Wyoming Tax FAQ
What is Wyoming’s tax structure?
Wyoming has one of the lowest tax burdens in the nation. In Wyoming, the extractive industries play a major role in generating revenues for state and local governments. In fact, it is estimated that minerals directly contribute roughly two-thirds of the State’s revenue.
How is property valued in Wyoming?
Because Wyoming does not impose an income tax, local governments largely rely on property tax collections. Most years, the largest share of these revenues come from minerals production, and two-thirds or more the revenues from property taxes are directed to Wyoming’s public schools.
Property is valued as it exists on January 1st of each year. Assessed values should go out no later than the 4th Monday in April, and the County Treasurer’s Office sends bills in September or October.
Wyoming assesses property for tax purposes as follows:
- Mineral production: 100% of fair market value
- Industrial property: 11.5% of fair market value
- Residential real property, and commercial real and personal property: 9.5% of fair market value
- Agricultural lands: 9.5% of productivity value
What is the average tax burden of the average Wyoming citizen? How does Wyoming compare?
To understand the average tax burden for a Wyoming citizen, view the Cowboy Family page on our website. To see how Wyoming’s taxes compare to states nationwide, visit the State Tax Competitiveness Index, published annually by the Tax Foundation.
How do mill levies work? Who is responsible for assessing the mills?
For a complete understanding of mill levies in Wyoming, visit our Publications page and click on “Wyoming Property Taxation Report.” This annual county-by-county report details the assessed value and mill levies for all Wyoming taxing jurisdictions.