The 2020 assessment notices reflect property values as of January 1, 2020 which are developed using sales information collected during calendar year 2019. The Assessor is required to value property using the replacement cost new, subtracting depreciation, and trending for sales. The "Total Valuation used to Calculate Tax" on the 2020 assessment should represent the approximate fair market value of your property as of January 1, 2020.
Please be aware that the 2020 Notice of Assessment Protest Period ended at 5:00 p.m, Wednesday, May 13th, 2020.
Placing Fair Market Value
The function of the Assessor`s Office is to place value on properties, which represents typical sale and/or purchase prices of similar properties. This procedure is known as placing fair market value on property. All property is assessed as of January 1 each year using sales occurring between January 1 and December 31 of the previous year.
Fair market value is the most probable price expressed in terms reasonably equivalent to cash that a property would bring if exposed for sale in the open market in an arm`s length transaction between a willing seller and a willing buyer, both of whom are knowledgeable concerning all the uses to which the property is adapted and for which it is capable of being used.
The Teton County Assessor`s Office appraises approximately 15,200 parcels of property each year (residential, commercial, vacant land and personal property) which represent an approximate market value of $18 billion dollars.
Value; Not Taxes
The Assessor`s Office is responsible for valuing all real and personal property in Teton County, but does not determine the amount of tax to be collected. Each year, the Board of County Commissioners analyze the budgetary needs of the county and set the mill levy. The mill levy is multiplied by your assessed value to determine the amount of property tax you may owe.
It is the statutory duty of the Assessor`s Office to locate, identify, and value all taxable property in Teton County. We are mandated and prescribed by state law on how we perform our assessments and when we perform our assessments.
Wyoming Constitution Article 15, Section 11. "(a) All property, except as in this constitution otherwise provided, shall be uniformly valued at its full value as defined by the legislature, in three (3) classes as follows:"
Wyoming Statute 39-13-103. "(b)(i) Except as otherwise provided: (A) All taxable property shall be annually listed, valued and assessed for taxation in the county in which located and in the name of the owner of the property on January 1;"
Wyoming Statute 39-13-103. "(b)(ii) All property shall be annually valued at its fair market value. Except as otherwise provided by law for specific property, the department (Department of Revenue) shall prescribe by rule and regulation the appraisal methods and systems for determining market value using generally accepted appraisal standards."
Value of Transactions
The Assessor has not created the value of your property. People make value by their transactions in the marketplace. The Assessor simply has the legal responsibility to study those transactions and appraise your property accordingly. (View the International Association of Assessing Officers website for more details.)
If your opinion of the value of your property differs from the Assessor, please contact the office to discuss the matter. The Assessor`s Office will be glad to answer any questions you may have about the value of your property. The staff will be glad to answer your questions about the appraisal and explain how to appeal if you cannot come to an agreement on the current value of your property.
Our mission is to locate, identify, and value all taxable property in Teton County using state mandated methods, transparency, and service that assures public confidence in the accuracy and fairness of our valuations.
Neither Teton County, nor the Teton County Assessor`s Office, nor any officer or employee of the Assessor`s Office, warrants the accuracy, reliability or timeliness of any information in the Public Access System and shall not be held liable for any losses caused by such reliance on the accuracy, reliability or timeliness of such information. Portions of such information may be incorrect or not current. Any person or entity that relies on any information obtained from the system does so at his or her own risk.