Treasurer -
A Guide to Understanding Property Taxes
The
process of taxing and collecting taxes is not a simple
one. This guide contains information to provide the taxpayer
with a complete understanding of the taxation process.
What
is a property tax and how is it figured?
A property
tax is an ad valorem tax - one that is based on the value
of the property being taxed. The County Assessor is charged
with the responsibility of determining the market value of
your property. Once established, an assessment ratio determined
by the legislature is applied to market value. The assessment
ratios are currently 11.5% for industrial property and 9.5%
for commercial and residential property. After multiplying
the market value by the assessment ratio, the resulting number
is called the "assessed valuation". The mill levy
is applied to the assessed valuation to determine general
taxes.
For example,
assume you have a home worth $100,000 that is located in
the city limits of Cheyenne. Figure your tax bill as follows:
First,
determine assessed valuation => $100,000 (market value)
x 9.5% (assessment ratio) = $9,500 (assessed valuation).
Then, apply the mill levy to determine tax => $9,500 x
.07600 (2002 mill levy) = $722.00.
What
is a mill levy?
A mill
is one one-thousandth of a dollar. Therefore, there is $1
of tax per thousand dollars of assessed value for each mill
levied. The "mill levy" is the total number of
mills applied to your assessed value. Various entities are
legally entitled to charge mills against properties in their
districts, subject to limits. The entities determine their
budget needs, then levy the mills necessary to provide the
needed funds.
As an example,
here is the mill levy breakdown for a property located within
the city limits of Cheyenne, along with the taxes for the
example $100,000 home:
| Taxing
Entity |
Mills |
Tax |
|
County
School District #1
State School Foundation
County School Fund
City of Cheyenne
LCCC
County Fair
County Library
Conservation District
Weed and Pest Control District |
9.5
26.00
12.00
6.00
8.00
10.00
.50
2.00
.50
1.50 |
90.25
247.00
114.00
57.00
76.00
95.00
4.75
19.00
4.75
14.25 |
| Total: |
76.00 |
722.00 |
Entities
that levy mills in Laramie County, with the 2002 levy amount:
State Treasurer
- School Foundation Fund - 12 mills
Laramie County School District #1 - 26 mills
Laramie County School District #2 - 25 mills
Laramie County - 9.5 mills
Laramie County Fair - .5 mill
Laramie County Library - 2 mills
Laramie County Community College - 10 mills
City of Cheyenne - 8 mills
Town of Albin - 5 mills
Town of Burns - 5 mills
Town of Pine Bluffs - 5 mills
Downtown Development Association (DDA) - 10 mills
Laramie County Fire District #1 - 3 mills
South Cheyenne Water and Sewer District (SCWSD) - 4.02 mills
Willow Pond Improvement District (WPID) - 10.01 mills
Laramie County Fire District #2 - 3 mills
Green Meadow Improvement District - 32 mills
Vandehei North Forty Improvement District - 9 mills
Laramie County Fire District #3 - 3 mills
Laramie County Fire District #4 - 3 mills
Carpenter Water and Sewer District - 8 mills
Laramie County Fire District #5 - 3 mills
Laramie County Fire District #6 - 3 mills
Laramie County Fire District #8 - 3 mills
Laramie County Fire District #9 - 3 mills
Laramie County Fire District #10 - 3 mills
Laramie County Weed and Pest Control - 1.5 mills
Laramie County Conservation District - .5 mill
Eastern Laramie County Solid Waste District - 3 mills |
