Maria owns a property in Teton County, Wyoming that sits on land classified partly as residential and partly as commercial. The county assessor has assessed the residential portion at $300,000 fair market value and the commercial portion at $200,000 fair market value. Maria's neighbor tells her that the entire property should be assessed at 9.5% because she lives there. Which of the following best describes the correct Wyoming assessment treatment for Maria's property?
Correct Answer
D) The residential portion is assessed at 9.5% and the commercial portion is assessed at 11.5%, resulting in different assessed values for each classification
Under Wyoming property tax law (W.S. 39-13-103), each portion of a property is assessed according to its own classification. The residential portion is assessed at 9.5% of its fair market value ($300,000 × 9.5% = $28,500 assessed value), and the commercial portion is assessed at 11.5% of its fair market value ($200,000 × 11.5% = $23,000 assessed value). Wyoming does not apply a single blended rate to mixed-use properties; each classification is taxed at its own statutory ratio. This is a state-specific feature of Wyoming's tiered assessment system.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Various programs and exemptions exist to reduce the property tax burden for specific groups, such as seniors, homesteaders, or veterans.
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.
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