Potential changes coming for commercial property tax valuations

(Jackson, Wyo.) - In an effort to ensure transparency and “no surprises” for taxpayers, Teton County Assessor Andy Cavallaro is reaching out to Teton County’s commercial property owners to let them know about the potential of valuation changes. Cavallaro will be holding a public informational meeting at 6 p.m. on Thursday, March 10, at the Teton County Library Auditorium to discuss potential changes and timelines. “It’s very important to me that we are transparent about changes that could impact commercial value and taxes,” Cavallaro said. “Due to the complex nature of commercial real estate in Teton County, commercial valuations have historically been a challenge. There are no quick fixes.” Cavallaro said that the projected valuation adjustments -- which will be put in place over the next three to five years -- are stemming from a recent State Board of Equalization review. The State Board of Equalization oversees property valuations throughout Wyoming on an annual basis. The state outlined a work plan to remedy areas of “appraisal deficiency to help ensure that Teton County’s commercial properties would be appraised uniformly and at full market value,” according to the State Board of Equalization. Community growth, as well as methods of valuation, led to the state’s conclusion that commercial properties in Teton County have historically been out of compliance. Cavallaro has been working with state officials to negotiate an extended timeframe for the work plan to protect local commercial property taxpayers from abrupt changes to their taxes. The extended timeframe is also aimed at easing the burden on the County Assessor’s office, which will be required to undertake a labor-intensive study of the “effective age” of commercial structures, property reviews and potential appeals – all with two new trainees and a key team member due for maternity leave. “I agree with the state that commercial valuations need to be brought into compliance,” Cavallaro said. “However, I want to be sure that taxpayers understand what is going on and why. I want to thank everyone who has been working with me, so as to ensure the changes are completed professionally and transparently.” #buckrail #news