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.
More Valuation Questions
Maria owns a home in Boise, Idaho that serves as her primary residence. She wants to reduce her property tax burden by taking advantage of Idaho's homeowner exemption. Under Idaho law, what is the maximum amount of assessed value that can be exempted from property taxation under the homeowner's exemption?
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Leilani is a licensed Hawaii real estate salesperson helping a buyer purchase a property registered in the Land Court system in Honolulu. When discussing property taxes, the buyer asks whether the Land Court registration of the property affects how it is assessed for property tax purposes compared to a property in the Regular System (Bureau of Conveyances). Which response is most accurate?
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Highest and best use means the use that is:
- → Dorothy, age 72, owns her home in Henrico County, Virginia. Her annual household income is $28,000 and her net worth (excluding her home) is $85,000. She applies for Virginia's elderly and disabled property tax relief program. Which statement best describes how Virginia's program works?
- → Which formula best represents the cost approach to appraisal?
- → Which appraisal method is most commonly used for residential properties and relies on recent sales of comparable properties?
- → The sales comparison approach to appraisal is most commonly used for which type of property?
- → Susan sells her luxury waterfront home in Kirkland for $2,000,000. Using Washington's current graduated state REET schedule under RCW 82.45 (1.1% on the first $525,000; 1.28% on the portion from $525,000.01 to $1,525,000; 2.75% on the portion from $1,525,000.01 to $3,025,000; 3% above $3,025,000), what is the state REET owed on this sale (excluding any local REET)?
- → James owns a farm in rural Tennessee that qualifies for the Greenbelt Law. Under Tennessee's Greenbelt Law, how is agricultural land assessed for property tax purposes?
- → Highest and best use:
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- → In the sales comparison approach to appraisal, adjustments are made to which properties?
- → The market approach (sales comparison approach) to property valuation is most reliable for:
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