A county assessor in Laramie County, Wyoming recently valued a rancher's agricultural land at $800,000 fair market value. The rancher believes the assessed value is too high and wants to challenge it. What is the correct first step the rancher should take under Wyoming law?
Correct Answer
B) File an informal appeal with the county assessor within the timeframe specified on the assessment notice
Under Wyoming's property tax appeal process (W.S. 39-13-109), a property owner who disputes an assessment must first pursue an informal appeal with the county assessor. This is the initial step in the administrative appeal process. The assessor has the opportunity to review and correct the valuation before the matter proceeds to the County Board of Equalization and ultimately the State Board of Equalization if unresolved.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A transfer tax is a tax imposed on the transfer of ownership of real estate.
Reconciliation is the final step in the appraisal process where the appraiser analyzes the value indications from all applicable approaches and arrives at a single final opinion of value. It is not a simple average of the three values.
The comparable sales approach estimates a property's value by comparing it to similar properties that have recently sold in the same market area. It is the most widely used and reliable approach for appraising residential properties.
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- → The income approach to appraisal is most commonly used for which type of property?
- → Which formula correctly calculates the capitalization rate?
- → External obsolescence in Oklahoma:
- → The sales comparison approach to appraisal is most appropriate for which type of property?
- → Which of the following correctly lists the three types of depreciation recognized in real estate appraisal?
- → The sales comparison approach to appraisal is most commonly used for which type of property?
- → Which four tests must a use satisfy to qualify as the highest and best use of a property?
- → Three depreciation:
- → Cap rate:
- → Which formula best represents the cost approach to appraisal?
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