii) Property used for industrial purposes as defined by the legislature; and (iii) All other property, real and personal." 
Wyoming Statute 39-13-103 (b)(i)(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."

Wyoming Statute 39-13-103 (b)(ii) "All taxable 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 fair market value using generally accepted appraisal standards."
Wyoming Statute 34-1-142 through 144 requires 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 single property.

Present Worth Valuation

Vacant land within a platted subdivision may be considered for present worth valuation, however not all vacant land will qualify. 

  • The property must be located within a platted subdivision.
  • The property must be vacant.
  • The subdivision construction phase must be completed and the lot must be ready to build upon.
  • The property must be actively marketed for sale.
  • The property cannot be intended for lease.

Please complete the present worth application before January 31st to be considered.