 - General Information
The Language of Assessment
Property assessment and taxation is a complex subject. Knowing the
terminology will help you understand the assessment process. The
Laramie County Assessor's office is dedicated to educating the public
about procedures and methods used to be in compliance with State
of Wyoming statutes, rules and regulations.
Fair Market Value is the amount of money a well-informed buyer would
pay and a well-informed seller would accept for property that has
been on the open market for a reasonable amount of time, assuming
neither buyer nor seller is acting under pressure.
Assessed Value is the taxable value of each property. This value
is calculated by multiplying the fair market value by the level of
assessment.
Level of Assessment is the percentage of the fair market value that
determines assessed value. The current level of assessment for industrial
use properties is 11.5%; all other properties are at 9.5%. The level
of assessment is set by the legislature and is subject to change.
Mill literally, one thousandth. For tax purposes: $1 of taxes for
every $1,000 of assessed value.
Mill Levy is the number of dollars in taxes that a property owner
must pay for every $1,000 of assessed value. This amount is based
on budget requests from various taxing entities.
Assessment Date under Wyoming Statute is January 1st of each tax
year. All properties are valued, assessed and taxed to the owner
of record on this date.
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. The goal of mass appraisal
is the same as fee appraisal: to develop a reasonable estimate of
fair market value.
CAMA (Computer Assisted Mass Appraisal) is a computer system developed
by the State of Wyoming to perform three functions:
- Warehouse information collected by the assessor's office staff.
Information such as ownership, location, size, use, physical characteristics,
condition, and sales information must be continually updated.
- CAMA is like a complex calculator. It contains equations, cost
and depreciation tables which automate standard appraisal methods
to estimate fair market value.
- Quality control features such as reports generated using various
parameters.
Real Property is defined as land and improvements (buildings and
structures) permanently fixed to the land.
Personal Property includes material assets that are not fixed to
the land: furniture, machinery or equipment, transportable homes.
Statement of Consideration is a document, which provides sales information
that must be used in addition to other information to determine current
market value. The seller, buyer or agent completes the document at
the time of a property transfer. Information is confidential and
not public record. Property owners may review the sales information
used to determine the value of their property. The SOC review period
is only during the 30-day appeal period and the property owner may
not further disclose the sales information to other persons or property
owners. Sales information may be introduced to the County Board of
Equalization during a formal appeal, but actions must be taken to
prevent its indiscriminate disclosure.
Neighborhood Boundaries are developed by the assessor based on physical,
economical, governmental, or social factors. These neighborhood boundaries
are used when sales studies are done. Neighborhood maps are available
for review in the assessor's office.
Tax Districts are the geographic area on which a taxing entity has
the right to levy taxes. These entities include school districts,
counties, cities, water or sewer districts, fire districts or other
specially formed districts as designated by state statute.
Tax Base is the total value of property against which the property
tax is levied.
Property Tax Appraiser is the designation given to those persons
who have completed the education and training mandated by the State
of Wyoming for anyone making a valuation judgment used as a basis
for property taxation.
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